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Results
26-Jan-24
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Analysis
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SBI Life Insurance Company
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Steady performance
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SBI Life Insurance
Company has posted 6% increase in the net profit of Rs 321.75 crore in the
quarter ended December 2023 (Q3FY2024). The company has posted 16% increase in
net premium collection to Rs 22316.47 crore in Q3FY2024, aided by 17% growth in
the renewal business to Rs 12720 crore, while new business premium jumped 16%
to Rs 9740 crore in Q3FY2024.
The Company has
maintained its leadership position in Individual Rated Premium of 5730 crore
with strong private market share in Q3FY24. There double digit growth in
Individual New Business Premium by 12% to Rs 7590 crore in Q3FY24. New Business
Premium (NBP) increased 16% to Rs 9740 crore in Q3FY24.
Protection
New Business Premium has increased by 2% from Rs 970 crore in Q3FY23 to Rs 950 crore
in Q3FY24.
Gross
Written Premium (GWP) has grew by 16% to Rs 22460 crore in Q3FY24 mainly due to
16% growth new business premium and 17% growth in Renewal Premium (RP) in Q3FY24.
Strong growth in 49th month
and 61st month persistency (based on premium considering Regular Premium/ Limited
Premium payment under individual category) in 9MFY24 by 151 bps and 449 bps
respectively due to our focus on improving the quality of business and customer
retention.
AuM grew by 24% from Rs
299990 crore end December 2022 to Rs 371410 crore end December 2023 with
debt-equity mix of 65:35. Over 95% of the debt investments are in AAA and
Sovereign instruments.
The Company’s net worth
increased by 15% from Rs 12580 crore end December 2022 to Rs 14430 crore end December
2023.
The solvency ratio was
at 2.09x end December 2023 as against the regulatory requirement of 1.50 indicating
strong financial position of the Company.
VoNB increased 11% to
Rs 1680 crore for Q3FY24. VoNB margin stands at 27.8%
in 9MFY24.
The Company has
strong distribution network of 305,320 trained insurance professionals
consisting of agents, CIFs and SPs along with widespread operations with 1,011
offices across country.
The Company has
strong distribution network of 312,626 trained insurance professionals
consisting of agents, CIFs and SPs along with widespread operations with 1,028
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
9MFY24 is bancassurance channel 65%, agency channel 24% & other channels
11%.
NBP of Agency channel
has increased by 21% to Rs 4730 crore in 9MFY24 and NBP of Banca channel has
increased by 16% to Rs 15300 crore in 9MFY24 as compared to same period last
year.
Indian
Embedded Value (IEV) on calculated basis stood at Rs 532.0 end December
2023.
Financial
Performance 9MFY2024
Profit after Tax (PAT) grew
by 15% to Rs 1080 crore for 9MFY24. VoNB increased by 11% to Rs 4040 crore for 9MFY24.
VoNB margin stands at 28.1% in 9MFY24. The Company has maintained its
leadership position in Individual Rated Premium of Rs 12790 crore illion with 26.5%
private market share in 9MFY24. Growth in Individual New Business Premium 17%
to Rs 17760 crore in 9MFY24. New Business Premium (NBP) has grew by 21% to Rs 26000
crore in 9MFY24 aided by growth in individual annuity business by 35%.
Protection New Business
Premium has increased by 17% from Rs 2550 crore in 9MFY23 to Rs 2970 crore in
9MFY24 due to growth in group protection business by 25% to Rs 2310 crore in 9MFY24.
Gross Written Premium (GWP)
has grew by 19% to Rs 56190 crore in 9MFY24 mainly due to 25% growth in Single
Premium (SP) and 17% growth in Renewal Premium (RP) in 9MFY24.
Total Cost ratio for 9MFY24
is 9.9% against 9.7% for 9MFY23. Commission ratio for 9MFY24 is 4.8% against
4.5% for 9MFY23. Operating Expense ratio for 9MFY24 is 5.1% against 5.2% in 9MFY23.
