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As on Jan 19, 2019 12:00 AM Your results on : Corporate Results    
SBI Life Insurance Company
19-Jan-2019 (19:10)
SBI Life Insurance Company has posted 15% growth in the net profit to Rs 264.28 crore in the quarter ended December 2018 (Q3FY2019). The company has registered strong growth in net premium collection at 35% to Rs 9141.26 crore in Q3FY2019, aided by healthy new business growth of 34% as well as 35% surge in renewal business.

The Value of New Business (VoNB) increased by 25% to Rs 1160 crore in 9MFY2019, while the VoNB margin increased by 150 bps from 16% in 9MFY2018 to 17.5% in 9MFY 2019.

AuM has grown by 20% to Rs 134150 crore end December 2018 with debt-equity mix of 78:22. About 91% of the debt investments are in AAA and Sovereign instruments.

The Company's net worth increased by 14% to Rs 7330 crore end December 2018. The solvency ratio stood at 2.23 end December 2018 as against the regulatory requirement of 1.50. Return on Equity (RoE) of 16.7% in 9MFY2019 as compared to 17.1% in 9MFY2018.

The Company has strong distribution network of 174,651 trained insurance professional and widespread operations with 859 offices across country. NBP channel mix for H1FY2019 is bancassurance channel 65%, agency channel 21%, and other channels 14%.

The estimated Embedded Value stood at Rs 21434 crore end December 2018. The Embedded Value per share stood at Rs 214.3 per share end December 2018.

YTD Financial Performance

SBI Life Insurance Company has posted 13% growth in the net profit to Rs 869.12 crore in 9MFY2019. The company has posted strong 35% growth in the Gross Written Premium (GWP) to Rs 21610 crore in 9MFY2019, driven by strong growth in individual renewal premium at 39% to Rs 11400 crore as well as group single premium rising 148% to Rs 2760 crore. New Business Premium (NBP) has increased by 32% to Rs 9470 crore in 9MFY2019. Individual rated premium (IRP) has increased 14% to Rs 6110 crore in 9MFY2019. Individual New Business Premium has shown consistent growth and increased 14% to Rs 6600 crore in 9MFY2019. Individual unit linked New Business Premium has increased 19% to Rs 4970 crore in 9MFY2019. New Business APE increased by 13% to Rs 6600 crore in 9MFY2019.

The Company has registered growth in savings and protection business reflecting balanced product mix. Total protection new business premium has increased by 170.1% from Rs 390 crore in 9MFY2018 to Rs 1060 crore in 9MFY2019. The share of total protection NBP (individual and group) has increased from 5.4% in 9MFY2018 to 11.2% in 9MFY2019.

Total Cost ratio has decreased to 11.0% in 9MFY2019 from 12.3% in 9MFY2018. Commission ratio has decreased to 4.1% in 9MFY2019, from 4.6% in 9MFY2018. Operating Expense ratio stood at 6.9% in 9MFY2019 as against 7.7% in 9MFY2018.

Value of New Business (VoNB) increased by 23.8% to Rs 11.6 billion in 9MFY2019. Robust 13th month persistency of 83.33% was recorded in 9M FY2019 as compared to 81.51% in 9MFY2018. Strong growth in 37th month persistency ratio from 68.81% in 9MFY2018 to 70.54% in 9MFY2019.

SBI Life Insurance: Policyholders Account

1812 (3)1712 (3)Var %1812 (9)1712 (9)Var %1803 (12)1703 (12)Var %
Premium earned (net)9141.266776.213521557.3315923.363525160.0720852.4521
Income from Investments3001.012793.3977057.327735.74-98456.259293.69-9
Other income14.1216.27-1345.5349.11-768.5867.601
Contribution from the Shareholders' account0.000.00-0.000.00-75.6462.6821
Total Income12156.399585.872728660.1823708.212133760.5430276.4212
Commission379.16312.3821894.30744.93201120.87783.3443
Op. expenses related to Insurance business506.92439.32151481.701234.63201718.841645.194
Others194.7385.78127393.21235.8467352.69222.5258
Benefits paid (Net)3275.682913.78128208.498211.02011712.309550.2023
Change in valuation of policy liabilities7389.655592.173216472.8212336.423417594.9617240.962
Provision for taxation45.5127.1668239.34185.5029238.00179.8332
Total Expense11791.659370.592627689.8622948.342132737.6629622.0411
PAT364.73215.2869970.33759.87281022.88654.3856
Transfer to Shareholders' account164.67125.8531547.43473.5916829.40654.5927

SBI Life Insurance: Shareholders Account

1812 (3)1712 (3)Var %1812 (9)1712 (9)Var %1803 (12)1703 (12)Var %
Amounts transferred from Policyholders' account164.67125.8531547.43473.5916829.40654.5927
Income from investments129.05121.127380.33346.9310463.38409.7313
Total Income293.72246.9719927.76820.52131292.781064.3221
Expenses (apart from Insurance)6.788.12-1721.8925.05-1331.9527.4916
Contribution to policyholders account0.000.00-0.000.00-75.6462.6821
Others15.67-1.63PL14.930.15-0.74-0.41PL
Total Expenses22.456.4924636.8225.2046108.3389.7621
PBT271.27240.4813890.94795.32121184.45974.5622
Tax6.9910.21-3221.8126.12-1734.0719.9271
PAT264.28230.2815869.12769.19131150.38954.6421
EPS (Rs)*10.579.2111.5910.261311.509.5521
* on current equity of Rs 1000 crore of face value of Rs 10 each
PL: Profit to Loss, LP: Loss to Profit
Figures in crore, Source: Capitaline Database

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