Top Stories

Company

L&T Partners with PS Technology to Revolutionise Railways

6 mins read. August 2, 2024 at 12:45 PM

Company

Jindal Saw Q1 FY24 PAT Rises 67% to Rs 441 Cr

4 mins read. August 2, 2024 at 12:41 PM

Company

Pfizer Q1 FY25 PAT Zooms 61% to Rs 151 Cr

4 mins read. August 2, 2024 at 12:36 PM

Categories

All Quarterly Result Economy Mutual Fund Business Company Market Budget IPO

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

Apr 27, 2023

By: BlinkX Research Team

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.