SBI Life records over 15% YoY rise in Q4 PAT to ₹777 cr, net premium income jumps 14%
For the full-year FY23, the company maintained its leadership position in Individual Rated Premium of ₹15,220 crore with 22.3% private market share in FY23. Also, it saw strong growth in Individual New Business Premium by 27% to 20,910 crore in the fiscal.
PremiumSBI Life Insurance Company records double-digit growth in both PAT and net premium incomes in the fourth quarter of FY23. SBI posted a 15.57% growth in PAT to ₹776.85 crore in Q4FY23, compared to a profit of ₹672.15 crore in the same period a year ago. Net premium income soared by 14.1% to ₹19,896.92 crore versus ₹17,433.77 crore in Q4 of the previous fiscal.
Sequentially, SBI Life's PAT skyrocketed by a whopping 155.43% compared to ₹304.13 crore recorded in December 2022 quarter.
Further, in Q4FY23, SBI Life's first-year premium surged to ₹4,089.64 crore versus ₹3,853.56 crore in Q4FY22 but was lower from ₹5,055.17 crore in Q3FY23.
Renewal premiums performed better in Q4FY23, advancing to ₹11,937.02 crore compared to ₹10,842.54 crore in Q4FY22 and ₹10,908.30 crore in Q3FY23.
Also, a single premium picked up to ₹3,986.90 crore in Q4FY23 versus ₹2,812.40 crore in Q4 of FY22 and ₹3,368.39 crore in Q3FY23.
For the full-year FY23, the company maintained its leadership position in Individual Rated Premium of ₹15,220 crore with 22.3% private market share in FY23. Also, it saw strong growth in Individual New Business Premium by 27% to 20,910 crore in the fiscal.
New Business Premium (NBP) jumped by 16% to ₹29,590 crore in FY23 aided by growth in Regular premium business by 17%.
The company's gross Written Premium (GWP) increased by 15% to ₹67,320 crore in FY23 mainly due to 17% growth in Regular Premium (FYP) and 13% growth in Renewal Premium (RP) in the financial year.
SBI Life has a strong distribution network of 275,374 trained insurance professionals consisting of agents, CIFs, and SPs along with widespread operations with 992 offices across the country.
On BSE, SBI Life's stock price closed at ₹1,116.95 apiece up by 1.12%.
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