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SBI Life Insurance registers New Business Premium of ` 25,457 crores for the year ended on 31st March, 2022. | Odisha News | Odisha Breaking News

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New Delhi: SBI Life Insurance, one of the leading life insurers in the country registered a New Business Premium of ` 25,457 crores for the year ended on 31st March, 2022 vis-a-vis ` 20,624 crores for the year ended March 31, 2021 Regular premium has increased by 25% over the corresponding year ended on 31st March, 2021.

Establishing a clear focus on protection, SBI Life’s protection new business premium stood at ` 3,052 crores for the year ended March 31, 2022 marking a growth of 24%. Protection Individual new business premium registered a growth of 26% and stood at ` 938 crores for the year ended March 31, 2022. Individual New Business Premium stands at ` 16,500 crores with 32% growth over the corresponding year ended 31st March, 2021.

SBI Life’s profit after tax stands at ` 1,506 crores for the year ended March 31, 2022.

The company’s solvency ratio continues to remain robust at 2.05 as on March 31, 2022 as against the regulatory requirement of 1.50.

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SBI Life’s AUM also continued to grow at 21% to ` 2,67,409 crores as on March 31, 2022 from ` 2,20,871 crores as on March 31, 2021, with the debt-equity mix of 71:29. Over 96% of the debt investments are in AAA and Sovereign instruments.

The company has a diversified distribution network of 2,05,717 trained insurance professionals and wide presence with 952 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.

Performance for the year ended March 31, 2022

• 39% growth in Value of New Business (VoNB) to `3,704 crores.
• VoNB Margin improved by 270 bps to 25.9%.
• Operating Return on Embedded Value stands at 20.6%
• Private Market leadership in Individual Rated Premium (IRP) of ` 12,872 crores with 23.4% share.
• Strong growth in Individual New Business Premium of 32% to ` 16,500 crores.
• Strong growth in Protection New Business Premium of 24% to ` 3,052 crores.
• 16% growth in Individual New Business Sum Assured
• 13th month persistency ratio$ stands at 85.18%.
• Assets under Management (AuM) grew by 21% to ` 2,67,409 crores.
• Interim dividend of ` 2.0 per share with strong solvency ratio of 2.05

$On Premium Basic

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 risdictions on us. SBI Life Insurance Company Limited undertakes no obligation to update forward looking statements to reflect events or circumstances after the date thereof.



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