The Business Bytes
TBB BUREAU
MUMBAI, JAN 25, 2024
SBI Life Insurance, a prominent life insurer in the country, has reported a robust performance with a New Business Premium of Rs 26,000 crore for the period ending on December 31, 2023, compared to Rs 21,512 crore for the same period in 2022. Notably, the single premium has surged by 25% over the corresponding period, indicating strong growth momentum.
With a clear focus on protection, SBI Life’s protection new business premium reached Rs 2,972 crore, marking a notable 17% growth. Specifically, the protection individual new business premium stood at Rs 667 crore for the period, highlighting the company’s commitment to enhancing its protection offerings.
Individual New Business Premium witnessed significant growth, reaching Rs 17,762 crore with a remarkable 17% increase compared to the corresponding period last year.
SBI Life Insurance has solidified its position in the private market, leading in Individual New Business Premium with Rs 17,762 crore, reflecting a growth of 17% and capturing a substantial 29.1% market share.
The company’s Annualized Premium Equivalent (APE) reached Rs 14,389 crore, demonstrating a robust growth rate of 17%. Notably, the Protection Annualized Premium Equivalent (APE) surged to Rs 1,524 crore, marking an impressive 24% growth.
The Value of New Business (VoNB) stood at Rs 4,038 crore, showcasing an 11% growth rate, with VoNB Margin maintained at 28.1%.
SBI Life’s Profit After Tax (PAT) for the period ending December 31, 2023, reached Rs 1,083 crore, reflecting a substantial 15% growth. The company’s Solvency ratio remains strong at 2.09, well above the regulatory requirement of 1.50.
Annuity & Pension New Business recorded a significant growth of 12%, reaching Rs 6,787 crore. Additionally, SBI Life’s Assets under Management (AUM) saw a remarkable 24% growth, reaching Rs 3,71,410 crore as of December 31, 2023. These performance indicators underscore SBI Life Insurance’s commitment to delivering value and maintaining a strong market presence in the insurance sector.
The company boasts a diverse distribution network comprising 312,626 trained insurance professionals and 1,028 offices across the country, including a strong bancassurance channel, agency channel, and other channels such as corporate agents, brokers, Point of Sale persons (POS), insurance marketing firms, web aggregators, and direct business.
