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SBI Life Insurance Company Ltd announces performance for half year ended Sep 30, 2019

Posted On: 2019-10-15 21:32:46

The Board of Directors of SBI Life Insurance Company Limited approved and adopted its audited financial results for the quarter and half year ended September 30, 2019, following its meeting on Tuesday, October 15, 2019 in Mumbai.

Business growth and market share

- New Business Premium (NBP) has shown strong growth increased by 40% from Rs. 55.7 billion in H1 FY 2019 to Rs. 78.2 billion in H1 FY 2020.

- Individual rated premium (IRP) has increased by 22% from Rs. 34.1 billion in H1 FY 2019 to Rs. 41.8 billion in H1 FY 2020.

- Individual New Business Premium has increased by 30% from Rs. 37.2 billion in H1 FY 2019 to Rs. 48.5 billion in H1 FY 2020.

- The Company has expanded its private market share based on Individual Rated Premium (IRP) from 21.9% in H1 FY 2019 to 23.1% in H1 FY 2020.

- The Company has registered growth in savings and protection business reflecting balanced product mix. Total protection new business premium has increased by 59% from Rs. 5.9 billion in H1 FY 2019 to Rs. 9.3 billion in H1 FY 2020. The share of total protection NBP (individual and group) has increased from 10.5% in H1 FY 2019 to 11.9% in H1 FY 2020.

- New Business APE increased by 26% from Rs. 37.0 billion in H1 FY 2019 to Rs. 46.7 billion in H1 FY 2020.

- Increase in GWP by 36% to Rs. 169.4 billion in H1 FY 2020 mainly due to strong growth in NBP by 40% from Rs. 55.7 billion in H1 FY 2019 to Rs. 78.2 billion H1 FY 2020.

Cost Efficiency

- Total Cost ratio has decreased to 10.4% in H1 FY 2020, from 12.0% in H1 FY 2019.

- Commission ratio has decreased to 3.9% in H1 FY 2020, from 4.1% in H1 FY 2019.

- Operating Expense has decreased to 6.5% in H1 FY 2020, from 7.8% in H1 FY 2019.

Profitability

- Value of New Business (VoNB) increased by 32% to Rs. 8.5 billion in H1 FY 2020.

- VoNB margin increased by 80 bps from 17.3% in H1 FY2019 to 18.1% in H1 FY 2020.

- Value of New Business (VoNB) increased by 33% to Rs. 9.4 billion for H1 FY2020 (with effective tax rate).

- VoNB margin increased from 19.2% for H1 FY 2019 to 20.2% for H1 FY2020 (with effective tax rate).

- Profit after Tax (PAT) stands at Rs. 5.0 billion in H1 FY 2020.

Persistency

- Strong 13th month persistency of 85.81% in H1 FY 2020 as compared to 83.20% in H1 FY 2019.

- 49th month persistency has improved to 67.94% in H1 FY 2020 as compared to 64.36% in H1 FY 2019.

Assets under Management

AuM has grown by 23% from Rs. 1,261.7 billion as on September 30, 2018 to Rs. 1,547.6 billion as on September 30, 2019 with debt-equity mix of 77:23. 90% of the debt investments are in AAA and Sovereign instruments.

Financial position

- The Company's net worth increased by 14% from Rs. 70.9 billion as on September 30, 2018 to Rs. 80.7 billion as on September 30, 2019.

- Indian Embedded Value (IEV) increased by 24% from Rs. 211.7 billion as on September 30, 2018 to Rs. 261.5 billion as on September 30, 2019.

- The solvency ratio as on September 30, 2019 was at 2.20 as against the regulatory requirement of 1.50.

Distribution network

- The Company has strong distribution network of 178,589 trained insurance professional and widespread operations with 923 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 H1 FY 2020 is bancassurance channel 57%, agency channel 18%, and other channels 25%.

Shares of SBI Life Insurance Company Ltd was last trading in BSE at Rs.839.65 as compared to the previous close of Rs. 828.55. The total number of shares traded during the day was 15519 in over 888 trades.

The stock hit an intraday high of Rs. 843.75 and intraday low of 830.2. The net turnover during the day was Rs. 13003701.


Source: Equity Bulls

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