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Results
29-Apr-22
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Analysis
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SBI Life Insurance Company
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Continues strong momentum
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SBI Life Insurance Company has posted strong
26% jump in the net profit of Rs 672.15 crore in the quarter ended March 2022 (Q4FY2022).
The company has posted 12% increase in net premium collection to Rs 17433.77
crore in Q4FY2022, aided by 15% growth in the renewal business to Rs 10840 crore,
while new business premium improved 8% to Rs 6670 crore in Q4FY2022.
The company has maintained additional
reserve of Rs 290 crore towards COVID-19 pandemic at March 2022.
The company has posted 1% growth in
the value of new business (VNB) to Rs 1110 crore in Q4FY2022.
The Company has achieved private
market leadership in Individual Rated Premium of Rs 12870 crore with 23.4% private
market share in FY22. The company has posted strong growth in Individual New
Business Premium by 32% to Rs 16500 crore in FY22.
Individual rated premium increased 4%
to Rs 3800 crore. New business APE rose 4% to Rs 4130 crore. Total protection
(individual+group) increased 20% to Rs 1010 crore in Q4FY2022.
13th month persistency (based on
premium considering Single Premium and Fully Paid-up policies & group
business where persistency is measurable) is 88.35% in FY22 vs 87.92% in FY21.
There is strong growth in 49th month persistency (based on premium considering
Regular Premium/ Limited Premium payment under individual category) by 423 bps
to 69.85% for FY22 vs. 65.62% in FY21 due to focus on improving the quality of
business and customer retention.
The Company has strong distribution
network of 205,717 trained insurance professionals consisting of agents, CIFs
and SPs along with widespread operations with 952 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.
Assets under Management grew by 21%
from Rs 220870 crore end March 2021 to Rs 267410 crore end March 2022 with
debt-equity mix of 71:29. Over 96% of the debt investments are in AAA and
Sovereign instruments.
The Company’s net worth increased by
12% from Rs 10400 crore end March 2021 to Rs 11620 crore end March 2022.
The solvency ratio was 2.05 end March
2022 as against the regulatory requirement of 1.50.
The embedded value (calculated)
per share stood at Rs 396.2 per share end March 2022.
Financial
Performance FY2022
Profit after Tax (PAT) increased 3% to
Rs 1505.99 crore for FY22.
Gross Written Premium (GWP) has grew
by 17% to Rs 58760 crore in FY22 mainly due to 25% growth in First Year Premium
(FYP) and 12% growth in Renewal Premium (RP) in FY22.
New Business Premium (NBP) has grew by
23% to Rs 25460 crore in FY22 driven by strong growth in regular premium
business by 25%.
Protection New Business Premium has
increased by 24% from Rs 2460 crore in FY21 to Rs 3050 crore in FY22 due to 26%
y-o-y growth in individual protection business to Rs 940 crore and 23% y-o-y growth
in group protection business to Rs 2110 crore in FY22.
NBP channel mix for FY22 is
bancassurance channel 53%, agency channel 18% & other channels 29%. NBP of
Agency channel has increased by 30% to Rs 4617 crore in FY22 and NBP of Banca
channel has increased by 17% to Rs 13392 crore in FY22 as compared to same
period last year.
Total Cost ratio for FY22 is 8.8% against
8.3% for FY21. Commission ratio for FY22 is 3.7% against 3.5% for FY21. Operating
Expense for FY22 is 5.1% against 4.8% in FY21.
VoNB increased by 39% to Rs 3700 crore
for FY22. VoNB margin increased 270 bps to 25.9% in FY22.
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SBI Life Insurance:
Results Policyholders Account
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2203 (3)
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2103 (3)
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Var %
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2203 (12)
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2103 (12)
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Var %
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Premium earned (net)
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17433.77
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15555.74
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12
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58432.29
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49768.28
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17
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Income from
Investments
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2999.49
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4505.94
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-33
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23567.95
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31456.01
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-25
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Other income
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12.47
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10.23
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22
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44.81
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35.81
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25
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Contribution from the
Shareholders` account
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982.15
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824.79
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19
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982.15
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824.79
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19
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Total Income
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21427.88
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20896.70
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3
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83027.20
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82084.89
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1
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Commission
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677.86
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585.55
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16
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2084.05
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1742.53
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20
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Op. expenses related
to Insurance business
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899.88
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660.50
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36
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3048.69
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2448.50
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25
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Others
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275.28
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154.20
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79
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782.87
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472.08
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66
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Benefits paid (Net)
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7373.36
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7659.66
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-4
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31339.82
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21582.65
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45
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Change in valuation of
policy liabilities
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10892.07
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11449.29
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-5
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43761.85
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53934.16
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-19
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Provision for taxation
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31.07
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-120.22
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PL
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126.16
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97.56
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29
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Total Expense
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20149.52
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20388.98
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-1
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81143.44
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80277.48
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1
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PAT
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1278.36
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507.72
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152
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1883.76
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1807.41
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4
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Transfer to
Shareholders` account
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1471.15
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1217.51
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21
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1732.43
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1678.76
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3
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SBI Life Insurance:
Results Shareholders Account
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2203 (3)
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2103 (3)
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Var %
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2203 (12)
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2103 (12)
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Var %
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Amounts transferred
from Policyholders` account
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1471.15
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1217.51
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21
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1732.43
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1678.76
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3
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Income from
investments
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238.27
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228.92
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4
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988.41
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694.79
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42
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Total Income
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1709.42
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1446.43
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18
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2720.84
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2373.55
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15
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Expenses (apart from
Insurance)
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12.25
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-0.49
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LP
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156.98
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30.98
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407
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Contribution to
policyholders account
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982.15
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824.79
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19
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982.15
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824.79
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19
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Others
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20.96
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0.00
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-
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20.96
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-24.68
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PL
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Total Expenses
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1015.36
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824.30
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23
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1160.09
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831.09
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40
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PBT
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694.06
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622.13
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12
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1560.75
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1542.46
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1
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Tax
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21.91
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89.75
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-76
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54.76
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86.61
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-37
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PAT
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672.15
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532.38
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26
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1505.99
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1455.85
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3
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EPS (Rs)*
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26.9
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21.3
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15.1
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14.6
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Embedded Value (Rs)
per share
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396.2
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333.9
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396.2
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333.9
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* on current equity of
Rs 1000.37 crore of face value of Rs 10 each, PL: Profit to Loss, LP: Loss to
Profit
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Figures in crore,
Source: Capitaline Corporate Database
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