SBI Life Insurance registers New Business Premium of Rs. 5,591 crores for the quarter ended on 30th June, 2022
Bhubaneswar (Kalinga Voice): SBI Life Insurance, one of the leading life insurers in the country registered a New Business Premium of Rs.5,591 crores for the quarter ended on 30th June, 2022 vis-a-vis Rs.3,345 crores for the quarter ended June 30, 2021. Regular premium has increased by 83% over the corresponding quarter ended on 30th June, 2021.
Establishing a clear focus on protection, SBI Life’s protection new business premium stood at Rs.695 crores for the quarter ended June 30, 2022 marking a growth of 63%. Protection Individual new business premium registered a growth of 55% and stood at Rs.203 crores for the quarter ended June 30, 2022. Individual New Business Premium stands at Rs.3,430 crores with 87% growth over the corresponding quarter ended 30th June, 2021.
SBI Life’s profit after tax stands at Rs.263 crores for the quarter ended June 30, 2022.
The company’s solvency ratio continues to remain robust at 2.21 as on June 30, 2022 as against the regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 13% to Rs.2,62,349 crores as on June 30, 2022 from Rs.2,31,559 crores as on June 30, 2021, with the debt-equity mix of 73:27. Over 97% of the debt investments are in AAA and Sovereign instruments.
The company has a diversified distribution network of 2,22,957 trained insurance professionals and wide presence with 970 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 quarter ended June 30, 2022
- Market leadership in Individual NBP of Rs.3,430 crores with 87% growth and market share of 24.5%.
- 80% growth in APE to Rs.2,905 crores.
- 130% growth in Value of New Business (VoNB) to Rs.882 crores.
- VoNB Margin increased by 665 bps to 30.4%s.
- Strong growth in Protection NBP of 63% to Rs.695 crores.
- 52% growth in Individual New Business Sum Assured.
- 18% growth in PAT to Rs.263 crores.
- Robust solvency ratio of 2.21.