SBI Life Insurance Company reported 52.8% increase in net profit to Rs 376.74 crore on a 8.3% rise in total income to Rs 27,525.26 crore in Q2 FY23 over Q2 FY22.
While the life insurer's net premium income increased by 12.4% to Rs 16,477.26 crore, net income from investments rose by 2.8% to Rs 11,036.73 crore in the second quarter as compared with the same period last year.
Profit before tax in Q2 FY23 stood at Rs 386.64 crore, up by 53.5% from Rs 251.90 crore in Q2 FY22.
The company's consolidated net profit rose by 36.1% to Rs 639.58 crore despite a 21.8% fall in total income to Rs 32,166.38 crore in H1 FY23 over H1 FY22.
New Business Premium (NBP) grew by 27% to Rs 13,090 crore in H1 FY 23 driven by strong growth in single premium business by 33%.
In H1 FY23, the company registered a 22% YoY growth in annual premium equivalent (APE) YoY to Rs 6,830 crore, and 53% YoY increase in value of new business to Rs 2,120 crore with value of new business margin rising by more than 6% points to 31%.
Gross Written Premium (GWP) has grown by 21% to Rs 27,970 crore in H1 FY23 mainly due to 33% growth in single premium (SP) and 16% growth in renewal premium (RP) in H1 FY23.
The company has assets under management at Rs 2.82 lakh crore as of September FY23, up 16 percent over Rs 2.44 lakh crore in September FY22.
Assets under management (AuM) grew by 16% from Rs 2,44,180 crore as on 30 September 2021 to Rs 2,82,630 crore as on 30 September 2022 with debt-equity mix of 71:29.
SBI Life recorded significant growth in its 49th month and 61st month persistency in H1 FY23 by 276 bps to 70.28% and 363 bps to 52.45%, respectively, due to its 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, 19,599 employees, a large and productive network of about 178,357 agents, 58 corporate agents and 14 bancassurance partners with more than 40,000 partner branches, 127 brokers and other insurance marketing firms.
The scrip rose 1.90% to end at Rs 1245.85 on the BSE on Friday.
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