BI Life Insurance, one of the leading life insurers in the country registered a New Business Premium of Rs. 14,437 crores for the period ended on 31st December, 2020 vis-a-vis Rs. 12,787 crores for the period ended December 31, 2019. Single premium has increased by 42% over the corresponding year.
Establishing a clear focus on protection, SBI Life’s protection new business premium stood at Rs. 1,618 crores for the period ended December 31, 2020 marking a year-on-year growth of 12%. Protection Individual new business premium registered a growth of 36% and stood at Rs. 488 crores for the period ended December 31, 2020. Individual New Business Premium stands at Rs. 8,128 crores.
SBI Life’s profit after tax stands at Rs. 923 crores for the period ended December 31, 2020 registering a growth of 4% over the corresponding year.
The company’s solvency ratio continues to remain robust at 2.34 as on December 31, 2020 as against the regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 28% to Rs. 2,09,495 crores as on December 31, 2020 from Rs. 1,64,191 crores as on December 31, 2019, with the debt-equity mix of 73:27. 90% of the debt investments are in AAA and Sovereign instruments.
The company has a diversified distribution network of 2,24,223 trained insurance professionals and wide presence with 947 offices across the country, 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.
Performance for the period ended December 31, 2020
· New Business Margin increased by 100 bps to 19.3%
· Assets under Management (AuM) crosses Rs. 2.0 trillion mark
· Private market leadership in NBP with 23.7% market share
· Private market leadership in Individual Rated Premium (IRP) with 23.4% market share
· Renewal Premium grew by 27% with 13th month persistency at 86.17%
· Operating expense ratio reduced from 6.0% to 5.1%