Indian insurance giant SBI Life Insurance Company Ltd Shares rose over 8.5% in the early morning Asian session as the company reported an 18% rise in its net income and strong premium growth.

Positive numbers: SBI Life reported strong growth in new business premiums of 67% to Rs 55.9 billion. The number indicates the insurance premium due in the first insurance year of a life insurance contract or a one-off capital payment by the policyholder.

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The individual new business premium rose 87% to Rs.34.3 billion in the quarter to June. The figure shows an insurance premium that is due in the first insurance year of an individual life insurance contract.

SBI Life’s assets under management increased by 13% from Rs.2,315.6 billion as at 30 June 2021 to Rs.2,623.5 billion as at 30 June 2022.

net worth: The company’s net assets increased by 11% from Rs. 105.8 billion as at 30 June 2021 to Rs. 117.6 billion as at 30 June 2022.

price action: The company’s shares traded near its lifetime high on Friday, trading around 1,290 rupees. If it convincingly breaks the 1,292 rupees resistance, the stock could shoot higher.