SBI Life Insurance Q4 Results FY2023, Net profit at Rs. 7.76 billion

SBI Life Insurance Q4 Results FY2023

by Shreya Anaokar Last Updated: Apr 27, 2023 - 12:35 pm 2.3k Views
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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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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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