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Results
22-Jan-22
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Analysis
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SBI Life Insurance Company
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Continues robust performance
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SBI Life Insurance Company has posted sharp
56% surge in the net profit of Rs 364.06 crore in the quarter ended December
2021 (Q3FY2022). The company has posted 31% surge in net premium collection to
Rs 18025.34 crore in Q3FY2022, aided by 14% growth in the renewal business to
Rs 9652.89 crore, while new business premium surged 24% to Rs 4073.55 crore in Q3FY2022.
The company has maintained additional
reserve of Rs 270 crore towards COVID-19 pandemic at December 2021.
The company has posted robust 44%
surge in the value of new business (VNB) to Rs 1010 crore in VNB has jumped
Q3FY2022.
The company has achieved private
market leadership in Individual Rated Premium of Rs 9070 crore with 24.8%
private market share in 9MFY22. The company has posted strong growth in
Individual New Business Premium by 31% to Rs 5130 crore in Q3FY22.
Individual rated premium increased 25%
to Rs 4080 crore. New business APE jumped 31% to Rs 4570 crore. Total
protection (individual+group) increased 17% to Rs 830 crore in Q3FY2022.
13th month persistency (based on
premium considering Single Premium and Fully Paid-up policies & group
business where persistency is measurable) is 87.17% in 9MFY22 against 86.17% in
9MFY21. Improvement in 13th month persistency (based on premium considering
Regular Premium / Limited Premium payment under individual category) by 49 bps
to 83.87% for 9MFY22 against 83.38% in 9MFY21 due to our focus on improving the
quality of business and customer retention.
The Company has strong distribution
network of 194,177 trained insurance professionals consisting of agents, CIFs
and SPs along with widespread operations with 947 offices across country. The
Company has diversified distribution network 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.
Assets under Management grew by 23% to
Rs 256870 crore end December 2021 from Rs 209500 crore end December 2020.
Debt-equity mix was 71:29. Over 96% of the debt investments are in AAA and
Sovereign instruments.
The Company’s net worth increased by 11% to Rs 11200
crore end December 2021 from Rs 10130 crore end December 2020. Strong solvency
ratio was 2.09 times end December 2021 as against the regulatory requirement of
1.50.
The embedded value (calculated) per share
stood at Rs 366.5 per share end December 2021.
Financial
Performance 9MFY2022
Profit after Tax (PAT) stands at Rs
830 crore for 9MFY22.
Gross Written Premium (GWP) has grew
by 19% to Rs 41250 crore in 9MFY22 mainly due to 36% growth in First Year
Premium (FYP) and 11% growth in Renewal Premium (RP) in 9MFY22.
The Company has achieved private
market leadership in Individual Rated Premium of Rs 9070 crore with 24.8%
private market share in 9MFY22. There is strong growth in Individual New
Business Premium at 43% to Rs 11610 crore in 9MFY22.
New Business Premium (NBP) grew by 30%
to Rs 1879 crore in 9MFY22 driven by strong growth in regular premium business
by 36%.
Protection New Business Premium has
increased by 26% from Rs 1620 crore in 9MFY21 to Rs 2040 crore in 9MFY22 due to
27% y-o-y growth in individual protection business to Rs 620 crore and 26%
y-o-y growth in group protection business to Rs 1420 crore in 9MFY22.
NBP channel mix for 9MFY22 is
bancassurance channel 51%, agency channel 17% & other channels 32%.
NBP of Agency channel has increased by
46% to Rs 3198 crore in 9MFY22 and NBP of Banca channel has increased by 22% to
Rs 9635 crore in 9MFY22 as compared to same period last year.
Total Cost ratio for 9MFY22 is 8.7%
against 8.5% for 9MFY21. Commission ratio for 9MFY22 is 3.5% against 3.4% for
9MFY21. Operating Expense for 9MFY22 is 5.1% against 5.1% in 9MFY21.
Value of New Business (VoNB) increased
by 54% to Rs 2230 crore in 9MFY22. VoNB margin increased by 260 bps from 19.3%
in 9MFY21 to 21.9% in 9MFY22. VoNB increased by 66% to Rs 2590 crore for 9MFY22
(on effective tax rate). VoNB margin increased by 470 bps to 25.5% in 9MFY22
(on effective tax rate).
