MUMBAI:
SBI Life Insurance, one of the leading life insurers in the country registered a healthy growth of 52% in its New Business Premium; to Rs. 3,154 crore for the quarter ended on 30 th June, 2019 vis-a-vis Rs. 2,076 crore for the quarter ended June 30, 2018.
Establishing a clear focus on protection, SBI Life’s protection new business premium collection stood at Rs. 436 crore for the quarter ended June 30, 2019 registering a 106% increase over the Rs.212 crore for the quarter ended June 30, 2018. Individual New Business Premium collection increased by 41% to Rs. 1,872 crore from Rs. 1,326 crore over the corresponding period, a year ago.
SBI Life’s profit after tax has increased by 5% to Rs. 372 crore for the quarter ended June 30, 2019, over
Rs. 354 crore in the similar period last year. The company’s solvency ratio continues to remain robust at 2.17 as on June 30, 2019 as against the regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 22% to Rs. 1,46,954 crore as on June 30, 2019 from Rs. 1,20,279 crore as on June 30, 2018, with the debt-equity mix of 77:23. 90% of the debt investments are in AAA and Sovereign instruments. The company has a diversified distribution network of 174,753 trained insurance professionals and wide presence with 922 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 forms, web aggregators and direct business.
Performance for the quarter ended June 30, 2019
• Increase in New Business Premium by 52%
• Increase in share of protection from 10% to 14% with 106% growth
• Private market leadership in Individual Rated Premium (IRP) with 35% y-o-y growth
• Decrease in Operating expense ratio from 9.7% to 7.4%
• Increase in 13th month Persistency ratio by 200 bps from 82.47% to 84.46%
? Increase in Profit after tax by 5% to Rs. 372 crores
? Value of New Business (VoNB) increased by 49% to Rs. 371 crores
• VoNB margin has increased from 19.0% to 19.9%
