SBI Life Insurance Q1 Results FY2023, PAT at Rs. 2.6 billion

On 28th July 2022, SBI Life Insurance announced its quarterly results for the first quarter of FY2023.

Q1FY23 Key Highlights:

- Profit after Tax (PAT) grew by 17.49% to Rs. 2.6 billion for Q1FY23. 

- VoNB increased by 130% to Rs. 8.8 billion for Q1FY23. 

- VoNB margin increased by 665 bps to 30.4% in Q1FY23.

-  Additional reserve of Rs. 2.9 billion is kept towards COVID-19 pandemic as at June 30, 2022

Business Highlights:

- The Company has maintained its leadership position in Individual Rated Premium of Rs. 25.8 billion with 24.0% private market share in Q1FY23. 

- Strong growth in Individual New Business Premium by 87% to Rs. 34.3 billion in Q1FY23.  New Business Premium (NBP) has grew by 67% to Rs. 55.9 billion in Q1FY23 driven by strong growth in regular premium business by 83%. 

- Protection New Business Premium has increased by 63% from Rs. 4.3 billion in Q1FY22 to Rs. 7.0 billion in Q1FY23 due to growth in individual protection business by 55% to Rs.  2.0 billion and growth in group protection business by 66% to Rs. 5.0 billion in Q1FY23. 

- Gross Written Premium (GWP) has grew by 35% to Rs. 113.5 billion in Q1FY23 mainly due to 83% growth in First Year Premium (FYP) and 14% growth in Renewal Premium (RP) in Q1FY23.

- The Company has strong distribution network of 222,957 trained insurance professionals consisting of agents, CIFs and SPs along with widespread operations with 970 offices across country. 

- The Company has 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 Q1FY23 is bancassurance channel 63%, agency channel 26% & other channels 11%.  NBP of Agency channel has increased by 50% to Rs. 9.4 billion in Q1FY23 and NBP of Banca channel has increased by 94% to Rs.  29.0 billion in Q1FY23 as compared to same period last year.