SBI Life Insurance registers New Business Premium of ` 25,457 crores for the year ended on 31st March, 2022.
By Pinkerala News Desk | Apr 29, 2022
Kochi, April 28, 2022: SBI Life Insurance, one of the leading life insurers in the country registered a New Business Premium of ` 25,457 crores for the year ended on 31st March, 2022 vis-a-vis ` 20,624 crores for the year ended March 31, 2021. Regular premium has increased by 25% over the corresponding year ended on 31st March, 2021.
Establishing a clear focus on protection, SBI Life’s protection new business premium stood at ` 3,052 crores for the year ended March 31, 2022 marking a growth of 24%. Protection Individual new business premium registered a growth of 26% and stood at ` 938 crores for the year ended March 31, 2022. Individual New Business Premium stands at ` 16,500 crores with 32% growth over the corresponding year ended 31st March, 2021.
SBI Life’s profit after tax stands at ` 1,506 crores for the year ended March 31, 2022.
The company’s solvency ratio continues to remain robust at 2.05 as on March 31, 2022 as against the regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 21% to ` 2,67,409 crores as on March 31, 2022 from ` 2,20,871 crores as on March 31, 2021, 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 2,05,717 trained insurance professionals and wide presence with 952 offices across the country, comprising of strong bancassurance channel, agency channel and others comprising of corporate agents, brokers, micro agents, common service centers, insurance marketing firms, web aggregators and direct business.
Performance for the year ended March 31, 2022
39% growth in Value of New Business (VoNB) to `3,704 crores.
VoNB Margin improved by 270 bps to 25.9%.
Operating Return on Embedded Value stands at 20.6%
Private Market leadership in Individual Rated Premium (IRP) of ` 12,872 crores with 23.4% share.
Strong growth in Individual New Business Premium of 32% to ` 16,500 crores.
Strong growth in Protection New Business Premium of 24% to ` 3,052 crores.
16% growth in Individual New Business Sum Assured
13th month persistency ratio$ stands at 85.18%.
Assets under Management (AuM) grew by 21% to ` 2,67,409 crores.
Interim dividend of ` 2.0 per share with strong solvency ratio of 2.05
$On Premium Basis
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