SBI Life Insurance, one of the leading life insurers in the country registered a New Business Premium of Rs. 7,033 crores for the period ended on 30th June, 2024 vis-a-vis Rs. 6,207 crores for the period ended June 30, 2023. Regular premium has increased by 19% over the corresponding period ended on 30th June, 2023.
Establishing a clear focus on protection, SBI Life’s protection new business premium stood at Rs. 720 crores for the period ended June 30, 2024. Protection Individual new business premium stands at Rs. 150 crores for the period ended June 30, 2024. Individual New Business Premium stands at Rs. 4,749 crores with 17% growth over the corresponding period ended on 30th June, 2023.
SBI Life’s profit after tax stands at Rs. 520 crores for the period ended June 30, 2024.
The company’s solvency ratio continues to remain robust at 2.01 as on June 30, 2024 as against the regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 26% to Rs. 4,14,772 crores as on June 30, 2024 from Rs. 3,28,283 crores as on June 30, 2023, with the debt-equity mix of 62:38. Over 95% of the debt investments are in AAA and Sovereign instruments.
The company has a diversified distribution network of 3,27,038 trained insurance professionals and wide presence with 1,062 offices across the country, comprising of strong bancassurance channel, agency channel and others comprising of corporate agents, brokers, Point of sale persons (POS), insurance marketing firms, web aggregators and direct business.
Performance for the period ended June 30, 2024
- Private Market leadership in New Business Premium of Rs. 7,033 crores with 13% growth and 21.8% market share.
- Private Market leadership in Individual NBP of Rs. 4,749 crores with 17% growth and 25.9% market share
- Annualized Premium Equivalent (APE) stands at Rs. 3,637 crores with growth of 20%.
- Agency Channel Annualized Premium Equivalent (APE) stands at Rs. 1,092 crores with growth of 45%
- Improvement in 13M & 61M persistency by 150 bps & 229 bps respectively.
- Value of New Business (VoNB) stands at Rs. 974 crores with 12% growth
- VoNB Margin stands at 26.8%.
- Profit After Tax (PAT) stands at Rs. 520 crores with 36% growth.
- Solvency ratio of 2.01.
- Assets under Management stands at Rs. 4,14,772 crores with 26% growth.
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