SBI Life Insurance maintains private market leadership in Individual New Business Premium of Rs 10,165 crores with 20% growth and 27.3% market share.
HYDERABAD, Oct 27 (The CONNECT) - SBI Life Insurance registered a New Business Premium of Rs. 16,262 crores for the period ended on September 30, 2023 vis-a-vis Rs 13,088 crores for the corresponding period last year. The insurer’s single premium has increased by 28% over the same period.
Establishing a clear focus on protection, SBI Life’s protection new business premium stood at Rs 1,996 crores for the period ended September 30, 2023 marking a growth of 25%. Protection Individual new business premium stands at Rs. 431 crores, Individual New Business Premium at Rs 10,165 crores with 20% growth, said a company press release.
SBI Life’s profit after tax stands at Rs 761 crores for the period under review.
The company’s solvency ratio continues to remain robust at 2.12 as on September 30, 2023 as against the regulatory requirement of 1.5.
SBI Life’s AUM also continued to grow at 22% to Rs 3,45,147 crores as on September 30, 2023 from ` 2,82,632 crores as on September 30, 2022, with the debt-equity mix of 68:32. Over 95% of the debt investments are in AAA and Sovereign instruments.
The company has a diversified distribution network of 305,320 trained insurance professionals and wide presence with 1,011 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.
- Private Market leadership in Individual New Business Premium of Rs 10,165 crores with 20% growth and 27.3% market share.
- Annualized Premium Equivalent (APE) stands at Rs 8,257 crores with growth of 21%
- Protection Annualized Premium Equivalent (APE) stands at Rs 1,073 crores with growth of 39%.
- Value of New Business (VoNB) stands at Rs 2,361 crores with 12% growth
- VoNB Margin stands at 28.6%.
- Profit After Tax (PAT) stands at Rs 761 crores with 19% growth.
- Robust solvency ratio of 2.12.
- Annuity & Pension New Business stands at Rs 4,181 crores with 27% growth.
- Operating Return on Embedded Value stands at 20.2%
- Assets under Management stands at Rs 3,45,147 crores with 22% growth.