New Delhi: SBI Life Insurance, one of the leading life insurers in the country registered a New Business Premium of Rs. 8,998 crore for the period ended on 30th September, 2020 vis-a-vis Rs. 7,817 crore for the period ended September 30, 2019. Single premium has increased by 54% over the corresponding year.
Establishing a clear focus on protection, SBI Life’s protection new business premium stood at Rs. 910 crore for the period ended September 30, 2020. Protection Individual new business premium registered a growth of 13% and stood at Rs. 267 crore for the period ended September 30, 2020. Individual New Business Premium stands at Rs. 4,206 crore.
SBI Life’s profit after tax stands at Rs. 691 crore for the period ended September 30, 2020 registering a strong growth of 38% over the corresponding year.
The company’s solvency ratio continues to remain robust at 2.45 as on September 30, 2020 as against the regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 20% to Rs. 1,86,360 crore as on September 30, 2020 from Rs. 1,54,758 crore as on September 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 2,07,520 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, 2020
• New Business Premium (NBP) increased by 15%
• Private market leadership in Total NBP with 24.5% market share
• Private market leadership in Individual Rated Premium (IRP) with 20.7% market share
• Decrease in Operating expense ratio from 6.4% to 5.4%
• Increase in Persistency: 25th month by 147 bps to 78.83% & 61st month by 339 bps to 60.87%
• Increase in Profit after tax by 38% to Rs. 691 crore
• Increase in Value of New Business Margin by 70bps to 18.8%
• Indian Embedded Value (IEV) increased by 21% to Rs. 29,861 crore