SBI Life Insurance : Net Profit Rs. 502 crore for the half year ended September 30, 2019 - MYREALITY.In, Real Estate, Share Market, Mutual Fund, Insurance
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Wednesday, October 16, 2019

SBI Life Insurance : Net Profit Rs. 502 crore for the half year ended September 30, 2019




SBI Life Insurance registers New Business Premium collection of Rs. 7,817 crore for the half year ended on 30th September, 2019; growing a healthy 40% vis-à-vis the last year same period


SBI Life Insurance, one of the leading life insurers in the country registered a healthy growth of 40% in its New Business Premium; to Rs. 7,817 crore for the half year ended on 30th September, 2019 vis-a-vis Rs. 5,573 crore for the half year ended September 30, 2018.

Establishing a clear focus on protection, SBI Life’s protection new business premium collection stood at Rs. 929 crore for the half year ended September 30, 2019 registering a 59% increase over the Rs. 586 crore for the half year ended September 30, 2018. Individual New Business Premium collection increased by 30% to Rs. 4,848 crore from Rs. 3,719 crore over the corresponding period, a year ago.


SBI Life’s profit after tax stands at Rs. 502 crore for the half year ended September 30, 2019.

The company’s solvency ratio continues to remain robust at 2.20 as on September 30, 2019 as against the regulatory requirement of 1.50.

SBI Life’s AUM also continued to grow at 23% to Rs. 1,54,758 crore as on September 30, 2019 from Rs. 1,26,166 crore as on September 30, 2018, with the debt-equity mix of 77:23. 91% of the debt investments are in AAA and Sovereign instruments.

The company has a diversified distribution network of 178,589 trained insurance professionals and wide presence with 923 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 forms, web aggregators and direct business.

Performance for the half year ended September 30, 2019

  New Business Premium (NBP) increased by 40%
• Leadership position in Individual NBP amongst private life insurers; growth of 30% and market share of 22.3%
• Private market leadership in Individual Rated Premium (IRP) with growth of 22%
• Increase in Protection NBP by 59%
• Decrease in Operating expense ratio from 7.8% to 6.5%
• Increase in 13th month Persistency ratio by 261 bps from 83.20% to 85.81%
Increase in Persistency ratio: 13th month by 261 bps to 85.81% & 49th month by 358 bps to 67.94%
Indian Embedded Value (IEV) increased by 24% to Rs 26,145 crores
Value of New Business (VoNB) increased by 33% to Rs. 943 crores
• VoNB margin has increased from 19.2% to 20.2%


Disclaimer

Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', ‘expected to’, etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in demand for insurance and other financial products and services in the countries that we operate or where a material number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet and other technology our exploration of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our growth and expansion in domestic and overseas markets, technological changes, our ability to market new products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other jurisdictions on us. SBI Life Insurance Company Limited undertakes no obligation to update forward looking statements to reflect events or circumstances after the date thereof.


For investor queries please call Sangramjit Sarangi at + 91 22 6191 0281or email investorrelations@sbilife.co.in

For further press queries please call Santosh Setty at +91-22-6191 0034 / Minakshi Mishra at +91-22-6191 0140or emailsantosh.setty@sbilife.co.in /  minakshi.mishra@sbilife.co.in



SBI Life Insurance : Net Profit Rs. 502 crore for the half year ended September 30, 2019 Reviewed by Investment Guru on October 16, 2019 Rating: 5 SBI Life Insurance registers New Business Premium collection of Rs. 7,817 crore for the half year ended on 30 th September, 2019; gro...

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