The Business Bytes
TBB BUREAU
BHUBANESWAR, JULY 29, 2021
SBI Life Insurance, one of the leading life insurers in the country, has registered a New Business Premium of Rs. 3,345 crore for the quarter ended on June 30, 2021 compared to Rs. 3,059 crore registered in the corresponding period of the previous fiscal. Regular premium also increased by 29 percent over the corresponding quarter ended on June 30, 2020.
Establishing a clear focus on protection, SBI Life’s protection new business premium stood at Rs. 428 crore for the quarter ended June 30, 2021 marking a growth of 46 percent. Protection Individual new business premium registered a growth of 75 percent and stood at Rs. 132 crore for the quarter ended June 30, 2021. Individual New Business Premium stands at Rs. 1,836 crore with 37 percent growth over the corresponding quarter ended June 30, 2020.
SBI Life’s profit after tax stood at Rs. 223 crore for the quarter ended June 30, 2021.
The company’s solvency ratio continued to remain robust at 2.15 as on June 30, 2021 as against the regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 32 percent to Rs. 2,31,559 crore as on June 30, 2021 from Rs. 1,75,355 crore as on June 30, 2020, with the debt-equity mix of 72:28. 90 percent of the debt investments are in AAA and Sovereign instruments.
The company has a diversified distribution network of 2,12,821 trained insurance professionals and wide presence with 947 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.
