Highlights:

New business premium registered a growth of 27% yoy and stands at Rs 13090 crore, leading to private market leadership. Individual New Business Premium jumped 31% to Rs 8460 crore, and private market share stood at 25.3%. Gross written premium moved up 21% to Rs 27970 crore. Protection new business premium grew by 32% to Rs 1600 crore.

The net profit has jumped 36% to Rs 640 crore in H1FY2023. Value of New Business surged 53% to Rs 2120 crore from Rs 1380 crore in Q2 last year. VoNB margin is at 31% with an improvement of 630 bps over 24.7% in H1 last year.

Embedded value of the company stands at Rs 42410 crore end September 2022.

Assets under management grew 16% to Rs 2.83 lakh crore.

The solvency ratio was strong at 2.19x as against the regulatory requirement of 1.5x.

The company has launched SBI Life Retire Smart Plus product, which is a unit-linked pension savings product offering a comprehensive range of pension savings with varied fund option with an option to defer the vesting date.

With a view to broaden reach, SBI Life has tied up with India Post Payment Bank, a leading bank in rural markets.

Individual New Business increased 31% to Rs 8460 crore with Single Premium contribution of 32% driven by growth in individual annuity product.

The company gained private market share of 196 bps to reach 25.3% market share.

The total new business premium private market share was 22.6%.

Renewal premium grew by 16% to Rs 14880 crore, which accounts for 53% of the gross written premium (GWP). GWP increased 21% to Rs 27970 crore.

In APE terms, premium stands at Rs 6830 crore, registering a growth of 22%. Individual APE stands at Rs 6120 crore with a growth of 22%.

During the half year ended September 2022, 9.2 lakh new policies were issued rising 21%.

Considering robust performance for H1FY23, the company continues to expect healthy growth in performance in H2FY23.

The company has steadily moved towards a more balanced product mix.

On distribution partners, with the strength of more than 54,000 CIS, SBI and its RRB Bancassurance business contributes 67% and grew by 38% in Individual New Business Premium. And on an individual APE basis, it stands at Rs 4130 crore with a growth of 24.5%.

Agency registered a new business premium growth of 34% and contributes 18% in New Business Premium.

Agency channel individual APE stands at Rs 1710 crore with a growth of 12.5%. The total number of agents stands at 178357 end September 2022 with the net addition of 32300 agents in H1FY2023.

During H1, other channels grew by 52%, which includes direct corporate agents, brokers, online web aggregates etc and 45% in individual APE.

Partnerships like Indian Bank, UCO Bank, South Indian Bank, Punjab & Sind Bank and Yes Bank registered a growth of 62%. These partnerships have started contributing 3% of Individual New Business Premium.

Growth in VNB and VNB margin is fueled by change in product mix. With growth targets and the product mix shift, the company expects to maintain a healthy VNB and VNB growth rates.

Opex ratio reduced to 5.6% for the H1FY23 from 5.8% in H1FY22. Total cost ratio stands at 10.2% for H1FY23 compared to 9.5% for H1FY22.

With respect to persistency, the company has registered a significant improvement in 49th month and 61st month persistency by 276 bps and 363 bps respectively. It has witnessed improvement in persistency ratios across all the cohorts.

The company continuously endeavors to maintain leadership position and continue to further increase market share by offering innovative products that meet the evolving needs of customers with a widespread robust distribution network complemented by digital technology and innovation strength.

The company is well placed to make the most of the abundant growth opportunities offered in India's underpenetrated insurance sector.

The company will continue to leverage existing partnerships and explore new partners and launch new products to meet customers' needs.

The company aims to grow at 20% to 25%.