SBI Life Insurance on Friday, October 27, reported 0.8% rise in net profit to ₹380 crore in the quarter ended September 2023, compared with ₹377 crore in the year-ago period. The net premium income increased 22% year-on-year (YoY) to Rs 20,050 crore.
One of the key indicators of an insurance company's financial stability is its solvency ratio. SBI Life Insurance's solvency ratio stood at 212% for the quarter ending September 2023. This figure, while strong, represented a slight decline from the 219% solvency ratio recorded during the corresponding period in the previous year.
Customer retention, as measured by the 13th-month persistency ratio, exhibited significant improvement. The persistency ratio increased by 178 basis points to 83.32%. Furthermore, the 61st-month persistency ratio also showed growth, rising to 56.10% from 52.79%.
Its assets under management (AUM) rose 22% to ₹3.45 lakh crore, as of September 2023 with a debt-equity mix of 68:32.
For the half-year ended September 30, 2023, SBI Life Insurance achieved a market share of 27.3% in Individual New Business Premium, with a total premium collection of ₹10,170 crore. This marked 20% growth in this segment. The company reported growth rate of 21% in the Annualized Premium Equivalent (APE), which reached ₹8,260 crore. The Protection Annualised Premium Equivalent (APE) segment exhibited growth at 39%, totaling ₹1,070 crore.
SBI Life's Value of New Business (VoNB) showed steady growth, standing at ₹2,360 crore with a 12% increase. The VoNB Margin remained robust at 28.6%. The Profit After Tax (PAT) for the first half of 2023 surged to ₹760 crore, reflecting 19% growth.
SBI Life Insurance's net worth surged by 14%, growing from ₹12,210 crore as of September 30, 2022, to ₹13,970 crore as of September 30, 2023.
The shares of SBI Life ended 0.02 percent lower at ₹1,306 apiece on the BSE.
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