SBI Life, that got listed a months back, has seen its profit after tax (PAT) rising by 13.0 per cent from Rs 3.1 billion in Q1 FY 2018 to Rs 3.5 billion in Q1 FY 2019.
New Business Premium (NBP) of the life insurer increased by 15.3 per cent from Rs 18.0 billion in Q1 FY 2018 to Rs 20.8 billion in Q1 FY 2019. The company’s Individual New Business Premium has shown consistent growth and is increased by nine per cent from Rs 12.2 billion in Q1 FY 2018 to Rs 13.3 billion in Q1 FY 2019.
The SBI Life has recorded a robust growth in gross written premium (GWP) of 25.6 per cent to Rs 47.6 billion in Q1 FY 2019 due to strong growth in individual renewal premium which gone up by 41.3 per cent to Rs 23.8 billion during the reporting period..
The life insurer’s Assets under Management (AuM) has grown by 18.8 per cent from Rs 1,012.3 billion as of June 30, 2017 to Rs 1,202.8 billion as of June 30, 2018 with debt-equity mix of 77.23. 90 per cent of the debt investments are in AAA and Sovereign instruments.
The Value of New Business (VoNB) of the life insurer stood at Rs 2.2 billion for Q1 FY2019 and the company’s VoNB margin, a measure of the expected profitability of new business,increased by 80 bps from 16.2 per cent for FY2018 to 17.0 per cent for Q1 FY2019.
The company’s VoNB stood at Rs 2.5billion for Q1 FY2019 (with effective tax rate).SBI Life’s VoNB margin increased from 18.4 per cent for FY2018 to 19.0 per cent for Q1 FY2019 (with effective tax rate).
The private market share based on Individual Rated Premium (IRP) of SBI Life has increased from 19.0 per cent to 19.7 per cent and overall market share has increased from 10.3 per cent to 10.6 per cent in Q1 FY 2019 as compared to Q1 FY 2018.IRP of the life insurer has grown by 8.6 per cent while the private industry has grown by 4.5 per cent and total industry has grown by 5.6 per cent.
The life insurer New Business APE increased by 2.3 per cent in Q1 FY 2019 to Rs 13.1 billion from Rs 12.8 billion for the same period last year.
The company has registered growth in savings and protection business reflecting balanced product mix.The total protection NBP and individual protection business has shown a strong growth of 107.3 per cent and 57.5 per cent respectively in Q1 FY 2019 as compared to same period last year.The share of total protection NBP (individual and group) for the company has increased from 5.7 per cent to 10.2 per cent in Q1 FY 2019.
The life insurer’s 13th month persistency was at 83.67 per cent in Q1 FY2019 as compared to 81.97 per cent in Q1 FY 2018.There company seen a strong growth in 37th month persistency ratio from 67.19% in Q1 FY 2018 to 71.19% in Q1 FY 2019
The Company’s net worth increased by 16.1 per cent from Rs 58.8 billion as at June 30, 2017 to Rs 68.2 billion as at June 30, 2018.
The solvency ratio as at June 30, 2018 was at 2.14 as against the regulatory requirement of 1.50 per cent.The company’s has Return on Equity (RoE) of 21.2% in Q1 FY 2019 as compared to 21.9% in Q1 FY 2018.