MUMBAI:
SBI Life Insurance, one of the leading life insurers in the country registered a healthy growth of 40% in its New Business Premium; to Rs. 7,817 crore for the half year ended on 30 th September, 2019 vis-a-vis Rs. 5,573 crore for the half year ended September 30, 2018.
Establishing a clear focus on protection, SBI Life’s protection new business premium collection stood at Rs. 929 crore for the half year ended September 30, 2019 registering a 59% increase over the Rs. 586 crore for the half year ended September 30, 2018. Individual New Business Premium collection increased by 30% to Rs. 4,848 crore from Rs. 3,719 crore over the corresponding period, a year ago.
SBI Life’s profit after tax stands at Rs. 502 crore for the half year ended September 30, 2019. The company’s solvency ratio continues to remain robust at 2.20 as on September 30, 2019 as against the regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 23% to Rs. 1,54,758 crore as on September 30, 2019 from Rs. 1,26,166 crore as on September 30, 2018, with the debt-equity mix of 77:23. 91% of the debt investments are in AAA and Sovereign instruments.
The company has a diversified distribution network of 178,589 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 forms, web aggregators and direct business.
Performance for the half year ended September 30, 2019
• New Business Premium (NBP) increased by 40%
• Leadership position in Individual NBP amongst private life insurers; growth of 30% and market share of 22.3%
• Private market leadership in Individual Rated Premium (IRP) with growth of 22%
• Increase in Protection NBP by 59%
• Decrease in Operating expense ratio from 7.8% to 6.5%
• Increase in 13th month Persistency ratio by 261 bps from 83.20% to 85.81%
* Increase in Persistency ratio: 13th month by 261 bps to 85.81% & 49th month by 358 bps to 67.94%
* Indian Embedded Value (IEV) increased by 24% to Rs 26,145 crores
* Value of New Business (VoNB) increased by 33% to Rs. 943 crores
• VoNB margin has increased from 19.2% to 20.2%
