SBI Life Insurance Company said that its board has approved the appointment of Amit Jhingran as the managing director & chief executive officer (CEO) of the company with effect from 1 October 2023.

Jhingran joined State Bank of India as a probationary officer in August 1991. In a career spanning over 30 years with SBI, he has held various assignments across international banking, retail banking and branch management.

Meanwhile, the company informed that the present MD & CEO, Mahesh Kumar Sharma has been posted as deputy managing director in SBI, Corporate Centre and accordingly will be relieved of his duties from the close of business hours on 30 September 2023.

SBI Life is one of the leading life Insurance companies in India. SBI Life Insurance Company has a strong distribution network of 996 offices, 22,015 employees, a large and productive network of about 222,822 agents, 68 corporate agents and 14 bancassurance partners with more than 39,000 partner branches, 133 brokers and other insurance marketing firms.

SBI Life reported 45% jump in net profit to Rs 381.04 crore in Q1 FY24 from Rs 262.85 crore posted in Q1 FY23. Total income surged to Rs 27,904 crore in Q1 FY24 as compared with Rs 4,817.29 crore in Q1 FY23. The life insurer's net premium income increased by 18.74% year on year to Rs 13,104.49 crore in Q1 FY24.

Shares of SBI Life Insurance Company added 0.12% to Rs 1,290 on the BSE.