SBI Life's net profit rises 18% YoY to Rs 263 crore in June quarter

Its VNB margins - a measure of profitability of life insurers - stood at 30.4 per cent, against 23.7 per cent in the year-ago period

Private sector insurer SBI Life’s net profit grew 18 per cent year-on-year (YoY) to Rs 263 crore in the April–June quarter (first quarter, or Q1) of 2022-23 (FY23), aided by a healthy jump in gross written premium. In the corresponding period a year ago, the insurer’s net profit was to the tune of Rs 223 crore.

On a sequential basis, however, net profit was down almost 60 per cent. Its gross written premium — the sum of new business premium and renewal premium — was up 35 per cent YoY to Rs 11,350 crore in Q1FY23.

The annualised premium equivalent (APE) was