Annualized Premium Equivalent (APE) stands at Rs3,637 crores with growth of 20%
FinTech BizNews Service
Mumbai, July 24, 2024: SBI Life Insurance, one of the leading life insurers in the country registered a New Business Premium of Rs.7,033 crores for the period ended on 30th June 2024 vis-a-vis Rs.6,207 crores for the period ended June 30, 2023. The Board of Directors of SBI Life Insurance Company Limited approved and adopted its audited financial results for the quarter ended June 30, 2024, following its meeting on Wednesday, July 24, 2024 in Mumbai.
Business growth and market share
The Company has maintained its leadership position in Individual Rated Premium of Rs32.2 billion with 22.4% private market share in Q1 FY 25.
Growth in Individual New Business Premium by 17% to Rs 47.5 billion in Q1 FY 25.
New Business Premium (NBP) has grown by 13% to Rs 70.3 billion in Q1 FY 25.
Protection New Business Premium stands at Rs 7.2 billion in Q1 FY 25.
Gross Written Premium (GWP) has grew by 15% to Rs 155.7 billion in Q1 FY 25 mainly due to 19% growth
in New Business Regular Premium (RP) and 16% growth in Renewal Premium (RP) in Q1 FY 25.
Performance for the quarter ended June 30, 2024
Private Market leadership in NBP of Rs 70.3 billion with 13% growth and 21.8% market share
Private Market leadership in Individual NBP of Rs 47.5 billion with 17% growth and 25.9% market share
Annualized Premium Equivalent (APE) stands at Rs 36.4 billion with growth of 20%
Agency Channel Annualized Premium Equivalent (APE) stands at Rs 10.9 billion with growth of 45%
Improvement in 13M & 61M persistency by 150 bps & 229 bps respectively
Value of New Business (VoNB) stands at Rs 9.7 billion with 12% growth
VoNB Margin stands at 26.8%
Profit After Tax (PAT) stands at Rs 5.2 billion with 36% growth
Solvency ratio of 2.01
Assets under Management stands at Rs 4.1 trillion with 26% growth
Distribution network
The Company has strong distribution network of 327,038 trained insurance professionals consisting of
Agents, CIFs and SPs along with widespread operations with 1,062 offices across country.
The Company has diversified distribution network 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.
APE channel mix for Q1 FY 25 is bancassurance channel 59%, agency channel 30% & other channels 11%.
Individual NBP of Agency channel has increased by 48% to Rs 12.7 billion in Q1 FY 25 and Individual NBP
of Banca channel has increased by 3% to Rs 27.7 billion in Q1 FY 25 as compared to same period last year.
Cost Efficiency
Total Cost ratio for Q1 FY 25 is 10.5% vis-à-vis 10.8% for Q1 FY 24
Commission ratio for Q1 FY 25 is 4.4% vis-à-vis 4.0% for Q1 FY 24
Operating Expense ratio for Q1 FY 25 is 6.1% vis-à-vis 6.8% in Q1 FY 24
Profitability
Profit after Tax (PAT) grew by 36% to Rs 5.2 billion for Q1 FY 25.
VoNB increased by 12% to Rs 9.7 billion for Q1 FY 25.
VoNB margin stands at 26.8% in Q1 FY 25.
Persistency
Strong growth in 49th month and 61st month persistency (based on premium considering Regular Premium/
Limited Premium payment under individual category) in Q1 FY 25 by 259 bps and 229 bps respectively
due to our focus on improving the quality of business and customer retention.
Assets under Management
AuM grew by 26% from Rs 3,282.8 billion as on June 30, 2023 to Rs 4,147.7 billion as on June 30, 2024
with debt-equity mix of 62:38. Over 95% of the debt investments are in AAA and Sovereign instruments.
Financial position
The Company’s net worth increased by 15% from Rs 135.3 billion as on June 30, 2023 to Rs 155.7 billion as on June 30, 2024.
Robust solvency ratio of 2.01 as on June 30, 2024 as against the regulatory requirement of 1.50 indicating strong financial position of the Company.
