26 Oct 2022 , 08:50 AM
Revenue growth was 5-fold in sequential terms due to sharp turnaround in investment income.
In the private life space, SBI Life dominated with 31% growth and 25.3% market share as new business premium (NBP) touched Rs84.6 bn.
APE increased 22% to Rs68.3 billion while the value of new business (VNB) increased by 53% yoy to Rs21.2 billion.
Renewal premiums were also up 16% yoy at Rs148.8 billion in Q2FY23.
The VNB margins increased yoy by 630 bps at 31% in the quarter while the boost to profits came from the sharp fall in provisions for bad and doubtful debts in the quarter. The insurer had robust solvency ratio of 2.19 while its Indian embedded value (IEV) stood at Rs424.1 billion.
Net profit margins at 1.37% in Q2FY23 were better compared to 0.97% in Q1FY22 but lower than the 7.82% in Q2FY23 on sharply lower base.
Financial highlights for Sep-22 compared yoy and sequentially
SBI Life Insurance | |||||
Rs in Crore | Sep-22 | Sep-21 | YOY | Jun-22 | QOQ |
Total Income (Rs cr) | ₹ 27,525.26 | ₹ 25,404.10 | 8.35% | ₹ 4,641.12 | 493.07% |
Net Profit (Rs cr) | ₹ 376.74 | ₹ 246.62 | 52.76% | ₹ 362.85 | 3.83% |
Diluted EPS (Rs) | ₹ 3.76 | ₹ 2.46 | ₹ 2.63 | ||
Net Margins | 1.37% | 0.97% | 7.82% |
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