SBI Life Insurance registers New Business Premium of Rs 26,000 crores for the period ended on 31st December, 2023.
Pune, 25th January 2024: SBI Life Insurance, one of the leading life insurers in the country registered a New Business Premium of ₹26,000 crores for the period ended on 31st December, 2023 vis-a-vis ₹21,512 crores for the period ended December 31, 2022. Single premium has increased by 25% over the corresponding period ended on 31st December, 2022.
Establishing a clear focus on protection, SBI Life’s protection new business premium stood at ₹2,972 crores for the period ended December 31, 2023 marking a growth of 17%. Protection Individual new business premium stands at ₹667 crores for the period ended December 31, 2023. Individual New Business Premium stands at ₹17,762 crores with 17% growth over the corresponding period ended on 31st December, 2022.
SBI Life’s profit after tax stands at ₹1,083 crores for the period ended December 31, 2023.
The company’s solvency ratio continues to remain robust at 2.09 as on December 31, 2023 as against the regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 24% to ₹3,71,410 crores as on December 31, 2023 from ` ₹2,99,987 crores as on December 31, 2022, with the debt-equity mix of 65:35. Over 95% of the debt investments are in AAA and Sovereign instruments.
The company has a diversified distribution network of 312,626 trained insurance professionals and wide presence with 1,028 offices across the country, comprising of strong bancassurance channel, agency channel and others comprising of corporate agents, brokers, Point of sale persons (POS), insurance marketing firms, web aggregators and direct business.
Performance for the period ended December 31, 2023
· Private Market leadership in Individual New Business Premium of ₹17,762 crores with 17% growth and 29.1% market share.
· Annualized Premium Equivalent (APE) stands at ₹14,389 crores with growth of 17%
· Protection Annualized Premium Equivalent (APE) stands at ₹1,524 crores with growth of 24%.
· Value of New Business (VoNB) stands at ₹4,038 crores with 11% growth
· VoNB Margin stands at 28.1%.
· Profit After Tax (PAT) stands at ₹1,083 crores with 15% growth.
· Solvency ratio of 2.09.
· Annuity & Pension New Business stands at ₹6,787 crores with 12% growth.
· Assets under Management stands at ₹3,71,410 crores with 24% growth.
