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Results
28-Jul-22
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Analysis
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SBI Life Insurance Company
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Maintains strong growth
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SBI Life Insurance Company has posted 18%
increase in the net profit of Rs 262.85 crore in the quarter ended June 2022 (Q1FY2023).
The company has posted 33% surge in net premium collection to Rs 11036.02 crore
in Q1FY2023, aided by 15% growth in the renewal business to Rs 5760 crore,
while new business premium surged 67% to Rs 5590 crore in Q1FY2023.
The company has maintained additional
reserve of Rs 290 crore towards COVID-19 pandemic at March 2022.
The Company has maintained its
leadership position in Individual Rated Premium of Rs 2580 crore with 24.0%
private market share in Q1FY23. There is strong growth in Individual New
Business Premium by 87% to Rs 3430 crore in Q1FY23. New Business Premium (NBP)
has grew by 67% to Rs 5590 crore in Q1FY23 driven by strong growth in regular
premium business by 83%.
Protection New Business Premium has
increased by 63% from Rs 430 crore in Q1 FY 22 to Rs 700 crore in Q1FY23 due to
growth in individual protection business by 55% to Rs 200 crore and growth in
group protection business by 66% to Rs 500 crore in Q1FY23.
Gross Written Premium (GWP) has grew
by 35% to Rs 11350 crore in Q1FY23 mainly due to 83% growth in First Year
Premium (FYP) and 14% growth in Renewal Premium (RP) in Q1FY23.
Total Cost ratio for Q1FY23 is 11.2% against
10.5% for Q1 FY 22. Commission ratio for Q1FY23 is 4.6% against 3.2% for Q1 FY
22. Operating Expense for Q1FY23 is 6.6% against 7.2% in Q1 FY 22
VoNB increased by 130% to Rs 880 crore
for Q1FY23. VoNB margin increased by 665 bps to 30.4% in Q1FY23. Additional
reserve of Rs 290 crore is kept towards COVID-19 pandemic end June 2022.
13th month persistency (based on
premium considering Single Premium and Fully Paid-up policies & group
business where persistency is measurable) is 88.71% in Q1FY23 vs 88.37% in Q1
FY 22. Strong growth in 25th month and 49th month persistency (based on premium
considering Regular Premium/ Limited Premium payment under individual category)
by 339 and 403 bps in Q1FY23 due to focus on improving the quality of business
and customer retention.
AuM grew by 13% from Rs 231560 crore end
June 2021 to Rs 262350 crore end June 2022 with debt-equity mix of 73:27. Over
97% of the debt investments are in AAA and Sovereign instruments.
The Company has strong distribution
network of 222,957 trained insurance professionals consisting of agents, CIFs
and SPs along with widespread operations with 970 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.
APE channel mix for Q1FY23 is
bancassurance channel 63%, agency channel 26% & other channels 11%.
NBP of Agency channel has increased by
50% to Rs 940 crore in Q1FY23 and NBP of Banca channel has increased by 94% to Rs
2900 crore in Q1FY23 as compared to same period last year.
The Company’s net worth increased by
11% from Rs 10580 crore end June 2021 to Rs 11760 crore end June 2022.
Robust solvency ratio of 2.21x end
June 2022 as against the regulatory requirement of 1.50 indicating strong
financial position of the Company.
Financial
Performance FY2022
Profit after Tax (PAT) increased 3% to
Rs 1505.99 crore for FY22.
Gross Written Premium (GWP) has grew
by 17% to Rs 58760 crore in FY22 mainly due to 25% growth in First Year Premium
(FYP) and 12% growth in Renewal Premium (RP) in FY22.
New Business Premium (NBP) has grew by
23% to Rs 25460 crore in FY22 driven by strong growth in regular premium
business by 25%.
Protection New Business Premium has
increased by 24% from Rs 2460 crore in FY21 to Rs 3050 crore in FY22 due to 26%
y-o-y growth in individual protection business to Rs 940 crore and 23% y-o-y growth
in group protection business to Rs 2110 crore in FY22.
NBP channel mix for FY22 is
bancassurance channel 53%, agency channel 18% & other channels 29%. NBP of
Agency channel has increased by 30% to Rs 4617 crore in FY22 and NBP of Banca
channel has increased by 17% to Rs 13392 crore in FY22 as compared to same
period last year.
Total Cost ratio for FY22 is 8.8% against
8.3% for FY21. Commission ratio for FY22 is 3.7% against 3.5% for FY21. Operating
Expense for FY22 is 5.1% against 4.8% in FY21.
VoNB increased by 39% to Rs 3700 crore
for FY22. VoNB margin increased 270 bps to 25.9% in FY22.
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SBI Life Insurance:
Results Policyholders Account
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2206 (3)
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2106 (3)
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Var %
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2203 (12)
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2103 (12)
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Var %
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Premium earned (net)
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11036.02
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8312.55
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33
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58432.29
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49768.28
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17
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Income from
Investments
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-6405.66
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7409.91
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PL
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23567.95
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31456.01
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-25
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Other income
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10.76
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14.45
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-26
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44.81
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35.81
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25
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Contribution from the
Shareholders` account
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0.00
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0.00
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-
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982.15
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824.79
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19
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Total Income
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4641.12
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15736.91
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-71
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83027.20
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82084.89
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1
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Commission
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507.57
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261.69
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94
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2084.05
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1742.53
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20
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Op. expenses related
to Insurance business
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765.68
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613.67
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25
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3048.69
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2448.50
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25
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Others
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161.19
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145.11
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11
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782.87
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472.08
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66
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Benefits paid (Net)
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5171.72
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4791.77
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8
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31339.82
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21582.65
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45
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Change in valuation of
policy liabilities
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-2271.05
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9776.65
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LP
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43761.85
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53934.16
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-19
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Provision for taxation
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33.44
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36.11
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-7
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126.16
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97.56
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29
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Total Expense
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4368.55
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15625.00
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-72
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81143.44
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80277.48
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1
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PAT
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272.57
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111.91
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144
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1883.76
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1807.41
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4
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Transfer to
Shareholders` account
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100.34
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-41.21
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LP
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1732.43
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1678.76
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3
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SBI Life Insurance:
Results Shareholders Account
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2206 (3)
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2106 (3)
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Var %
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2203 (12)
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2103 (12)
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Var %
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Amounts transferred
from Policyholders` account
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100.34
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-41.21
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-343
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1732.43
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1678.76
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3
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Income from
investments
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176.17
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284.71
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-38
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988.41
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694.79
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42
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Total Income
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276.51
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243.50
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14
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2720.84
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2373.55
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15
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Expenses (apart from
Insurance)
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8.17
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10.08
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-19
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156.98
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30.98
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407
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Contribution to
policyholders account
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0.00
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0.00
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-
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982.15
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824.79
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19
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Others
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0.92
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0.00
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-
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20.96
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-24.68
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PL
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Total Expenses
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9.09
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10.08
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-10
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1160.09
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831.09
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40
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PBT
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267.42
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233.42
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15
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1560.75
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1542.46
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1
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Tax
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4.57
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10.26
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-55
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54.76
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86.61
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-37
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PAT
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262.85
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223.16
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18
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1505.99
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1455.85
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3
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EPS (Rs)*
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10.5
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8.9
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15.1
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14.6
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Embedded Value (Rs)
per share
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-
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396.2
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333.9
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* on current equity of
Rs 1000.48 crore of face value of Rs 10 each, PL: Profit to Loss, LP: Loss to
Profit
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Figures in crore,
Source: Capitaline Corporate Database
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