SBI Life Insurance, one of the leading life insurers in the country registered a New Business Premium of Rs 21,512 crores for the period ended on 31st December, 2022 vis-a-vis Rs 18,791 crores for the period ended December 31, 2021. Regular premium has increased by 22% over the corresponding period ended on 31st December, 2021.
Establishing a clear focus on protection, SBI Life’s protection new business premium stood at Rs 2,545 crores for the period ended December 31, 2022 marking a growth of 25%. Protection Individual new business premium registered a growth of 12% and stood at Rs 696 crores for the period ended December 31, 2022. Individual New Business Premium stands at Rs 15,242 crores with 31% growth over the corresponding period ended 31st December, 2021.
SBI Life’s profit after tax stands at ?944 crores for the period ended December 31, 2022.
The company’s solvency ratio continues to remain robust at 2.25 as on December 31, 2022 as against the regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 17% to Rs 2,99,987 crores as on December 31, 2022 from Rs 2,56,871 crores as on December 31, 2021, with the debt-equity mix of 71:29. Over 95% of the debt investments are in AAA and Sovereign instruments.
The company has a diversified distribution network of 2,55,848 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 December 31, 2022
· Private Market leadership in Individual NBP of Rs 15,242 crores with 31% growth and market share of 27.2%.
· 20% growth in APE to Rs 12,256 crores.
· 25% growth in Protection NBP to Rs 2,545 crores.
· 44% growth in Value of New Business (VoNB) to Rs 3,630 crores.
· VoNB Margin increased by 478 bps to 29.6%.
· 13% growth in PAT to Rs 944 crores.
· Robust solvency ratio of 2.25.
· Assets under Management stands at Rs 2,99,987 crores.