New Delhi: SBI Life Insurance, one of the leading life insurers in the country registered a New Business Premium of Rs 10,288 crores for the period ended on 30th September, 2021 vis-a-vis Rs 8,998 crores for the period ended September 30, 2020. Regular premium has increased by 47% over the corresponding period ended on 30th September, 2020.
Establishing a clear focus on protection, SBI Life’s protection new business premium stood at Rs 1,211 crores for the period ended September 30, 2021 marking a growth of 33%. Protection Individual new business premium registered a growth of 38% and stood at Rs 370 crores for the period ended September 30, 2021. Individual New Business Premium stands at Rs 6,475 crores with 54% growth over the corresponding period ended 30th September, 2020.
SBI Life’s profit after tax stands at Rs 470 crores for the period ended September 30, 2021.
The company’s solvency ratio continues to remain robust at 2.12 as on September 30, 2021 as against the regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 31% to Rs 2,44,178 crores as on September 30, 2021 from Rs 1,86,360 crores as on September 30, 2020, with the debt-equity mix of 70:30. Over 95% of the debt investments are in AAA and Sovereign instruments.
The company has a diversified distribution network of 2,00,190 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 period ended September 30, 2021
• 77% growth in Value of New Business (VoNB)* to Rs 1,417 crores.
• VoNB Margin* improved by 510 bps to 25.3%.
• Private Market leadership in Individual Rated Premium (IRP) of Rs 4,993 crores with 23.6% market share.
• Strong growth in Protection NBP by 33% to Rs 1,211 crores with 166 bps increase in protection share.
• Strong growth in Individual New Business Premium of 54% to Rs 6,475 crores.
• 28% growth in Individual New Business Sum Assured
• 13th month persistency ratio$ improved by 155 bps to 84.72%.
• Robust Solvency ratio of 2.12.
• Assets under Management (AuM) grew by 31% to Rs 2,44,178 crores.