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SBI Life Insurance Company Ltd announces Q3FY19 results

Posted On: 2019-01-18 22:41:12

The Board of Directors of SBI Life Insurance Company Limited approved and adopted its unaudited financial results for the nine months ended December 31, 2018, following its meeting on Friday, January 18, 2019 in Mumbai.

Business growth and market share

- New Business Premium (NBP) has increased by 31.5% from Rs. 72.0 billion in 9M FY 2018 to Rs. 94.7 billion in 9M FY 2019.

- Individual rated premium (IRP) has increased by 14.1% from Rs. 53.5 billion in 9M FY 2018 to Rs. 61.1 billion in 9M FY 2019.

- Individual New Business Premium has shown consistent growth and is increased by 13.9% from Rs. 57.9 billion in 9M FY 2018 to Rs. 66.0 billion in 9M FY 2019.

- Unit linked Individual New Business Premium has increased by 18.5% from Rs. 42.0 billion in 9M FY 2018 to Rs. 49.7 billion in 9M FY 2019.

- 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. 3.9 billion in 9M FY 2018 to Rs. 10.6 billion in 9M FY 2019. The share of total protection NBP (individual and group) has increased from 5.4% in 9M FY 2018 to 11.2% in 9M FY 2019.

- New Business APE increased by 12.8% in 9M FY 2019 to Rs. 66.0 billion from Rs. 58.5 billion for the same period last year.

- Robust growth in GWP of 34.5% to Rs. 216.1 billion in 9M FY 2019, due to strong growth in individual renewal premium by 39.0% to Rs. 114.0 billion and also due to increase in group single premium by 147.5% from Rs. 11.2 billion to Rs. 27.6 billion.

Cost Efficiency

- Total Cost ratio has decreased to 11.0% in 9M FY 2019, from 12.3% in 9M FY 2018
- Commission ratio has decreased to 4.1% in 9M FY 2019, from 4.6% in 9M FY 2018
- Operating Expense ratio stood at 6.9% in 9M FY 2019 as against 7.7% in 9M FY 2018

Profitability

- Value of New Business (VoNB) increased by 23.8% to Rs. 11.6 billion in 9M FY 2019
- VoNB margin increased by 150 bps from 16.0 % in 9M FY2018 to 17.5% in 9M FY 2019
- Value of New Business (VoNB) stood at Rs. 13.0 billion for 9M FY2019 (with effective tax rate)
- VoNB margin increased from 18.4 % for FY2018 to 19.6% for 9M FY2019 (with effective tax rate)
- PAT increased by 13.0% from Rs. 7.7 billion in 9M FY 2018 to Rs. 8.7 billion in 9M FY 2019

Persistency

- Robust 13th month persistency of 83.33% in 9M FY2019 as compared to 81.51% in 9M FY 2018
- Strong growth in 37th month persistency ratio from 68.81% in 9M FY 2018 to 70.54% in 9M FY 2019

Assets under Management

AuM has grown by 20.2% from Rs. 1,116.3 billion as of December 31, 2017 to Rs. 1,341.5 billion as of December 31, 2018 with debt-equity mix of 78:22. 90% of the debt investments are in AAA and Sovereign instruments.

Net worth and capital position

- The Company's net worth increased by 14.0% from Rs. 64.4 billion as at December 31, 2017 to Rs. 73.3 billion as at December 31, 2018.

- The solvency ratio as at December 31, 2018 was at 2.23 as against the regulatory requirement of 1.50.

- Return on Equity (RoE) of 16.7% in 9M FY 2019 as compared to 17.1% in 9M FY 2018.

Distribution network

- The Company has strong distribution network of 174,651 trained insurance professional and widespread operations with 859 offices across country.

- The Company has diversified distribution network 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. NBP channel mix for 9M FY 2019 is bancassurance channel 65%, agency channel 21%, and other channels 14%.

Shares of SBI Life Insurance Company Ltd was last trading in BSE at Rs.616.4 as compared to the previous close of Rs. 624.6. The total number of shares traded during the day was 8546 in over 677 trades.

The stock hit an intraday high of Rs. 628.7 and intraday low of 609. The net turnover during the day was Rs. 5307922.


Source: Equity Bulls

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