SBI Life Insurance Company Q3 Results FY2023, Net Profit at Rs. 3.04 billion
On 21st January 2023, SBI Life Insurance Company announced its results for the third quarter of FY2023.
Key Highlights:
- The Company has maintained its leadership position in Individual Rated Premium of Rs. 111.4 billion with 25.7% private market share in 9MFY23.
- Strong growth in Individual New Business Premium by 31% to Rs. 152.4 billion in 9MFY23.
- New Business Premium (NBP) has grew by 14% to Rs. 215.1 billion in 9M FY 23 aided by growth in Regular premium business by 22%.
- Protection New Business Premium has increased by 25% at Rs. 25.5 billion in 9MFY23 due to growth in individual protection business by 12% to Rs. 7.0 billion and growth in group protection business by 30% to Rs. 18.5 billion in 9M FY 23.
- Gross Written Premium (GWP) has grew by 15% to Rs. 473.0 billion in 9MFY23 mainly due to 22% growth in Regular Premium (FYP) and 15% growth in Renewal Premium (RP) in 9MFY23.
- Profit after Tax (PAT) at Rs. 3.04 billion in Q3FY23.
- VoNB increased by 44% to Rs. 36.3 billion for 9MFY23. VoNB margin increased by 478 bps to 29.6% in 9MFY23.
Business Highlights:
- The Company has a strong distribution network of 255,848 trained insurance professionals consisting of agents, CIFs, and SPs along with widespread operations with 990 offices across the country.
- The Company has a diversified distribution network comprising of strong bancassurance channel, agency channel, and others comprising of corporate agents, brokers, micro agents, common service centers, insurance marketing firms, web aggregators, and direct business.
- APE channel mix for 9MFY23 is bancassurance channel 66%, agency channel 25% & other channels 9%.
- NBP of the Agency channel has increased by 22% to 39.0 billion in 9MFY23 and the NBP of the Banca channel has increased by 37% to Rs. 131.6 billion in 9MFY23.
- Strong growth in 49th month and 61st-month persistency (based on premium considering Regular Premium/ Limited Premium payment under individual category) in 9MFY23 by 178 bps and 491 bps respectively due to our focus on improving the quality of business and customer retention
- AuM grew by 17% from Rs. 2,568.7 billion, with a debt-equity mix of 71:29. Over 95% of the debt investments are in AAA and Sovereign instruments
- The Company’s net worth increased by 12% to Rs. 125.8 billion as on December 31, 2022.
- Robust solvency ratio of 2.25 as on December 31, 2022, as against the regulatory requirement of 1.50 indicating the strong financial position of the Company.
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