SBI Life Insurance, one of the leading life insurers in the country registered a New Business Premium of Rs. 3,345 crores for the quarter ended on 30th June, 2021 vis-a-vis Rs. 3,059 crores for the quarter ended June 30, 2020. Regular premium has increased by 29% over the corresponding quarter ended on 30th June, 2020.
Establishing a clear focus on protection, SBI Life’s protection new business premium stood at Rs. 428 crores for the quarter ended June 30, 2021 marking a growth of 46%. Protection Individual new business premium registered a growth of 75% and stood at Rs. 132 crores for the quarter ended June 30, 2021. Individual New Business Premium stands at Rs. 1,836 crores with 37% growth over the corresponding quarter ended 30th June, 2020.
SBI Life’s profit after tax stands at Rs. 223 crores for the quarter ended June 30, 2021.
The company’s solvency ratio continues to remain robust at 2.15 as on June 30, 2021 as against the regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 32% to Rs. 2,31,559 crores as on June 30, 2021 from Rs. 1,75,355 crores as on June 30, 2020, with the debt-equity mix of 72:28. 90% of the debt investments are in AAA and Sovereign instruments.
The company has a diversified distribution network of 2,12,821 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 quarter ended June 30, 2021
52% growth in Value of New Business (VoNB)* to Rs.389 crores.
VoNB Margin* improved by 400 bps to 24.1%.
Private Market leadership in Individual Rated Premium (IRP) of Rs.1,386 crores with 18.9% market share.
Strong growth in Protection NBP by 46% to Rs 428 crores with 320 bps increase in protection share.
Strong growth in Individual New Business Premium of 37% to Rs 1,836 crores.
13th month persistency ratio$ improved by 295 bps to 84.50%.
Robust Solvency ratio of 2.15.
Assets under Management (AuM) grew by 32% to Rs 2,31,559 crores.