Profit before tax in Q4 FY23 stood at Rs 793.59 crore, up by 14.34% from Rs 694.06 crore in Q4 FY22.

On a yearly basis, the life insurance company's standalone net profit rose 14.25% to Rs 1,720.57 crore despite of 1.72% decline in total income to Rs 8,1598.48 crore in FY23 over FY22.

New Business Premium (NBP) grew by 16% to Rs 29,590 crore in FY23 aided by growth in Regular premium business by 17%.

During the financial year 2022-23, the company registered 18% YoY growth in annual premium equivalent (APE) YoY to Rs 16,810 crore, and 37% YoY increase in value of new business to Rs 5,070 crore with value of new business margin rising by 420 basis points to 30.1%.

Gross Written Premium (GWP) has grown by 15% to Rs 67,320 crore in FY23 mainly due to 17% growth in Regular Premium (FYP) and 13% growth in Renewal Premium (RP) in FY23.

Assets under management (AuM) increased 15% to 3,07,340 crore as on 31 March 2023 from 2,67,410 crore as on 31 March 2022 with debt-equity mix of 71:29.

The company's Indian embedded value (EV), as on 31 March 2023, was Rs 46,040 crore with an operating return on embedded value of 22.8% for FY23.

SBI Life recorded strong growth in 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 our 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 & group business where persistency is measurable) is 88.91% in FY23 vs 88.35% in FY22.

SBI Life Insurance Company is one of the leading life Insurance companies in India. It has a strong distribution network of 992 offices, 20,787 employees, a large and productive network of about 208,774 agents, 63 corporate agents and 14 bancassurance partners with more than 39,000 partner branches, 129 brokers and other insurance marketing firms.