New Business APE increased 4% to Rs 3500 crore in Q3FY2021 from Rs 3380 crore in Q3FY2020.

The Value of New Business (VoNB) improved 13% to Rs 700 crore in Q3FY2021, while VoNB margins improved to 19.3% in 9MFY2021 from 18.8% in 9MFY2020.

Individual rated premium (IRP) has rose 5% to Rs 3260 crore in Q3FY2021, while Individual New Business Premium improved 11% to Rs 3920 crore in Q3FY2021.

Total protection new business premium has increased 39% to Rs 710 crore in Q3FY2021 from Rs 510 crore in Q3FY2020. The share of total protection NBP (individual and group) has moved up 13.1% in Q3FY2021 from 10.3% in Q3FY2020.

The Company has achieved market leadership in Total NBP of Rs 14440 crore with 23.7% private market share in 9MFY2021. New Business Premium (NBP) increased by 13% from Rs 12790 crore in 9MFY2020 to Rs 14440 crore in 9MFY2021. NBP from Non- par segment has increased by 42% to Rs 8320 crore in 9MFY2021.

AuM surged 28% from Rs 164190 crore end December 2019 to Rs 209500 crore end December 2020 with debt-equity mix of 73:27 and more than 90% of the debt investments are in AAA and Sovereign instruments.

The Company's net worth increased by 19% from Rs 8480 crore end December 2019 to Rs 10130 crore end December 2020.

The solvency ratio was at 2.34x as against the regulatory requirement of 1.50x.

The Company has strong distribution network of 224,223 trained insurance professional and widespread operations with 947 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 9MFY2021 is bancassurance channel 55%, agency channel 15%, and other channels 30%.

The embedded value per share stood at Rs 307.9 per share end December 2020.

Financial Performance 9MFY2021

New Business Premium (NBP) has increased by 13% from Rs 12790 crore in 9MFY2020 to Rs 14440 crore in 9MFY2021 with 23.7% private market share in 9MFY2021. NBP from Non- par segment has increased by 42% to Rs 8320 crore in 9MFY2021.

Increase in GWP by 21% to Rs 34610 crore in 9MFY2021 mainly due to strong growth in RP by 27% from Rs 15910 crore in 9MFY2020 to Rs 2017 crore 9MFY2021.

Total Cost ratio has decreased to 8.5% in 9MFY2021, from 10.0% in 9MFY2020. Commission ratio has decreased to 3.4% in 9MFY2021, from 4.0% in 9MFY2020. Operating Expense has decreased to 5.1% in 9MFY2021, from 6.0% in 9MFY2020.

Value of New Business (VoNB) decreased marginally by 2% to Rs 1450 crore in 9MFY2021. VoNB margin increased by 100 bps from 18.3% in 9MFY2020 to 19.3% in 9MFY2021. Value of New Business (VoNB) decreased marginally by 5% to Rs 1560 crore for 9MFY2021 (with effective tax rate).

Profit after Tax (PAT) grew by 4% in 9MFY2021 to Rs 920 crore from Rs 890 crore in 9MFY2020.

37th month persistency improved to 72.86% in 9MFY2021 as compared to 71.06% in 9MFY2020. 61st month persistency has improved to 61.69% in 9MFY2021 as compared to 58.53% in 9MFY2020.