SBI Life shares climb 3% to 52-week high after Q1 results. Should you invest?
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Shares of SBI Life climbed 3% to hit a 52-week high at Rs 1,684 in Thursday's trade on BSE after the firm reported a standalone net profit of Rs 520 crore for the first quarter ended June 2024. This is a growth of 36% from Rs 381 crore posted in the same quarter last year. Meanwhile, the net premium income for the reporting quarter increased 15% YoY to Rs 15,105 crore, compared with Rs 13,104 crore in the corresponding quarter of last year. The income from investments during the quarter increased 32% YoY to Rs 19,283 crore. It was Rs 14,579 crore in the year-ago quarter. The first year premium for the June quarter jumped 19% YoY to Rs 3,146 crore against Rs 2,637 crore in the same quarter last year. The new business for the April-June 2024 period increased 13% YoY to Rs 7,030 crore, while the renewal premium was up 16% YoY to Rs 8,540 crore.SBI Life saw strong growth in 49th month and 61st month persistency in the first quarter by 259...