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SBI Life Q4 Results: Profit rises 15%, new business premiums rose 27%

The net premium income for the reporting quarter jumped 14% to Rs 19,897 crore as against Rs 17,434 in the year-ago period

SBI Life

SBI Life

BS Web Team New Delhi

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SBI Life on Wednesday reported an increase in net profit by 15 per cent at Rs 777 crore for the quarter ended March.

The company said in a statement that the profit was Rs 672 crore in the same quarter of last year.

The net premium income for the reporting quarter jumped 14 per cent to Rs 19,897 crore as against Rs 17,434 in the Q4 FY22, the company reported.

The company's individual new business premiums rose 27 per cent to 20,910 crore in FY23.

The gross written premium (GWP) for the fiscal year 2022-23 stood at Rs 67,320 crore, showing a growth of 15per cent YoY.

The annualised premium equivalent (APE) for FY23 rose 18 per cent to Rs 16,810 crore for the quarter ended March, while protection new business premium rose 19 per cent to Rs 3,640 crore.

The company reported a solvency ratio of 2.15, while assets under management stood at Rs 3.1 trillion at the end of March 2023.

The growth in the individual protection business stood at 6 per cent to Rs 1,000 crore, and that of the group protection business was at 25 per cent to Rs 2,640 crore in FY23.

The company said it maintained its leadership position in individual rated premium of Rs 15,220 crore with 22.3 per cent private market share in FY23.

According to the statement, the company has a distribution network of 275,374 trained insurance professionals with widespread operations with 992 offices across the country.

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First Published: Apr 26 2023 | 8:24 PM IST

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