The company has posted 14% growth in net premium collection to Rs 7640 crore in Q1FY2021, aided by 29% growth in the renewal business to Rs 4580 crore, while new business premium declined 3% to Rs 3060 crore in Q1FY2021.

New Business APE declined 32% to Rs 1270 crore in Q1FY2021 from Rs 1860 crore in Q1FY2020.

The Value of New Business (VoNB) dipped 27% to Rs 240 crore in Q1FY2021, while VoNB margins improved to 18.7% in Q1FY2021 from 17.9% in Q1FY2020.

Individual rated premium (IRP) has declined 35% to Rs 1050 crore in Q1FY2021, while Individual New Business Premium fell 28% to Rs 1340 crore in Q1FY2021.

Total protection new business premium has declined 34% to Rs 290 crore in Q1FY2021 from Rs 440 crore in Q1FY2020. The share of total protection NBP (individual and group) has declined to 9.6% in Q1FY2021 from 13.8% in Q1FY2020.

The Company has achieved market leadership in Total NBP of Rs 3060 crore with 23.9% private market share in Q1FY2021. Single premium has increased by 31%. Individual NBP from Non- par segment has increased by 50% to Rs 420 crore in Q1FY2021.

Total Cost ratio has decreased to 10.1% in Q1FY2021, from 11.2% in Q1FY2020. Commission ratio has decreased to 3.1% in Q1FY2021, from 3.8% in Q1FY2020. Operating Expense has declined to 7.0% in Q1FY2021 from 7.3% in Q1FY2020.

The 13th month persistency stood at 81.55% in Q1FY2021 as compared to 84.46% in Q1FY2020. Strong growth in 61st month persistency of 63.14% in Q1FY2021 as compared 56.27% in Q1FY 2020.

AuM has grown by 19% from Rs 146950 crore as on June 30, 2019 to Rs 175350 crore as on June 30, 2020 with debt-equity mix of 76:24. Over 90% of the debt investments are in AAA and Sovereign instruments.

The Company's net worth increased by 17% from Rs 7940 crore end June 2019 to Rs 9310 crore end June 2020.

The solvency ratio was strong at 2.39x end June 2020 as against the regulatory requirement of 1.50.

The Company has strong distribution network of 190,696 trained insurance professionals consisting of agents, CIFs and SPs along with widespread operations with 940 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. NBP channel mix for Q1FY2021 is bancassurance channel 41%, agency channel 14%, and other channels 45%.

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 13790 crore in FY 2019 to Rs 16590 crore in FY 2020.Individual New Business Premium has increased by 17% from Rs 9640 crore in FY 2019 to Rs 11240 crore in FY2020.Individual Rated Premium (IRP) has increased by 9% from Rs 8950 crore in FY2019 to Rs 9770 crore 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 1640 crore in FY2019 to Rs 2080 crore in FY2020.

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

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 2010 crore in FY2020.VoNB margin increased by 100 bps from 17.7% in FY2019 to 18.7% in FY2020.VoNB increased by 16% to Rs 2220 crore 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 June 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.