SBI Life Q4FY23 PAT up 15.6% at Rs777 crore on higher premium income

SBI Life reported 6.43% higher total revenues for the March 2023 quarter on consolidated basis at Rs22,805cr. For FY23, the new business premium (NBP) came in 27% higher at Rs20,910 crore implying 24.3% private sector life insurance market share. The company also reported 18% growth in APE and 19% growth in protection NBP.

The VNB (value of new business) grew by 37% to Rs5,070 crore in FY23 while the VNB margins expanded by 420 basis points to 30.1%. The operating return on embedded value (EV) stood at 22.8% for the full year. As of the close of March 2023, SBI Life had total assets under management (AUM) of Rs310,000 crore.

Financial highlights for Mar-23 compared yoy and sequentially

 SBI Life    
Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Revenues

₹ 22,805

₹ 21,428

6.43%

₹ 26,627

-14.35%

Net Profits

₹ 777

₹ 672

15.58%

₹ 304

155.43%

      
Diluted EPS

₹ 1.70

₹ 2.47

 

₹ 1.48

 
Net Margins

3.41%

3.14%

 

1.14%

 
Solvency Ratio

2.15

2.05

 

2.25

 
Expense Mgmt Ratio

9.36%

9.01%

 

9.10%

 
Policyholder Liability Ratio

2278.24%

2207.69%

 

2290.88%

 

 

The company reported embedded value at over Rs46,000 crore. While the overall operating expense ratio is flat at 5.1%, the commission ratio and the total cost ratio have gone up on a yoy basis. The net margins have improved by 27 basis points to 3.41%. Solvency ratio stays above 2.15 for the year.

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