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Results
22-Oct-22
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Analysis
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SBI Life Insurance Company
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Maintains healthy growth
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SBI Life Insurance Company has posted strong
53% increase in the net profit of Rs 376.74 crore in the quarter ended September
2022 (Q2FY2023). The company has posted 12% increase in net premium collection
to Rs 16477.26 crore in Q2FY2023, aided by 17% growth in the renewal business
to Rs 9120 crore, while new business premium rose 8% to Rs 7500 crore in Q2FY2023.
The company has maintained additional
reserve of Rs 290 crore towards COVID-19 pandemic at September 2022.
The Company has maintained its
leadership position in Individual Rated Premium of Rs 3470 crore in Q2FY23.
There is strong growth in Individual New Business Premium by 8% to Rs 5030 crore
in Q2FY23. New Business Premium (NBP) grew by 8% to Rs 7500 crore in Q2FY23.
Gross Written Premium (GWP) has grew
by 25% to Rs 18420 crore in Q2FY23 mainly due to 8% growth in First Year
Premium (FYP) and 17% growth in Renewal Premium (RP) in Q2FY23.
Strong growth in 49th month and 61st
month persistency (based on premium considering Regular Premium/Limited Premium
payment under individual category) in H1FY23 by 276 bps and 363 bps
respectively due to our focus on improving the quality of business and customer
retention. 13th month persistency (based on premium considering Single Premium
and Fully Paid-up policies & group business where persistency is
measurable) is 88.36% in H1FY23 vs 87.66% in H1FY22. Persistency ratio has
improved in H1FY23 across all the cohorts.
VoNB increased by 24% to Rs 1240 crore
for Q2FY23. Additional reserve of Rs 290 crore is kept towards COVID-19
pandemic end September 2022.
AuM grew by 16% from Rs 244180 crore end
September 2021 to Rs 282630 crore end September 2022 with debt-equity mix of
71:29. Over 96% of the debt investments are in AAA and Sovereign instruments.
The Company has strong distribution
network of 239,456 trained insurance professionals consisting of agents, CIFs
and SPs along with widespread operations with 990 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.
The Company’s net worth increased by
12% from Rs 10910 crore end September 2021 to Rs 12210 crore end September
2022.
Robust solvency ratio of 2.19x end
September 2022 as against the regulatory requirement of 1.50x indicating strong
financial position of the Company.
Indian Embedded Value (IEV) stands at Rs
42410 crore end September 2022.Embeded Value per share stood at Rs 423.8 end September
2022.
Financial
Performance H1FY2023
Profit after Tax (PAT) increased 36%
to Rs 639.58 crore for H1FY23.
The Company has maintained its
leadership position in Individual Rated Premium of Rs 6050 crore with 23.7%
private market share in H1FY23. Strong growth in Individual New Business
Premium at 31% to Rs 8460 crore in H1FY23.
New Business Premium (NBP) has grown 27%
to Rs 13090 crore in H1FY23 driven by strong growth in single premium business
by 33%.Protection New Business Premium has increased by 32% from Rs 1210 crore
in H1FY22 to Rs 1600 crore in H1FY23 due to growth in individual protection
business by 17% to Rs 430 crore and growth in group protection business by 38%
to Rs 1170 crore in H1FY23.
Gross Written Premium (GWP) has grew
by 21% to Rs 27970 crore in H1FY23 mainly due to 33% growth in Single Premium
(SP) and 16% growth in Renewal Premium (RP) in H1FY23.
APE channel mix for H1FY23 is
bancassurance channel 63%, agency channel 25% & other channels 12%. NBP of
Agency channel has increased by 24% to Rs 2380 crore in H1FY23 and NBP of Banca
channel has increased by 41% to Rs 7490 crore in H1FY23 as compared to same
period last year.
