Business Wire IndiaSBI Life Insurance, one of the leading life insurers in the country registered a New Business Premium of Rs 29,589 crores for the year ended on 31st March, 2023 vis-a-vis Rs 25,457 crores for the year ended March 31, 2022. Regular premium has increased by 17% over the corresponding year ended on 31st March, 2022.
Establishing a clear focus on protection, SBI Life’s protection new business premium stood at Rs 3,636 crores for the year ended March 31, 2023 marking a growth of 19%. Protection Individual new business premium registered a growth of 6% and stood at Rs 996 crores for the year ended March 31, 2023. Individual New Business Premium stands at Rs 20,906 crores with 27% growth over the corresponding year ended 31st March, 2022.
SBI Life’s profit after tax stands at Rs 1,721 crores for the year ended March 31, 2023.
The company’s solvency ratio continues to remain robust at 2.15 as on March 31, 2023 as against the regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 15% to Rs 3,07,339 crores as on March 31, 2023 from Rs 2,67,409 crores as on March 31, 2022, with the debt-equity mix of 71:29. Over 94% of the debt investments are in AAA and Sovereign instruments.
The company has a diversified distribution network of 2,75,374 trained insurance professionals and wide presence with 992 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 year ended March 31, 2023
Private Market leadership in Individual NBP of Rs 20,906 crores with 27% growth and market share of 24.3%.
18% growth in APE to Rs 16,815 crores.
19% growth in Protection NBP to Rs 3,636 crores.
37% growth in Value of New Business (VoNB) to Rs 5,067 crores.
VoNB Margin increased by 420 bps to 30.1%.
Operating Return on Embedded Value stands at 22.8%.
14% growth in PAT to Rs 1,721 crores.
Robust solvency ratio of 2.15.
Assets under Management stands at Rs 3,07,339 crores.
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.