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 New Business Premium collection of

SBI Life Insurance registers New Business Premium collection of Rs. 16,592 crore for the year ended on 31^st 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 31^st 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%