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SBI Life Insurance Q3 net up 56.4% at Rs364cr on higher premium income

23 Jan 2022 , 07:47 PM

SBI Life
SBI Life Insurance reported -22.95% fall yoy in revenues in the Dec-21 quarter at Rs20,458cr. The big reason for the fall in revenues was a sharp fall in investment income which fell vertically from Rs12,777cr last year to Rs2,424cr in this quarter.

Premium income was sharply higher on a yoy basis on the front of single premium policies, first year premiums as well as on renewal premiums.

For the first 9 months of FY22, the value of new business (VNB) was 66% higher at Rs2,590cr. The total annualized premium equivalent (APE) was Rs.10,170cr yielding VNB growth on yoy basis of a healthy 36% for the said period.

Customer retention and cost efficiency are the core of an insurance company. Its 13th month persistency and 61st month persistency were flat at around 83.87% and 48.88% respectively. The assets under management were at a robust level of above Rs.2.50 trillion.

Despite a sharp fall in revenues the net profits have remained sharply higher by 56.35% on yoy basis at Rs364cr. That is because the fall in investment income has been offset by a sharp spike in premium incomes and sharply lower actuarial provisioning estimates. PAT margins improved substantially from a level of 0.88% in the Dec-20 quarter to 1.78% in the Dec-21 quarter on account of a much smaller revenue base.

Financial highlights for Mar-21 compared yoy and sequentially

SBI Life Insurance
Rs in Crore Dec-21 Dec-20 YOY Sep-21 QOQ
revenues ₹ 20,458 ₹ 26,552 -22.95% ₹ 25,404 -19.47%
net profit ₹ 364 ₹ 233 56.35% ₹ 247 47.62%
Diluted EPS ₹ 3.64 ₹ 2.33 ₹ 2.46
Net Margins 1.78% 0.88% 0.97%
Solvency Ratio 2.09 2.34 2.12
Expense Mgmt Ratio 7.72% 8.38% 8.68%
Policy Holder Liability Ratio 2197.47% 1984.65% 2147.41%

Related Tags

  • Insurance sector
  • Q3 FY2022 results of SBI Life Insurance
  • SBI Life Insurance management
  • SBI Life Insurance news
  • SBI Life Insurance Q3
  • SBI Life Insurance Q3FY22 Insurance business
  • SBI Life Insurance Q3FY22 PAT
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