SBI Life Insurance registers New Business Premium of

                                        SBI Life Insurance registers New Business Premium of Rs. 3,345 crores                                                                    for the quarter ended on 30^th June, 2021

 

SBI Life Insurance, one of the leading life insurers in the country registered a New Business Premium of Rs. 3,345 crores for the quarter ended on 30^th June, 2021 vis-a-vis Rs. 3,059 crores for the quarter ended June 30, 2020. Regular premium has increased by 29% over the corresponding quarter ended on 30^th June, 2020.

 

Establishing a clear focus on protection, SBI Life’s protection new business premium stood at Rs. 428 crores for the quarter ended June 30, 2021 marking a growth of 46%. Protection Individual new business premium registered a growth of 75% and stood at Rs. 132 crores for the quarter ended June 30, 2021. Individual New Business Premium stands at Rs. 1,836 crores with 37% growth over the corresponding quarter ended 30^th June, 2020.

 

SBI Life’s profit after tax stands at Rs. 223 crores for the quarter ended June 30, 2021.

 

The company’s solvency ratio continues to remain robust at 2.15 as on June 30, 2021 as against the regulatory requirement of 1.50.

 

SBI Life’s AUM also continued to grow at 32% to Rs. 2,31,559 crores as on June 30, 2021 from Rs. 1,75,355 crores as on June 30, 2020, with the debt-equity mix of 72:28. 90% of the debt investments are in AAA and Sovereign instruments.

 

The company has a diversified distribution network of 2,12,821 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 quarter ended June 30, 2021

 

·  52% growth in Value of New Business (VoNB)* to Rs.389 crores.

·  VoNB Margin* improved by 400 bps to 24.1%.

·  Private Market leadership in Individual Rated Premium (IRP) of Rs.1,386 crores with 18.9% market share.

·  Strong growth in Protection NBP by 46% to Rs 428 crores with 320 bps increase in protection share.

·  Strong growth in Individual New Business Premium of 37% to Rs 1,836 crores.

·  13th month persistency ratio^$ improved by 295 bps to 84.50%.

·  Robust Solvency ratio of 2.15.

·  Assets under Management (AuM) grew by 32% to Rs 2,31,559 crores.

SBI Life Insurance registers 5% growth in

SBI Life Insurance registers 5% growth in Net Profit to Rs 390 crores
for the quarter ended June 30, 2020

SBI Life Insurance, one of the most trusted private life insurers in the country, registered a 5% growth in Net Profit to Rs. 390 crores for the period ended June 30, 2020 as compared to Rs. 371.90 crores in the corresponding quarter last year.

With a market leadership of 23.9% private market share in Q1 FY 2021, the company continues its focus towards the protection category. Besides this, the company also witnessed strong growth in its 61st-month persistency ratio based on premium by 687 bps. Single premium has increased by 31% over the corresponding year.

The New Business Premium is Rs. 3,059 crore for the period ended on 30th June 2020.

The company’s solvency ratio remains robust at 2.39 as on June 30, 2020 as against the regulatory requirement of 1.50.

SBI Life’s AUM also grew by 19% to Rs. 1,75,355 crore as on June 30, 2020 from Rs. 1,46,954 crore as on June 30, 2019, with the debt-equity mix of 76:24. 90% of the debt investments are in AAA and Sovereign instruments.

The company has a diversified distribution network of 1,90,696 trained insurance professionals and wide presence with 940 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 period ended June 30, 2020

•          Increase in net profit by 5% to Rs. 391 crore

•          Private market leadership in Total New Business Premium (NBP) with 23.9% market share

•          80 bps increase in VoNB margin to 18.7% as compared to Q1 FY 2020

•          Strong growth in 61st-month persistency ratio based on premium by 687 bps

•          Robust solvency ratio of 2.39

•          Decrease in Operating expense ratio to 7.0% from 7.3%

•          Growth in Gross written premium by 14%