SBI Life Insurance registers New Business Premium of Rs. 20,624 crores
for the year ended on 31st March, 2021
SBI Life Insurance, one of the leading life insurers in the country registered a New Business Premium of Rs. 20,624 crores for the year ended on 31st March, 2021 vis-a-vis Rs. 16,592 crores for the year ended March 31, 2020. Single premium has increased by 52% over the corresponding year.
Establishing a clear focus on protection, SBI Life’s protection new business premium stood at Rs. 2,459 crores for the year ended March 31, 2021 marking a year-on-year growth of 18%. Protection Individual new business premium registered a growth of 40% and stood at Rs. 742 crores for the year ended March 31, 2021. Individual New Business Premium stands at Rs. 12,499 crores with 11% growth over the corresponding year.
SBI Life’s profit after tax stands at Rs. 1,456 crores for the year ended March 31, 2021.
The company’s solvency ratio continues to remain robust at 2.15 as on March 31, 2021 as against the regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 38% to Rs. 2,20,871 crores as on March 31, 2021 from Rs. 1,60,363 crores as on March 31, 2020, with the debt-equity mix of 73:27. 90% of the debt investments are in AAA and Sovereign instruments.
The company has a diversified distribution network of 2,25,381 trained insurance professionals and wide presence with 947 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, 2021
· New Business Premium at Rs. 20,624 crores, growth of 24% with private market share of 21.9%
· Renewal Premium at Rs. 29,630 crores, growth of 23% with strong 13th month persistency at 87.92% and 61st month persistency at 61.63%
· Gross written premium (GWP) crosses Rs. 500 billion mark
· Private market leadership in Individual Rated Premium (IRP) with 22.6% market share
· Assets under Management (AuM) grew by 38% to Rs. 2,20,871 crores
· Operating cost efficiency further strengthen from 5.9% to 4.8%
· New Business Margin increased by 170 bps to 20.4%
· Value of New Business registered growth of 16% amounting to Rs. 2,334 crores
· Indian Embedded Value (IEV) grew by 27% to Rs. 33,386 crores
· Interim dividend of Rs.2.5 per share with a strong solvency ratio of 2.15