SBI Life Insurance registers New Business Premium of Rs.18,791 crores for the period ended on 31st December, 2021
By Pinkerala News Desk | Jan 22, 2022
Kochi, January 21, 2022: 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. The 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 of 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 of December 31, 2021, from Rs 2,09,495 crores as of 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 a 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 centres, 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%.
The robust Solvency ratio of 2.09.
Assets under Management (AuM) grew by 23% to Rs 2,56,871 crores.
*On an Effective tax rate basis
$On Premium Basis
Except for the historical information contained herein, statements in this release that contain words or phrases such as 'will', ‘expected to’, etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in demand for insurance and other financial products and services in the countries that we operate or where a material number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet and other technology our exploration of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our growth and expansion in domestic and overseas markets, technological changes, our ability to market new products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other jurisdictions on us. SBI Life Insurance Company Limited undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.
This release does not constitute an offer of securities.
About SBI Life Insurance
SBI Life Insurance (‘SBI Life’ / ‘The Company’), one of the most trusted life insurance companies in India, was incorporated in October 2000 and is registered with the Insurance Regulatory and Development Authority of India (IRDAI) in March 2001.
Serving millions of families across India, SBI Life’s diverse range of products caters to individuals as well as group customers through Protection, Pension, Savings and Health solutions.
Driven by the ‘Customer-First’ approach, SBI Life places great emphasis on maintaining world-class operating efficiency and providing a hassle-free claim settlement experience to its customers by following high ethical standards of service. Additionally, SBI Life is committed to enhancing digital experiences for its customers, distributors and employees alike.
SBI Life strives to make insurance accessible to all, with its extensive presence across the country through its 947 offices, 18,498 employees, a large and productive individual agent network of about 135,902 agents, 64 corporate agents, a widespread bancassurance network of 14 partners, more than 29,000 partner branches, 110 brokers and other insurance marketing firms. In addition to doing what’s right for the customers, the company is also committed to providing a healthy and flexible work environment for its employees to excel personally and professionally.
SBI Life strongly encourages a culture of giving back to society and has made substantial contributions in the areas of child education, healthcare, disaster relief and environmental upgrade. In 2020-21, the Company touched over 4.30 lakh direct beneficiaries through various CSR interventions.
Listed on the Bombay Stock Exchange ('BSE') and the National Stock Exchange ('NSE'), the company has an authorized capital of Rs 20.0 billion and a paid-up capital of Rs 10.0 billion. The AuM is Rs 2,568.7 billion.
For more information, please visit our website- www.sbilife.co.in and connect with us on Facebook, Twitter, YouTube, Instagram, and Linkedin.
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