SBI Life Insurance on Wednesday reported a 15.58% year-on-year rise in its net profit at Rs 776.85 crore for the fourth quarter last fiscal, backed by over 14% y-o-y growth in net premium income.
The private-sector life insurer had posted Rs 672.15 crore net profit for the fourth quarter of FY22. Its net premium income rose 14.13% y-o-y at Rs 19,896.92 crore during Q4FY23 compared with Rs 17,433.77 crore in the same period of FY22, according to a stock exchange filing.
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First-year premium during the period under review rose 6.12% y-o-y at Rs 4089.64 crore as against Rs 3853.56 crore for the year ago period, while renewal premium during the period increased by 10.09% y-o-y at Rs 11,937.02 crore from Rs 10,842.54 crore.
The life insurer in a release said it maintained leadership position in individual rated premium of Rs 15,220 crore with 22.3% private market share in FY23. It witnessed a strong growth in individual new business premium by 27% to Rs 20,910 crore in the last financial year.
In last fiscal, SBI Life Insurance posted a 14.25% y-o-y growth in its net profit at Rs 1720.57 crore. Value of new business (VoNB) increased by 37% to Rs 5070 crore for FY23, while VoNB margin increased by 420 basis points to 30.1%.