SBI Life Insurance registers New Business Premium

SBI Life Insurance registers New Business Premium of Rs. 20,624 crores
for the year ended on 31^st 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 31^st 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 13^th month persistency at 87.92% and 61^st 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

The Board Meeting of Shriram Transport Finance Company Limited (STFC) was held

The Board Meeting of Shriram Transport Finance Company Limited (STFC) was held today to consider the unaudited financial results for the first quarter ended 30th June, 2020.

Financials (Standalone) :
Quarter ended 30th June, 2020 :

The Net Interest Income for the first quarter ended 30th June, 2020 was Rs. 1,820.35

crores as against Rs. 1,947.02 crores in the same period of the previous year. The profit after tax was Rs. 320.06 crores (including COVID-19 provision of Rs. 956.15 crores) as against Rs. 634.25 crores recorded in the same period of the previous year. The earning per share (basic) stands at Rs. 14.11 as against Rs 27.96 recorded in the same period of the previous year.

Assets under Management :
Total Assets under Management as on 30th June, 2020 stands at Rs. 111,756.37 crores as compared to Rs.106,343.48 crores as on 30th June, 2019 and Rs. 109,749.24 crores for the year ended 31st. March, 2020.

Shriram City Union Finance Ltd declares

Shriram City Union Finance Ltd. declares June 2020 results

 Leading Small Business financier Shriram City Union Finance Limited (Shriram City) has declared its results for the first quarter of Financial Year 2021.

In a quarter affected by the Covid-19 pandemic, there was only a relatively slower decline in Assets under Management (lower by 6% annually and 2% sequentially). The Two Wheeler loan book grew 10% higher year-on-year. Standalone Net Profit, although lower by 24% year-on-year was up 26% sequentially. Operating Expenses were substantially reduced (lower by 18% annually and 20% sequentially), and accordingly, Operating Profit was higher 10% Q-o-Q. Asset quality continued to improve, with Gross Stage 3 levels at 7.28% (161 bps lower than a year ago and 62 bps over the last quarter). 

Loan impairments and write offs were steady at last quarter’s levels. Subsidiary Shriram Housing Finance Ltd., despite considerably lower disbursements in the quarter registered a growth of 23% in Assets under Management over last year. Shriram Housing also registered, at 2.3% GS3, it best asset quality in the last five years.

Mr. Y.S. Chakravarti, MD & CEO, Shriram City commented “We are glad to report that we are gradually returning to Business-as-Usual mode, with all our offices currently being operational. Disbursements began in some strength in June, and we hope to increase business traction in a calibrated manner in the rest of the year. We made excellent progress in cost control in the quarter, and hope to sustain the practices leading to this development.”