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.