SBI Life Insurance Company reported 16.5% decline in net profit to Rs 304.13 crore in Q3 FY23 from Rs 364.06 crore posted in Q3 FY22.
Total income jumped 30.15% year on year to Rs 26,626.71 crore in the quarter ended 31 December 2022.While the life insurer's net premium income increased by 6.35% to Rs 19,170.80 crore, net income from investments surged by 207.04% to Rs 7,442.95 crore in the third quarter as compared with the same period last year.
Profit before tax in Q3 FY23 stood at Rs 310.79 crore, down by 18.51% from Rs 381.38 crore in Q3 FY22.
The company's net profit rose by 13.18% to Rs 943.71 crore despite a 4.56% fall in total income to Rs 58,793.08 crore in 9M FY23 over 9M FY22.
New Business Premium (NBP) grew by 14% to Rs 21,510 crore in 9M FY23 driven by strong growth in Regular Premium business by 22%.
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In 9M FY23, the company registered a 20% YoY growth in annual premium equivalent (APE) YoY to Rs 12,260 crore, and 44% YoY increase in value of new business to Rs 3,630 crore with value of new business margin rising by 478 basis points to 29.6%.
Gross Written Premium (GWP) has grown by 15% to Rs 47,300 crore in 9M FY23 mainly due to 22% growth in Regular Premium (FYP) and 15% growth in Renewal Premium (RP) in 9M FY23.
Assets under management (AuM) grew 17% to 29,99,900 crore as on 31 December 2022 from 25,68,700 crore as on 31 December 2021 with debt-equity mix of 71:29.
SBI Life recorded strong growth in 49th month and 61st month persistency (based on premium considering Regular Premium/ Limited Premium payment under individual category) in 9M FY23 by 178 bps and 491 bps respectively due to our focus on improving the quality of business and customer retention.
SBI Life Insurance Company is one of the leading life Insurance companies in India. SBI Life Insurance Company has a strong distribution network of 990 offices, 20,286 employees, a large and productive network of about 193,635 agents, 59 corporate agents and 14 bancassurance partners with more than 38,000 partner branches, 129 brokers and other insurance marketing firms.
The scrip rose 0.27% to currently trade at Rs 1,299 on the BSE.
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