SBI Life Insurance, one of the leading life insurers in the country registered a healthy growth of 26% in its New Business Premium; to Rs. 13,792 crore for the year ended on 31st March, 2019 vis-a-vis Rs. 10,966 crore as on March 31, 2018.
Establishing a clear focus on protection, SBI Life’s protection new business premium collection stood at Rs. 1,643 crore for the year ended March 31, 2019 registering a 174% increase over the Rs.600 crore as on March 31, 2018. Individual New Business Premium collection increased by 15% to Rs. 9,636 crore from Rs. 8,407 crore over the corresponding period, a year ago.
SBI Life’s profit after tax has increased by 15% to Rs. 1,327 crore for the twelve months ended March 31, 2019, over Rs. 1,150 crore in the similar period last year.
The company’s solvency ratio continues to remain robust at 2.13 as on March 31, 2019 as against the regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 21% to Rs. 1,41,024 crore as on March 31, 2019 from Rs. 1,16,261 crore as on March 31, 2018, with the debt-equity mix of 77:23. 90% of the debt investments are in AAA and Sovereign instruments.
The company has a diversified distribution network of 184,452 trained insurance professionals and wide presence in 908 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 forms, web aggregators and direct business.
Performance for the year ended March 31, 2019
- Increase in New Business Premium by 26%
- Increase in Protection New Business Premium by 174%
- Growth in Individual Rated Premium by 15% with a private market share of 22.3%
- Decrease in Operating expense ratio from 6.8% to 6.4%
- Increase in Profit after tax by 15% to Rs. 1,327 crores
- Indian Embedded Value (IEV) has increased by 17% to Rs. 22,402 crores
- Value of New Business (VoNB) increased by 22% to Rs. 1,916 crores on effective tax rate basis
- VoNB margin has increased from 18.4% to19.8% on effective tax rate basis
Except for the historical information contained herein, statements in this release which 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.
For investor queries please call Sangramjit Sarangi at + 91 22 6191 0281or email firstname.lastname@example.org
(`1 billion = ` 100 crore)