New business

SBI Life Insurance records new business premium of Rs 13,000 cr in Q3FY23 | India is blooming

SBI Life Insurance, one of the leading life insurers in the country, recorded a new business premium of Rs 13,088 crores for the period ending September 30, 2022 against Rs 10,288 crores for the period ending September 30, 2021.

The single premium increased by 33% over the corresponding period ended September 30, 2021.

With a clear focus on protection, SBI Life’s new business protection premium amounted to Rs 1,598 crore for the period ended September 30, 2022, marking a growth of 32%.

The individual protection premium for new business recorded a growth of 17% and stood at Rs. 434 crores for the period ended 30 September 2022. The individual premium for new business stands at Rs. 8,461 crores with a growth of 31% over the corresponding period ended September 30, 2021.

SBI Life’s after-tax profit stands at Rs. 640 crores for the period ending September 30, 2022.

The company’s solvency ratio remains robust at 2.19 as of September 30, 2022 against a regulatory requirement of 1.50.

SBI Life’s AUM also continued to grow by 16% to Rs. 2,82,632 crores as of September 30, 2022 from Rs. 2,44,178 crores as of September 30, 2021, with a debt to equity mix of 71:29 . Over 96% of debt investments are in AAA and sovereign instruments.

The company has a diverse distribution network of 2,39,456 trained insurance professionals and a broad presence with 990 offices across the country, including a strong bancassurance channel, agency channel and others including corporate agents, brokers, point of sale (POS), insurance marketing companies, web aggregators and direct companies.

Performance for the period ended September 30, 2022

· Private market leadership in individual NBP of Rs. 8,461 crore with 31% growth and 25.3% market share.

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 basis points to 31.0%.

Strong growth in NBP Protection by 32% to Rs. 1,598 crores.

36% growth in PAT to Rs. 640 crores.

· Robust solvency ratio of 2.19.

Indian Intrinsic Value (IEV) stands at Rs. 42,409 crores.