SBI Life Insurance registers New Business Premium collection of Rs. 16,592 crore for the year ended on 31st March, 2020; growing a healthy 20% vis-à-vis the last year
SBI Life Insurance, one of the leading life insurers in the country registered a healthy growth of 20% in its New Business Premium to Rs. 16,592 crore for the year ended on 31st March, 2020 vis-a-vis Rs. 13,792 crore for the year ended March 31, 2019.
Establishing a clear focus on protection, SBI Life’s protection new business premium collection stood at Rs. 2,082 crore for the year ended March 31, 2020 registering a 27% increase over the Rs. 1,643 crore for the year ended March 31, 2019. Individual New Business Premium collection increased by 17% to Rs. 11,245 crore from Rs. 9,636 crore over the corresponding year.
SBI Life’s profit after tax stands at Rs. 1,422 crore for the year ended March 31, 2020.
The company’s solvency ratio continues to remain robust at 1.95 as on March 31, 2020 as against the regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 14% to Rs. 1,60,363 crore as on March 31, 2020 from Rs. 1,41,024 crore as on March 31, 2019, with the debt-equity mix of 79:21. 90% of the debt investments are in AAA and Sovereign instruments.
The company has a diversified distribution network of 1,86,495 trained insurance professionals and wide presence with 937 offices across the country, comprising of strong bancassurance channel, agency channel and others comprising of corporate agents, brokers, micro agents, common service centers, insurance marketing firms, web aggregators and direct business.
Performance for the year ended March 31, 2020
· 42% growth in Individual Protection NBP and 27% growth in Total Protection NBP
· Private market leadership in Individual NBP with 22.4% market share
· 20% growth in New Business Premium (NBP) and 17% growth in Individual NBP
· 17% increase in Value of New Business (VoNB) to ` 20.1 billion
· 100 bps increase in VoNB margin to 18.7%
· 107 bps increase in 13th month Persistency and 267 bps increase in 61st month persistency
· Decrease in Operating expense ratio to 5.9% from 6.3%