SBI Life Insurance Company reported double digit growth in both PAT and Net Premium Income in Q4 FY23. SBI reports 15.57% growth in PAT 776.85 crore in Q4FY23, as compared to a profit of Rs. 672.15 crore in the same period a year ago. Net premium income grew by 14.1% 19,896.92 crores Vs. 17,433.77 crore in the fourth quarter of the previous fiscal.
sequentially, SBI Lifea whopping increase of 155.43% as compared to 304.13 crore was recorded in the December 2022 quarter.
Also, in Q4FY23, SBI Life’s first year premium increased 4,089.64 crores Vs. 3,853.56 crore in Q4FY22 but was lower than 5,055.17 crore in Q3FY23.
Outperformed renewal premium Q4FY23moving forward 11,937.02 crore as against 10,842.54 crore in Q4FY22 and 10,908.30 crore in Q3FY23.
Also, a single premium raised 3,986.90 crore in Q4FY23 Vs. 2,812.40 crore in Q4 of FY22 and 3,368.39 crore in Q3FY23.
For the full year of FY23, the company maintains its leadership position in Individual Rated Premium 15,220 crore in FY23 with 22.3% private market share. In addition, it witnessed a robust growth of 27% in individual new business premium to ₹20,910 crore in the financial year.
New Business Premium (NBP) increased by 16% 29,590 crore in FY23 aided by 17% growth in regular premium business.
Gross Written Premium (GWP) of the company increased by 15% 67,320 crore in FY23 mainly due to 17% increase in regular premium (FYP) and 13% increase in renewal premium (RP) in the financial year.
SBI Life has a strong distribution network of 275,374 trained insurance professionals including Agents, CIFs and SPs along with wide operations with 992 offices across the country.
SBI Life share price closed on BSE 1,116.95 each, up 1.12%.
Know your inner investor
Do you have guts of steel or are you a victim of insomnia regarding your investments? Let’s define your investment approach.
catch ’em all business News, market news, today’s fresh news events and Breaking News Update on Live Mint. download mint news app To get daily market updates.