Home / Companies / Company Results /  SBI Life records 16.5% drop in Q3 PAT to 304 cr, net premium income gains traction

SBI Life Insurance Company's profitability in December 2022 quarter dipped in both year-on-year and quarter-on-quarter terms. Q3 PAT came in at 304.13 crore. The insurer's Q3FY23 PAT dropped by 16.46% from 364.06 crore in Q3FY22, however, the sequential drop was by 19.27% as against a profit of 376.74 crore in Q2 of FY23. On the other hand, the insurer's net premium income picked up momentum.

Net premium income stood at 19,170.80 crore in Q3FY23 --- rising by 6.35% from 18,025.34 crore in Q3 of the previous fiscal, but up by a huge 16.35% from 16,477.26 crore in the preceding quarter.

For the nine months of FY23, the company maintained its leadership position in Individual Rated Premium of 111.4 billion with 25.7% private market share.

In 9MFY23, the company recorded strong growth in individual new business premiums by 31% to 152.4 billion, while its new business premium (NBP) climbed by 14% to 215.1 billion driven by regular premium which saw an upside of 22%.

Further, in 9MFY23, the insurer's protection new business premium increased by 25% YoY to 25.5 billion led by growth in the individual protection business by 12% YoY and growth in the group protection business by 30% YoY. Gross written premium climbed by 15% YoY due to a 22% growth in regular premium and a 15% upside in renewal premium.

SBI Life's distribution network was robust in 9MFY23 with 255,848 trained insurance professionals consisting of agents, CIFs, and SPs along with widespread operations with 990 offices across the country.

The PAT was at 9.4 billion in 9MFY23 up by 13% YoY.

Meanwhile, assets under management as of December 31, 2022, grew by 17% at 2,999.9 billion from 2,568.7 billion in 9MFY22 with a debt-equity mix of 71:29. Over 95% of the debt investments are in AAA and Sovereign instruments.

Also, SBI Life's solvency ratio was at 2.25 as on December 31, 2022, as against the regulatory requirement of 1.50 indicating a strong financial position of the company.

As of December 31, 2022, the company's net worth climbed by 12% YoY to 125.8 billion.

On BSE, SBI Life shares closed at 1,295.45 apiece down by 2.07%. The company's market cap is around 1,29,652.68 crore as of January 20th.

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