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Insurance
28-Jul-22
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SBI Life Q1 results: Profit up 18% YoY at Rs 263 crore, meets estimates
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SBI Life on Thursday reported a 17.78 per cent rise in net profit at Rs 262.85 crore for the June quarter, as against Rs 223.16 crore in the same quarter last year.
Gross written premium (GWP) rose 35 percent to around Rs 11,350 crore in the June quarter, driven by 83 percent growth in first-year premium (FYP) and 14 percent growth in renewal premium.
New Business Premium (NBP) increased by 67 per cent in the June quarter to around Rs. 5,590 crore, driven by strong growth. Protection NBP grew by 63 per cent year-on-year from Rs 430 crore to Rs 700 crore thanks to 55 per cent growth in individual protection business at Rs 200 crore and 66 per cent growth in group protection business at Rs 500 crore.
Annual premium equivalent (APE) increased by 80 per cent to Rs 2,900 crore. Value of new business (VNB) rose 130 percent to Rs 8,800 crore. VNB margin expanded by 665 basis points to 30.4 percent.
The company said, in the June quarter, with a private market share of 24 percent, Rs. 2,580 crore in individual rated premium, retaining its leadership position. The company said it has a strong distribution network of 222,957 trained insurance professionals with 970 offices spread across operations, and its APE channel mix for the June quarter comprised 63 percent bancassurance channel 26 percent agency channel and 11 percent other channels.
Agency channel's NBP grew by 50 percent to Rs.940 crore and Bank channel's NBP grew by 94 percent to Rs.2,900 crore.
Total cost ratio for the quarter was 11.2 percent, compared to 10.5 percent in the year-ago quarter. Commission ratio came in at 4.6 percent versus 3.2 percent for the year, while operating expenses were at 6.6 percent versus 7.2 percent. SBI Life said its 13th month persistency was 88.71 per cent against 88.37 per cent in Q1FY23 and 25th month and 49th month persistency improved by 339 and 403 basis points respectively.
Overall, assets under management rose 13 per cent to Rs 2¬¬¬¬,62,350 crore from Rs 2,31,560 crore, with a debt-equity mix of 73:27. Over 97 per cent of the debt investments were in AAA and sovereign instruments, SBI Life said in a BSE filing.
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