SBI Life Insurance Company Q3 Results FY2023, Net Profit at Rs. 3.04 billion

SBI Life Insurance Company Q3 Results FY2023

Corporate Action
by Shreya Anaokar Last Updated: 2023-01-23T17:25:51+05:30

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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About the Author

Shreya Anaokar is a Content Writer at 5paisa. She has completed her Master’s in Finance and Graduation in Statistics from the University of Mumbai. 

Disclaimer

Investment/Trading is subject to market risk, past performance doesn’t guarantee future performance. The risk of trading/investment loss in securities markets can be substantial. Also, the above report is compiled from data available on public platforms.

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