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SBI Life Insurance:
Results Policyholders Account
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2312 (3)
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2212 (3)
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Var %
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2312 (9)
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2212 (9)
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Var %
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2303 (12)
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2203 (12)
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Var %
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Premium earned (net)
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22316.47
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19170.80
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16
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55470.63
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46684.08
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19
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66581.00
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58432.29
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14
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Income from
Investments
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16468.64
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7442.95
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121
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39554.93
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12074.01
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228
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13260.14
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23567.95
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-44
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Other income
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18.25
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12.96
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41
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38.35
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34.99
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10
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49.85
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44.81
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11
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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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1707.49
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982.15
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74
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Total Income
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38803.36
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26626.71
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46
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95063.91
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58793.08
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62
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81598.48
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83027.20
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-2
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Commission
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936.64
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845.21
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11
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2253.71
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2064.55
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9
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2935.96
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2084.05
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41
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Op. expenses related
to Insurance business
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1251.07
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913.90
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37
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3307.06
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2534.21
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30
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3536.00
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3048.69
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16
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Others
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236.99
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241.68
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-2
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662.13
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597.81
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11
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832.32
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782.87
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6
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Benefits paid (Net)
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11136.14
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8355.89
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33
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28284.10
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21164.30
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34
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30287.46
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31339.82
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-3
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Change in valuation of
policy liabilities
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24864.07
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15937.50
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56
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59354.47
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31398.77
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89
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41003.10
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43761.85
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-6
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Provision for taxation
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40.91
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35.69
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15
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120.90
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119.44
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1
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147.40
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126.16
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17
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Total Expense
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38465.82
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26329.87
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46
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93982.37
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57879.08
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62
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78742.24
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81143.44
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-3
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PAT
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337.54
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296.84
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14
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1081.54
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914.00
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18
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2856.24
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1883.76
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52
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Transfer to
Shareholders` account
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84.82
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113.79
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-25
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440.39
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404.38
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9
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2707.15
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1732.43
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56
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SBI Life Insurance:
Results Shareholders Account
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2312 (3)
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2212 (3)
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Var %
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2312 (9)
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2212 (9)
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Var %
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2303 (12)
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2203 (12)
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Var %
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Amounts transferred
from Policyholders` account
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84.82
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113.79
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-25
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440.39
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404.38
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9
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2707.15
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1732.43
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56
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Income from
investments
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247.44
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203.06
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22
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707.04
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582.42
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21
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795.25
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988.41
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-20
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Total Income
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332.26
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316.85
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5
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1147.43
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986.80
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16
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3502.40
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2720.84
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29
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Expenses (apart from
Insurance)
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6.66
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8.49
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-22
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39.67
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25.41
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56
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37.23
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156.98
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-76
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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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1707.49
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982.15
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74
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Others
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-3.44
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-2.43
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42
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2.00
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-3.46
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-158
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-0.76
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20.96
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-104
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Total Expenses
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3.22
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6.06
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-47
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41.67
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21.95
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90
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1743.96
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1160.09
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50
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PBT
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329.04
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310.79
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6
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1105.76
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964.85
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15
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1758.44
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1560.75
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13
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Tax
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7.29
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6.66
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9
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22.78
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21.14
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8
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37.87
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54.76
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-31
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PAT
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321.75
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304.13
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6
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1082.98
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943.71
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15
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1720.57
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1505.99
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14
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EPS (Rs)*
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12.9
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12.2
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14.4
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12.6
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17.2
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15.0
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Embedded Value (Rs)
per share
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532.0
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441.9
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532.0
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441.9
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464.0
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396.2
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* on current equity of
Rs 1001.24 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 straight session
(
Hot Pursuit
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08-Aug-23
13:05
)
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SBI Life Insurance Company Ltd spurts 0.68%, rises for fifth straight session
(
Hot Pursuit
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02-May-23
13:00
)
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SBI Life Insurance Company Ltd soars 0.55%, rises for fifth straight session
(
Hot Pursuit
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18-Apr-23
13:00
)
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Life insurance companies new business premium income saw 1% decline in first quarter of FY24
(
Insurance
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11-Jul-23
7:54
)
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SBI Life Insurance Company
(
Results
-
Analysis
23-Jan-21
15:38
)
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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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Life insurers’ new business premium income raises 15.6% at Rs 60,214 crore in March 2024
(
Insurance
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19-Apr-24
11:08
)
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Board of SBI Life Insurance Company recommends interim dividend
(
Corporate News
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11-Mar-24
09:50
)
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SBI Life PAT rises to Rs 380 crore in Q2 FY24
(
Hot Pursuit
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27-Oct-23
16:57
)
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SBI Life Insurance Company Ltd stays slippery
(
Hot Pursuit
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13-Oct-20
13:35
)
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SBI Life Insurance Company announces cessation of director
(
Corporate News
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06-Sep-21
18:16
)
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