SBI Life SBI Life Insurance registers New Business Premium of Rs 13,000 cr in Q3FY23
SBI Life Insurance, one of the leading life insurers in the country registered a New Business Premium of Rs 13,088 crores for the period ended on September 30, 2022 vis-a-vis Rs 10,288 crores for the period ended September 30, 2021.
The single premium has increased by 33% over the corresponding period ended on September 30, 2021.
Establishing a clear focus on protection, SBI Life’s protection new business premium stood at Rs 1,598 crores for the period ended September 30, 2022, marking a growth of 32%.
Protection Individual new business premium registered a growth of 17% and stood at Rs. 434 crores for the period ended September 30, 2022. Individual New Business Premium stands at Rs. 8,461 crores with 31% growth over the corresponding period ended September 30, 2021.
SBI Life’s profit after tax stands at Rs. 640 crores for the period ending September 30, 2022.
The company’s solvency ratio continues to remain robust at 2.19 as on September 30, 2022 as against the regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 16% to Rs. 2,82,632 crores as on September 30, 2022 from Rs. 2,44,178 crores as on September 30, 2021, 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 2,39,456 trained insurance professionals and wide presence with 990 offices across the country, comprising of strong bancassurance channel, agency channel and others comprising of corporate agents, brokers, Point of sale persons (POS), insurance marketing firms, web aggregators and direct business.
Performance for the period ended September 30, 2022
· Private Market leadership in Individual NBP of Rs. 8,461 crores with 31% growth and market share of 25.3%.
· 22% growth in APE to Rs. 6,828 crores.
· 53% growth in Value of New Business (VoNB) to Rs. 2,117 crores.
· VoNB Margin increased by 630 bps to 31.0%.
· Strong growth in Protection NBP of 32% to Rs. 1,598 crores.
· 36% growth in PAT to Rs. 640 crores.
· Robust solvency ratio of 2.19.
· Indian Embedded Value (IEV) stands at Rs. 42,409 crores.
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