Total Cost ratio for H1FY23 is 10.2%
vis-à-vis 9.5% for H1FY22. Commission ratio for H1FY23 is 4.5% vis-à-vis 3.6%
for H1FY22. Operating Expense for H1FY23 is 5.6% vis-à-vis 5.8% in H1FY22
VoNB increased by 53% to Rs 21.2 crore
for H1FY23. VoNB margin increased by 630 bps to 31.0% in H1FY23.
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SBI Life Insurance:
Results Policyholders Account
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2209 (3)
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2109 (3)
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Var %
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2209 (6)
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2109 (6)
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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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16477.26
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14660.64
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12
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27513.28
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22973.19
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20
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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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11036.73
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10734.43
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3
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4631.07
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18144.34
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-74
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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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11.27
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9.03
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25
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22.03
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23.48
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-6
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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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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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27525.26
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25404.10
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8
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32166.38
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41141.01
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-22
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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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711.77
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529.94
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34
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1219.35
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791.64
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54
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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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854.64
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747.57
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14
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1620.31
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1361.24
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19
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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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194.92
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158.83
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23
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356.12
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303.94
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17
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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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7636.69
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12702.07
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-40
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12808.41
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17493.83
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-27
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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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17732.32
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10978.09
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62
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15461.27
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20754.73
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-26
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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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50.31
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30.60
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64
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83.75
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66.71
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26
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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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27180.65
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25147.10
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8
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31549.21
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40772.09
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-23
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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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344.61
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257.00
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34
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617.17
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368.92
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67
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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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190.25
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134.25
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42
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290.59
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93.03
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212
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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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2209 (3)
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2109 (3)
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Var %
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2209 (6)
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2109 (6)
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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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190.25
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134.25
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42
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290.59
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93.03
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212
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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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203.20
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242.16
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-16
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379.36
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526.87
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-28
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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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393.45
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376.41
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5
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669.95
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619.90
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8
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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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8.76
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124.51
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-93
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16.93
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134.59
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-87
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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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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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-1.95
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0.00
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-
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-1.03
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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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6.81
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124.51
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-95
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15.90
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134.59
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-88
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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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386.64
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251.90
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53
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654.05
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485.31
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35
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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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9.90
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5.28
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88
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14.47
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15.53
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-7
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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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376.74
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246.62
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53
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639.58
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469.78
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36
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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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15.1
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9.9
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12.8
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9.4
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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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423.8
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352.8
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423.8
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352.8
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396.2
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333.9
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* on current equity of
Rs 1000.71 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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Previous News |
SBI Life Insurance Company Ltd up for third consecutive session
(
Hot Pursuit
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13-Jul-23
13:05
)
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SBI Life Insurance Company to convene AGM
(
Corporate News
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29-Jul-23
13:54
)
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SBI Life Insurance Company standalone net profit rises 56.35% in the December 2021 quarter
(
Results
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Announcements
21-Jan-22
16:06
)
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SBI Life appoints Amit Jhingran as MD & CEO from Oct 1
(
Hot Pursuit
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29-Sep-23
09:48
)
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SBI Life Insurance Company announces board meeting date
(
Corporate News
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11-Jul-24
09:46
)
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SBI Life Insurance Company Ltd spurts 0.61%, rises for fifth straight session
(
Hot Pursuit
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10-May-23
13:00
)
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SBI Life Insurance Company Ltd up for third consecutive session
(
Hot Pursuit
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02-Mar-22
13:05
)
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SBI Life Insurance Company allots 76,859 equity shares under ESOS
(
Corporate News
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21-Sep-22
19:26
)
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SBI Life Insurance Company allots 46,738 equity shares under ESOS
(
Corporate News
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20-Aug-21
13:34
)
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Volumes jump at SBI Life Insurance Company Ltd counter
(
Hot Pursuit
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18-Jul-22
11:00
)
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Life insurers’ new business premium growth in Dec 2023 at 43.75%, LIC registers almost double
(
Insurance
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09-Jan-24
18:55
)
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