SBI Life Insurance Company has declared a net profit of Rs 777 crore for the fourth quarter of the fiscal year 2022-23, which is 15 percent higher against Rs 672 crore clocked in the year-ago period.
The company's net premium income during the quarter under review came in at Rs 19,897 crore, marking a surge of 14 percent compared to Rs 17,434 crore clocked in the corresponding period of the preceding financial year.
The gross written premium (GWP), another key metric to assess the insurance company's fiscal health, jumped by 15 percent in the entire FY23 to Rs 67,320 crore.
The annualised premium equivalent (APE) in the fourth quarter came in at Rs 4,550 crore, which is 10 percent higher against Rs 4,130 crore in Q4FY22.
Also Read | LIC posts 17% jump in premium income at Rs 2.32 lakh crore in FY23
For the entire fiscal, APE soared by 18 percent to Rs 16,810 crore, while protection new business premium rose 19 percent to Rs 3,640 crore.
The value of new business (VoNB) in the March 2022 quarter went up by 23 percent to Rs 1,440 crore, as against Rs 1,174 crore in the year-ago period. For the entire fiscal, the VoNB grew by 37 percent to Rs 5,070 crore.
The margin of VoNB in Q4FY23 came in at 31.6 percent, whereas, it stood at 28.4 percent in the fourth quarter of the last fiscal.
SBI Life has a distribution network of 275,374 trained insurance professionals consisting of agents, CIFs and SPs along with widespread operations with 992 offices across the country.
Ahead of the quarterly results being declared, the company's scrip settled at Rs 1,121.95 at the BSE, which was 1.57 percent higher than the previous day's close.
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