The company has maintained healthy business growth, while the performance was supported with strong growth in premium collection and investment income.

The company has posted5% growth in net premium collection to Rs 11862.98 crore in Q4FY2020, aided by 15% growth in the renewal business to Rs 8130 crore, while new business premium declined 12% to Rs 3800 crore in Q4FY2020.

New Business APE declined 13% to Rs 2690 crore in Q4FY2020 from Rs 3100 crore in Q4FY2019.

The Value of New Business (VoNB) eased 6% to Rs 540crore in Q4FY2020, while VoNB margins improved to 18.7% in FY2020 from 17.7% in FY2019 and 18.3% in 9MFY2020.

Individual rated premium (IRP) has declined 12% to Rs 2490crore in Q4FY2020, while Individual New Business Premium eased 6% to Rs 2850 crore in Q4FY2020.

Total protection new business premium has increased by 10% to Rs 640 crore in Q4FY2020 from Rs 580 crore in Q4FY2019. The share of total protection NBP (individual and group) has jumped to 16.8% in Q4FY2020 from 13.4% in Q4FY2019.

AuM has grown by 14% to Rs 160360 crore end March 2020 from Rs 141020 crore end March 2019 with debt-equity mix of 79:21. Approx. 93% of the debt investments are in AAA and Sovereigninstruments.

The company has exhibited strong 13th month persistency of 86.14% in FY2020 as compared to 85.07% in FY 2019.61st month persistency has improved to 59.90% in FY 2020 as compared 57.23% in FY2019.

The Company's net worth increased by 15% from Rs 7580crore as on 31 March 2019 to Rs 8740crore as on 31 March 2020.

The solvency ratio as on 31 March 2020 was at 1.95 as against the regulatory requirement of 1.50x.

The Company has strong distribution network of 186,495 trained insurance professional and widespreadoperations with 937 offices across country.

The Company has diversified distribution network comprising of strong bancassurance channel, agencychannel and others comprising of corporate agents, brokers, micro agents, common service centers,insurance marketing firms, web aggregators and direct business. NBP channel mix for FY 2020 isbancassurance channel 60%, agency channel 20%, and other channels 20%.

Financial Performance FY2020

SBI Life Insurance Company has posted 7% growth in the net profit to Rs 1422.17 crore in FY2020.

New Business Premium (NBP) has shown steady growth of 20%. NBP has increased from Rs 13790crore in FY 2019 to Rs 16590crore in FY 2020.Individual New Business Premium has increased by 17% from Rs 9640crore in FY 2019 to Rs 11240crore in FY2020.Individual Rated Premium (IRP) has increased by 9% from Rs 8950crore in FY2019 to Rs 9770crore in FY2020.

The Company has achieved market leadership based on Individual New Business Premium and IndividualRated Premium in FY2020.The Company has increased its private market share based on New Business Premium (NBP) from 19.0%in FY2019 to 20.5% in FY2020.

The Company has registered growth in savings and protection business reflecting balanced product mix.Total protection new business premium has increased by 27% from Rs 1640crore in FY2019 to Rs 2080 crore in FY2020.

APE has increased by 11% from Rs 9700crore in FY2019 to Rs 10740crore in FY2020.Increase in GWP by 23% to Rs 40630crore in FY2020 mainly due to increase in NBP by 20% from Rs 13790 crore in FY2019 to Rs 16590croreFY2020.

Total Cost ratio has decreased to 9.9% in FY2020, from 10.5% in FY2019.Commission ratio has decreased to 4.0% in FY2020, from 4.2% in FY2019.Operating Expense has decreased to 5.9% in FY2020, from 6.3% in FY2019.

Value of New Business (VoNB) increased by 17% to Rs 2010crore in FY2020.VoNB margin increased by 100 bps from 17.7% in FY2019 to 18.7% in FY2020.VoNB increased by 16% to Rs 2220crore for FY2020 (with effective tax rate).VoNB margin increased from 19.8% in FY2019 to 20.7% in FY2020 (with effective tax rate).

During the year ended 31 March 2020, the Company has classified its investment in Dewan HousingFinance (DHFL) bonds as NPA on account of default in interest and principal repayment of nonconvertibledebenture (NCDs). The Company has made 100% NPA provision of Rs 53 crore on the saidbonds in unit linked portfolio.