SBI Life Insurance registers New Business Premium of Rs 18,791 crores for the period ended on 31st December, 2021.
SBI Life Insurance, one of the leading life insurers in the country registered a New Business Premium of Rs 18,791 crores for the period ended on 31st December, 2021 vis-à-vis Rs 14,437 crores for the period ended December 31, 2020. Regular premium has increased by 36% over the corresponding period ended on 31st December, 2020.
Establishing a clear focus on protection, SBI Life’s protection new business premium stood at Rs 2,042 crores for the period ended December 31, 2021 marking a growth of 26%. Protection Individual new business premium registered a growth of 27% and stood at Rs 620 crores for the period ended December 31, 2021. Individual New Business Premium stands at Rs 11,611 crores with 43% growth over the corresponding period ended 31st December, 2020.
SBI Life’s profit after tax stands at Rs 834 crores for the period ended December 31, 2021.
The company’s solvency ratio continues to remain robust at 2.09 as on December 31, 2021 as against the regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 23% to Rs 2,56,871 crores as on December 31, 2021 from Rs 2,09,495 crores as on December 31, 2020, with the debt-equity mix of 71:29. Over 96% of the debt investments are in AAA and Sovereign instruments.
The company has a diversified distribution network of 1,94,177 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 December 31, 2021
- 66% growth in Value of New Business (VoNB)* to Rs 2,589 crores.
- VoNB Margin* improved by 470 bps to 25.5%.
- Private Market leadership in Individual Rated Premium (IRP) of Rs 9,072 crores with 24.8% share.
- Strong growth in Protection New Business Premium of 26% to Rs 2,042 crores.
- Strong growth in Individual New Business Premium of 43% to Rs 11,611 crores.
- 22% growth in Individual New Business Sum Assured
- 13th month persistency ratio$ improved by 49 bps to 83.87%.
- Robust Solvency ratio of 2.09.
- Assets under Management (AuM) grew by 23% to Rs 2,56,871 crores.