Highlights:

The company witnessed very positive signs of growth in new business sales, especially performance in December month has been exceptional. New business has been delivered with significant contribution from individual business.

The company has posted a strong growth of 27% in renewal premium. Annuity business witnessed 173% growth.

VoNB margin has improved to 19.3% in 9MFY21.

Assets under management crossed Rs 2 trillion mark during this quarter, rising 28% yoy end December 2020 over December 2019.

The company is maintaining a private market leadership position in new business premium at Rs 14440 crore with a private market share of 23.7%, showing an improvement of 133 bps over last year.

Non-Par new business premium has grown by 42% and stands at Rs 8320 crore with a share of 58% in the new business premium.

Individual rated new business premium stands at Rs 6580 crore, leading to private market leadership with a share of 23.4%.

Individual protection is at Rs 490 crore, registering a growth of 36%. Group protection stands at Rs 1130 crore.

On an APE basis, protection contributes 11% of new business and has registered a growth of 28%.

Annuity business is at Rs 2200 crore, recording a growth of 173% and contributes 15% of new business premium.

ULIP momentum has picked up well. An individual ULIP business constitutes 67% of individual new business premium.

Guaranteed non-Par savings product is contributing 9% of individual new business and about 5% of the total new business collected.

On the distribution front, Bancassurance business marks a share of 67% in individual new business premium. Total number of CIFs stands at 50352 end December 2020.

Instant policy protection issuance through YONO app of SBI has covered more than 5.6 lakh lives.

Agency channel, another very strong channel, contributes 26% in the individual business premium.

Total number of agents count stands at 169006 end December 2020.

Other channels, including direct corporate agents, brokers, online and web aggregators, grew by 103% in terms of individual new business premium.

Protection new business premium through other channel registered growth of 72%.

Solvency remained strong at 234% end December 2020.

Cost efficiencies continue to improve with OpEx ratio reducing from 6% in 9MFY20 to 5.1% in 9MFY20.

13th month persistency is 86.2% up from 85.7% in 9MFY21. And the 61st month persistency has gone up significantly to 61.7% from 58.5% last year.

The company continues efficient use of technology for simplification of processes, with 99% of the individual proposals being submitted digitally. About 32% of the individual proposals are processed through automated underwriting.

The company continues to focus on commitment to digitalization, automation and providing uninterrupted services to valued customers.

The company continues its endeavor to maintain sustainable and consistent product mix and to work on value enhancement for all stakeholders.

The company would increase the footprint of protection business along with other profitable lines of business; enhance distribution networks and their capability to reach out to customers in an efficient manner and improve customer satisfaction.

The company has substantially increased protection share of the entire business by a significant amount and continues to raise protection share with a huge protection gap in India.

The protection margins are higher than all the other products.

Out of the group protection of Rs 1130 crore, the credit life is Rs 870 crore and group term insurance is Rs 270 crore compared with credit life at Rs 944 crore and group term insurance at Rs 141 crore last year.

The company expects to continue maintaining cost leadership, while further improving cost ratios in FY2021.