BHUBANESWAR, FEB 3, 2021
Private life insurer SBI Life Insurance registered a New Business Premium of Rs. 14,437 crore for the period ended on 31st December, 2020 against Rs. 12,787 crore in the year-ago period. Single premium increased by 42 percent over the corresponding year.
Establishing a clear focus on protection, SBI Life’s protection new business premium stood at Rs. 1,618 crore for the period ended December 31, 2020 marking a year-on-year growth of 12 percent. Protection Individual new business premium registered a growth of 36 percent and stood at Rs. 488 crore for the period ended December 31, 2020. Individual New Business Premium stood at Rs. 8,128 crore.
SBI Life’s profit after tax stood at Rs. 923 crore for the period ended December 31, 2020 registering a growth of 4 percent over the corresponding year.
The company’s solvency ratio continues to remain robust at 2.34 as on December 31, 2020 as against the regulatory requirement of 1.50.
SBI Life’s AUM (asset under management) also continued to grow at 28 percent to Rs. 2,09,495 crore as on December 31, 2020 from Rs. 1,64,191 crore in the previous year, with the debt-equity mix of 73:27. 90 percent of the debt investments are in AAA and Sovereign instruments.
The new business margin of the insurer increased by 100 bps to 19.3 percent, while renewal premium grew by 27 percent with 13th month persistency at 86.17 percent.
The operating expense ratio too got reduced from 6 percent to 5.1 percent during the period under review
The company has a diversified distribution network of 2,24,223 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.