Shares of SBI Life Insurance Company Limited hit a new 52-week high of Rs 1,374.85 apiece on BSE in trade on Wednesday after the Insurance Regulatory and Development Authority of India (IRDAI) approved the appointment of Amit Jhingran as the new Managing Director and Chief Executive Officer.

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The shares opened in green at Rs 1,371.65 apiece on BSE and gained more than 1 percent in morning trade to hit a high of Rs 1,374.85 apiece.  

The stock extended its gaining spree for the fourth consecutive session on Wednesday. Shares of SBI Life have gained nearly 8 per cent in the past one week.

SBI Life new CEO

Amit Jhingran has over three decades of experience in the insurance sector and serves as the Assistant General Manager of the Hyderabad Circle. He joined the company in 1991 as a probationary officer and has been with SBI Life since then. Amit Jhingran had also held the post of CEO of SBI, Chicago.

“The Insurance Regulatory and Development Authority of India, has accorded its approval via email dated August 07, 2023, for the appointment of Amit Jhingran as Managing Director and CEO of the Company. The date of assuming charge will be intimated to the stock exchanges,” SBI Life said in a filing to the stock exchanges.

SBI had announced last month that it would promote Jhingran to the post of MD and CEO.

SBI Life Q1 profits

The company’s net profit for the June quarter jumped 45 per cent compared to the year-ago period. The net profit of the company stood at Rs 381 crore in Q1FY24. Its net premium rose 19 per cent year-on-year from Rs 11,036 crore to Rs 13,104 crore. The insurer stated that it registered 18 per cent growth in individual new business premium at Rs 4,060 crore, while overall new business premium jumped 11 per cent to Rs 6,210 crore.