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SBI Life Insurance:
Results Policyholders Account
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2112 (3)
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2012 (3)
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Var %
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2112 (9)
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2012 (9)
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Var %
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2103 (12)
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2003 (12)
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Var %
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Premium earned (net)
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18025.34
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13766.49
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31
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40998.53
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34212.54
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20
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49768.28
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40324.01
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23
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Income from
Investments
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2424.12
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12776.91
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-81
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20568.46
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26950.07
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-24
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31456.01
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2996.79
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950
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Other income
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8.85
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8.50
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4
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32.34
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25.59
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26
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35.81
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45.76
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-22
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Contribution from the
Shareholders` account
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0.00
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0.00
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-
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0.00
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0.00
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-
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824.79
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476.28
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73
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Total Income
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20458.31
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26551.90
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-23
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61599.33
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61188.20
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1
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82084.89
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43842.84
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87
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Commission
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614.55
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517.15
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19
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1406.20
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1156.99
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22
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1742.53
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1566.22
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11
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Op. expenses related
to Insurance business
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787.58
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645.33
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22
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2148.81
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1788.00
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20
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2448.50
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2471.80
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-1
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Others
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203.65
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142.18
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43
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507.59
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317.88
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60
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472.08
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677.58
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-30
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Benefits paid (Net)
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6472.63
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4643.90
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39
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23966.46
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13922.99
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72
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21582.65
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16250.93
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33
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Change in valuation of
policy liabilities
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12115.05
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20243.60
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-40
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32869.78
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42484.87
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-23
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53934.16
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20604.86
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162
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Provision for taxation
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28.38
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62.93
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-55
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95.10
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217.78
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-56
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97.56
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376.74
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-74
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Total Expense
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20221.84
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26255.09
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-23
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60993.94
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59888.51
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2
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80277.48
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41948.13
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91
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PAT
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236.47
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296.81
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-20
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605.39
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1299.69
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-53
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1807.41
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1894.71
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-5
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Transfer to
Shareholders` account
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168.25
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65.71
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156
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261.29
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461.25
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-43
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1678.76
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1462.65
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15
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SBI Life Insurance:
Results Shareholders Account
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2112 (3)
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2012 (3)
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Var %
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2112 (9)
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2012 (9)
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Var %
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2103 (12)
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2003 (12)
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Var %
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Amounts transferred
from Policyholders` account
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168.25
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65.71
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156
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261.29
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461.25
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-43
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1678.76
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1462.65
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15
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Income from
investments
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223.27
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176.05
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27
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750.14
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465.87
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61
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694.79
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483.49
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44
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Total Income
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391.52
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241.76
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62
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1011.43
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927.12
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9
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2373.55
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1946.14
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22
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Expenses (apart from
Insurance)
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10.14
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13.55
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-25
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144.73
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31.47
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360
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30.98
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48.30
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-36
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Contribution to
policyholders account
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0.00
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0.00
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-
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0.00
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0.00
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-
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824.79
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476.28
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73
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Others
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0.00
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-4.87
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-
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0.00
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-24.68
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-
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-24.68
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8.02
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LP
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Total Expenses
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10.14
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8.68
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17
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144.73
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6.79
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2032
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831.09
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532.60
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56
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PBT
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381.38
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233.08
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64
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866.70
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920.33
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-6
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1542.46
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1413.54
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9
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Tax
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17.32
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0.23
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7430
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32.85
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-3.14
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PL
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86.61
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-8.63
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PL
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PAT
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364.06
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232.85
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56
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833.85
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923.47
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-10
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1455.85
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1422.17
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2
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EPS (Rs)*
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14.6
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9.3
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11.1
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12.3
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-9.7
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14.6
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14.2
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* on current equity of
Rs 1000.28 crore of face value of Rs 10 each, PL: Profit to Loss, LP: Loss to
Profit
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Figures in crore,
Source: Capitaline Corporate Database
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Previous News |
SBI Life Insurance Company Ltd gains for third consecutive session
(
Hot Pursuit
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08-Apr-24
13:05
)
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SBI Life Insurance Company Ltd up for third consecutive session
(
Hot Pursuit
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09-Aug-24
13:05
)
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Life insurance companies’ new business premium rose 61% to Rs 20,259 crore in April
(
Insurance
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11-May-24
16:03
)
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SBI Life allots 72,367 equity shares under ESOP
(
Corporate News
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19-Nov-22
13:25
)
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SBI Life Insurance Company standalone net profit rises 17.79% in the June 2022 quarter
(
Results
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Announcements
29-Jul-22
08:53
)
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Volumes jump at SBI Life Insurance Company Ltd counter
(
Hot Pursuit
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18-Jul-22
11:00
)
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SBI Life PAT rises to Rs 380 crore in Q2 FY24
(
Hot Pursuit
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27-Oct-23
16:57
)
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SBI Life Insurance Company Ltd up for third consecutive session
(
Hot Pursuit
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13-Jul-23
13:05
)
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SBI Life Insurance Company Ltd soars 0.51%, rises for fifth straight session
(
Hot Pursuit
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13-Jan-22
13:01
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SBI Life Insurance Company Ltd rises for third straight session
(
Hot Pursuit
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21-Mar-23
13:05
)
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Volumes jump at SBI Life Insurance Company Ltd counter
(
Hot Pursuit
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12-Mar-21
11:00
)
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