SBI Life Insurance registers significant growth in new business premium
SBI Life Insurance, a premier life insurance provider in India, recorded a New Business Premium of Rs. 6,207 crores in the period ending 30th June 2023, marking an increase from Rs. 5,591 crores during the same period in the previous year. An 18% rise was noted in the single premium compared to the corresponding period ending on 30th June 2022.
Underlining its commitment to protection, SBI Life’s new business premium for protection stood at Rs. 781 crores, reflecting a 12% growth. The company also reported a 5% growth in Protection Individual new business premium, amounting to Rs. 213 crores. The Individual New Business Premium displayed an 18% growth, amounting to Rs. 4,059 crores.
The company’s profit after tax is reported at Rs. 381 crores for the period ending June 30, 2023. SBI Life maintains a strong solvency ratio of 2.15, exceeding the regulatory requirement of 1.5.
SBI Life Insurance reports substantial growth in new business premium. Image courtesy of Gerd Altmann from Pixabay.
SBI Life’s Assets Under Management (AUM) saw a considerable growth of 25%, standing at Rs. 3,28,283 crores as of June 30, 2023. The debt-equity mix is at a stable ratio of 69:31, with over 94% of debt investments placed in AAA and Sovereign instruments.
SBI Life boasts of a diverse distribution network, consisting of 2,89,162 trained insurance professionals and 996 offices nationwide. The network includes a robust bancassurance channel, agency channel, corporate agents, brokers, Point of sale persons (POS), insurance marketing firms, web aggregators, and direct business.
Key performance indicators for the period ending June 30, 2023, include private market leadership in Individual NBP of Rs. 4,059 crores, showcasing an 18% growth with a market share of 26.8%. The Annual Premium Equivalent (APE) stands at Rs. 3,033 crores, with a 17% growth in Protection APE to Rs. 373 crores. The Value of New Business (VoNB) is Rs. 873 crores, with a VoNB margin of 28.8%. Profit After Tax (PAT) grew by 45% to Rs. 381 crores, while the Annuity & Pension New Business displayed a remarkable growth of 57% to Rs.1,826 crores.