SBILife Q3FY23 Mumbai/IBNS: SBI Life Insurance Company's profitability in December 2022 quarter dipped in both year-on-year and quarter-on-quarter terms.
Q3 FY23 PAT came in at Rs 304.13 crore, falling 16.46% from Rs 364.06 crore in Q3FY22, according to a Mint report.
Sequentially, there was a bigger decline at 19.27% as against a profit of Rs 376.74 crore in Q2 of FY23.
The insurer’s net premium income stood at Rs 19,170.80 crore in Q3FY23—rising by 6.35% from Rs 18,025.34 crore in Q3 of the previous fiscal, but up by a huge 16.35% from Rs 16,477.26 crore in the preceding quarter.
SBI Life Insurance registered a New Business Premium of Rs 21,512 crores for the period ended on 31st December, 2022 vis-a-vis Rs18,791 crores for the period ended December 31, 2021.
Regular premium has increased by 22% over the corresponding period ended on 31st December, 2021.
Establishing a clear focus on protection, SBI Life’s protection new business premium stood at Rs2,545 crores for the period ended December 31, 2022 marking a growth of 25%.
Protection Individual new business premium registered a growth of 12% and stood at Rs 696 crores for the period ended December 31, 2022.
Individual New Business Premium stands at Rs 15,242 crores with 31% growth over the corresponding period ended 31st December, 2021.
SBI Life’s profit after tax stands at Rs 944 crores for the period ended December 31, 2022.
The company’s solvency ratio continues to remain robust at 2.25 as on December 31, 2022 as against the regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 17% to Rs 2,99,987 crores as on December 31, 2022 from Rs 2,56,871 crores as on December 31, 2021, with the debt-equity mix of 71:29.
Over 95% of the debt investments are in AAA and Sovereign instruments.
The company has a diversified distribution network of 2,55,848 trained insurance professionals and wide presence with 990 offices across the country, comprising of strong bancassurance channel, agency channel and others comprising of corporate agents, brokers, Point of sale persons (POS), insurance marketing firms, web aggregators and direct business.
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