SBI Life Insurance Registers New Business Premium of Rs. 6,207 Crores for the Period Ended on 30th June, 2023 [Business Wire India]

Mumbai, July 26 -- SBI Life Insurance, one of the leading life insurers in the country registered a New Business Premium of Rs.6,207 crores for the period ended on 30th June, 2023 vis-a-vis Rs.5,591 crores for the period ended June 30, 2022. Single premium has increased by 18% over the corresponding period ended on 30th June, 2022.

Establishing a clear focus on protection, SBI Life's protection new business premium stood at Rs.781 crores for the period ended June 30, 2023 marking a growth of 12%. Protection Individual new business premium registered a growth of 5% and stood at Rs. 213 crores for the period ended June 30, 2023. Individual New Business Premium stands at Rs. 4,059 crores with 18% growth over the corresponding period ended on 30th June, 2022.

SBI Life's profit after tax stands at Rs. 381 crores for the period ended June 30, 2023.

The company's solvency ratio continues to remain robust at 2.15 as on June 30, 2023 as against the regulatory requirement of 1.50.

SBI Life's AUM also continued to grow at 25% to Rs. 3,28,283 crores as on June 30, 2023 from Rs. 2,62,349 crores as on June 30, 2022, with the debt-equity mix of 69:31. Over 94% of the debt investments are in AAA and Sovereign instruments.

The company has a diversified distribution network of 2,89,162 trained insurance professionals and wide presence with 996 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.

Performance for the period ended June 30, 2023

Private Market leadership in Individual NBP of Rs. 4,059 crores with 18% growth and market share of 26.8%.

APE stands at Rs. 3,033 crores.

17% growth in Protection APE to Rs. 373 crores.

Value of New Business (VoNB) stands at Rs. 873 crores.

VoNB Margin stands at 28.8%.

45% growth in PAT to Rs. 381 crores.

Robust solvency ratio of 2.15.

57% growth in Annuity & Pension New Business to Rs.1,826 crores.

Assets under Management stands at Rs. 3,28,283 crores with 25% growth.

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.

This release does not constitute an offer of securities. Published by HT Digital Content Services with permission from Business Wire India. For any query with respect to this article or any other content requirement, please contact Editor at [email protected]