The net premium income for the reporting quarter jumped 14% to Rs 19,897 crore as against Rs 17,434 in the year-ago period.
The gross written premium (GWP) for the fiscal year 2022-23 stood at Rs 67,320 crore, showing a growth of 15% YoY.
The annualised premium equivalent (APE) for FY23 rose 18% to Rs 16,810 crore for the quarter ended March, while protection new business premium rose 19% to Rs 3,640 crore.
VoNB margin increased 420 basis points to 30.1 for the quarter ended March.
The company reported a solvency ratio of 2.15, while assets under management stood at Rs 3.1 lakh crore at the end of March 2023.
Meanwhile, individual new Business premiums rose 27% to 20,910 crore in FY23.The growth in the individual protection business stood at 6% to Rs 1,000 crore, and that of the group protection business was at 25% to Rs 2,640 crore in FY23.
The company said it maintained its leadership position in individual rated premium of Rs 15,220 crore with 22.3% private market share in FY23.
The company has a strong distribution network of 275,374 trained insurance professionals consisting of agents, CIFs and SPs with widespread operations with 992 offices across the country.
SBI Life said it reported strong growth in the 37th month and 61st-month persistency (based on premium considering Regular Premium/ Limited Premium payment under individual category) in FY23 by 236 bps and 612 bps, respectively due to ITS focus on improving the quality of business and customer retention.
The 13th-month persistency (based on premium considering Single Premium and Fully Paid-up policies and group business where persistency is measurable) is 88.91% in FY23 as against 88.35% in FY22.
On Wednesday, SBI Life shares closed 1.37% higher at Rs 1,121.05 on NSE.
