Mrs. Bectors Set to Raise a Massive ₹400 Cr Through Exclusive QIP
SBI Life Insurance Q4 Results FY2023, Net profit at Rs. 7.76 billion
![SBI Life Insurance Q4 Results FY2023 SBI Life Insurance Q4 Results FY2023](https://storage.googleapis.com/5paisa-prod-storage/files/2023-04/SBI%20Life%20Insurance%20Q4FY23.jpg)
![Shreya_Anaokar Shreya_Anaokar](https://storage.googleapis.com/5paisa-prod-storage/files/2022-05/shreya_anaokar.jpg)
Last Updated: 27th April 2023 - 12:35 pm
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
Trending on 5paisa
02
Tanushree Jaiswal
05
Tanushree Jaiswal
Discover more of what matters to you.
Corporate Actions Related Articles
Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.