SBI Life Insurance registers Q3FY24 New Business Premium of Rs 26,000 cr, net profit stands at Rs 1,083 cr
Mumbai: SBI Life Insurance reported a New Business Premium of Rs 26,000 crores for the period ended on December 31, 2023 vis-a-vis Rs 21,512 crores for the period ended December 31, 2022.
Single premium has increased by 25% over the corresponding period ended on December 31, 2022.
Establishing a clear focus on protection, SBI Life’s protection new business premium stood at Rs 2,972 crores for the period ended December 31, 2023 marking a growth of 17%.
Protection Individual new business premium stands at Rs 667 crores for the period ended December 31, 2023.
Individual New Business Premium stands at Rs17,762 crores with 17% growth over the corresponding period ended on 31st December, 2022.
SBI Life’s profit after tax stands at Rs1,083 crores for the period ended December 31, 2023.
The company’s solvency ratio continues to remain robust at 2.09 as on December 31, 2023 as against the regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 24% to Rs 3,71,410 crores as on December 31, 2023 from Rs2,99,987 crores as on December 31, 2022, with the debt-equity mix of 65:35.
Over 95% of the debt investments are in AAA and Sovereign instruments.
The company has a diversified distribution network of 312,626 trained insurance professionals and wide presence with 1,028 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.
Here are the key highlights of the financial results:
Private Market Leadership: SBI Life has achieved market leadership in Individual New Business Premium, securing Rs 17,762 crores with a remarkable growth of 17% and a substantial market share of 29.1%.
Annualized Premium Equivalent (APE): The Annualized Premium Equivalent stands at Rs 14,389 crores, showcasing a robust growth of 17%.
Protection APE: The Protection Annualized Premium Equivalent has reached Rs 1,524 crores, marking a growth of 24%.
Value of New Business (VoNB): SBI Life's Value of New Business has reached Rs 4,038 crores, demonstrating an impressive growth of 11%.
VoNB Margin: The VoNB Margin, a key indicator of profitability, stood att 28.1%, indicating a strong financial performance. This is a slight dip from the previous year's margin of 27.8%.
Profit After Tax (PAT): The Profit After Tax stands at Rs 1,083 crores, reflecting a notable growth of 15%.
Solvency Ratio: SBI Life maintains a robust solvency ratio of 2.09, emphasizing the company's financial strength and stability.
Annuity & Pension New Business: The Annuity & Pension New Business has reached Rs 6,787 crores, exhibiting a commendable growth of 12%.
Assets Under Management (AUM): SBI Life's Assets Under Management have surged to Rs 3,71,410 crores, marking a substantial growth of 24%.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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