SBI Life Q3 Results Review - Slower Growth; Optimistic On Long Term Outlook: ICICI Direct

ICICI Direct Report

SBI Life Insurance Company Ltd. has posted a slower but steady performance with 6% YoY growth in premium growth to Rs 19171 crore. New business premium growth remained muted with a decline of 1% YoY to Rs 8424 crore while renewal premium increasing 13% YoY to Rs 10908 crore.

On annualised premium equivalent basis, the growth remains healthy at 19% YoY in Q3 FY23. On nine months-FY23 basis, APE growth is healthy at 20% YoY to Rs 12260 crore.

Private market share based on rated individual premium was maintained at 25.7% in 9MFY23.

Value of new business margin was reported at 29.6% in 9MFY23 versus 24.8% in 9MFY22 though marginal decline was seen sequentially led by a change in product mix.

Non-par segment, which generally has higher margin contributed 38% (APE basis) in 9MFY23 compared to ~28% in 9MFY22.

SBI Life's assets under management grew at a decent pace of 17% YoY to Rs 299900 crore. Shareholders and policyholders (excluding linked liabilities) assets together witnessed healthy growth at ~17%. Assets held in lieu of linked products rose ~13% YoY. Income from investment was boosted on a YoY basis at Rs 7443 crore.

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