SBI Life Q2 Results: PAT rises 53% YoY to Rs 377 crore

SBI Life Insurance on Friday reported a 52.76% YoY increase in its profit after tax (PAT) to Rs 376.7 crore in the September quarter.

An ET NOW poll of analysts had anticipated the profit figure at Rs 365 crore. Its net premium income increased 11% YoY to Rs 16,477 crore.

SBI Life's new business premium income rose 8.1% YoY to Rs 7,500 crore while annualised premium equivalent (APE) was down 1.3% to Rs 3,930 crore.

"The company has maintained its leadership position in Individual Rated Premium of Rs 60.5 billion with 23.7% private market share in H1 FY 23," SBI Life said in an exchange filing. Its assets under management (AUM) grew by 16% YoY to Rs 2,826.3 billion in Q2 with a debt-equity mix of 71:29.

The insurer's protection individual new business premium registered a growth of 17% and stood at Rs 434 crore in Q2. Its VoNB Margin increased by 630 bps to 31%.