SBI Life Insurance Q4 Results FY2023, Net profit at Rs. 7.76 billion
On 26th April, SBI Life Insurance announced its results for the last quarter of FY2023.
SBI Life Insurance Financial Highlights:
- Strong growth in Individual New Business Premium by 27% to 209.1 billion in FY 23.
- New Business Premium (NBP) has grew by 16% to 295.9 billion in FY 23 aided by growth in Regular premium business by 17%.
- Protection New Business Premium has increased by 19% from 30.5 billion in FY 22 to 36.4 billion in FY 23 due to growth in individual protection business by 6% to 10.0 billion and growth in group protection business by 25% to 26.4 billion in FY 23.
- Net Premium income stood at Rs. 198.96 billion for Q4FY23 and Rs.665.81 billion in FY23
- Gross Written Premium (GWP) has grew by 15% to 673.2 billion in FY 23 mainly due to 17% growth in Regular Premium (FYP) and 13% growth in Renewal Premium (RP) in FY 23.
- Profit after Tax (PAT) grew by 14% to 17.2 billion for FY 23 and Rs. 7.76 billion in Q4FY23, up by 15.48% YoY.
- VoNB increased by 37% to 50.7 billion for FY 23.
- VoNB margin increased by 420 bps to 30.1% in FY 23
- The Company’s net worth increased by 12% from 116.2 billion as on March 31, 2022 to 130.2 billion as on March 31, 2023.
SBI Life Insurance Business Highlights:
- The Company has maintained its leadership position in Individual Rated Premium of 152.2 billion with 22.3% private market share in FY 23.
- The Company has strong distribution network of 275,374 trained insurance professionals consisting of agents, CIFs and SPs along with widespread operations with 992 offices across country.
- APE channel mix for FY 23 is bancassurance channel 64%, agency channel 26% & other channels 10%
- NBP of Agency channel has increased by 19% to 54.9 billion in FY 23 and NBP of Banca channel has increased by 33% to 178.3 billion in FY 23 as compared to same period last year.
- AuM grew by 15% from 2,674.1 billion as on March 31, 2022 to 3,073.4 billion as on March 31, 2023 with debt-equity mix of 71:29
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DisclaimerInvestment/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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