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SBI Life Insurance Q4 results: Net premium income rises 26%, dividend declared
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
SBI Life Insurance Q4 results: The solvency ratio experienced a slight dip, standing at 1.96% as opposed to 2.15% recorded in the previous year.
SBI Life Insurance on Friday (April 26) announced a net profit of ₹810 crore for the March quarter, marking a 4.4% rise from the corresponding period last year when it stood at ₹777 crore. The insurer’s net premium income surged to ₹25,116 crore compared to ₹19,896 crore in the previous year, reflecting an increase of 26%.
Similarly, the annualised premium equivalent increased by 17.1% to ₹5,330 crore from ₹4,550 crore year-on-year (YoY).
#4QWithCNBCTV18 | SBI Life reports #Q4 earnings👇
➡️Net Profit up 4.4% at ₹811 cr vs ₹777 cr (YoY)
➡️Annualised premium equivalent up 17.1% at ₹5,330 cr vs ₹4,550 cr (YoY)
➡️Value of new business up 4.9% at ₹1,510 cr vs ₹1,440 cr (YoY)
➡️VNB margin at 28.3% vs 31.7% (YoY) pic.twitter.com/JeZ5g3DTiz— CNBC-TV18 (@CNBCTV18Live) April 26, 2024
Additionally, the value of new business grew by 4.9% to ₹1,510 crore compared to ₹1,440 crore YoY, with the VNB (Value of New Business) margin standing at 28.3% versus 31.7% YoY.
However, the solvency ratio experienced a slight dip, standing at 1.96% as opposed to 2.15% recorded in the previous year.
The company’s total assets under management expanded by 27% to reach ₹3.89 lakh crore as of March 31, 2024, compared to ₹3.07 lakh crore as of March 31, 2023.
The debt-equity mix remained at 64:36, with over 95% of debt investments allocated to AAA and sovereign instruments.
In a move to reward its shareholders, SBI Life Insurance declared a dividend of ₹2.7 per share.
The company’s stock closed at ₹1,418.90 apiece on the BSE, registering a decline of nearly 1.74% from the previous close.
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