Highlights:

The company is witnessing healthy recovery after the impact of second wave of COVID on Q1FY2022 business

The company has continued to maintain leadership position in individual rated premium with a private market share of 18.9% in Q1FY2022

The profitability of the company has been impacted due to creation of additional reserves for covid, which have increased to Rs 445 crore end June 20211 from Rs 183 crore end March 2021.

The company expects current reserves to be more than sufficient with vaccination rollout and reduction in mortality.

The company had strengthened mortality assumptions at the end of FY21 and current experience is in line with improved assumptions

The company has received 28000 death claims in Q1FY2022, with gross value of Rs 1576 crore and claims net of reinsurance of Rs 1315 crore.

The covid claims received were 8956 in Q1FY2022, which is 1.28x increase in number of claims reported from FY21. The amount of covid claims was Rs 713 crore and net of reinsurance came in at Rs 570 crore for Q1FY2022.

There is an improvement in persistency ratio across most cohorts due to focus on improving quality of business

The company has continued investments in digital channels. There is an increased adoption of technology like robotics, block chain and cloud computing. This is driving efficiencies and supporting better cost ratio.

The complain aims to offer an array of products to customers.

The company has witnessed strong traction and demand for ULIPs in Q1FY2021.

The company is in the process of launching a new product in non-par category with revised yield, which are expected to boost growth going ahead

Individual protection is showing a strong growth and the company will continue to focus on it being a strong growth opportunity.

The company has strong focus on non-par products and expects the share of non-par product to double digits in FY2022 from 9% in FY21.

The company has diversified network of Traditional + Alternative channels, which enabled the company to maintain business continuity during Covid-19.

The banca channel has posted strong growth of 30% with the share of 58%. The agency also recorded strong growth of 38%.

The new banca tie-ups, such as UCO, South Indian Bank, and YES Bank are showing strong trends.

The company aims to activate all SBI branches to sell its life insurance products.