MUMBAI:
SBI Life Insurance, one of the leading life insurers in the country registered a healthy growth of 35% in its New Business Premium; to Rs. 12,787 crore for the nine months ended on 31 st December, 2019 vis-a-vis Rs. 9,470 crore for the nine months ended December 31, 2018.
Establishing a clear focus on protection, SBI Life’s protection new business premium collection stood at Rs. 1,444 crore for the nine months ended December 31, 2019 registering a 37% increase over the Rs. 1,056 crore for the nine months ended December 31, 2018. Individual New Business Premium collection increased by 27% to Rs. 8,394 crore from Rs. 6,597 crore over the corresponding period, a year ago.
SBI Life’s profit after tax stands at Rs. 892 crore for the nine months ended December 31, 2019. The company’s solvency ratio continues to remain robust at 2.30 as on December 31, 2019 as against
the regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 22% to Rs. 1,64,191 crore as on December 31, 2019 from Rs. 1,34,153 crore as on December 31, 2018, with the debt-equity mix of 76:24. 93% of the debt investments are in AAA and Sovereign instruments.
The company has a diversified distribution network of 1,80,525 trained insurance professionals and wide presence with 923 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 nine months ended December 31, 2019
• New Business Premium (NBP) and Individual NBP registered growth of 35% and 27% respectively
• Annualized Premium Equivalent (APE) grew by 22% from ` 6,597 crore to ` 8,048 crore
• Individual Protection NBP grew by 71% and Total Protection NBP grew by 37%
• Annuity business grew by 320% and contribute 6% of new business premium
• Value of New Business (VoNB) increased by 27% from ` 1,295 crore to ` 1,646 crore
• VoNB margin increased by 90 bps from 19.6% to 20.5%
• Increase in Persistency ratio: 13th month by 238 bps to 85.71% & 25th month by 257 bps to 77.70%
Decrease in Operating expense ratio to 6.1% from 6.9%
