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Results
22-Jan-23
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Analysis
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SBI Life Insurance Company
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Healthy growth in VNB, margins strong at 29.6%
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SBI Life Insurance
Company has posted 16% decline in the net profit of Rs 304.13 crore in the
quarter ended December 2022 (Q3FY2023). The company has posted 6% increase in net
premium collection to Rs 19170.80 crore in Q3FY2023, aided by 13% growth in the
renewal business to Rs 10908 crore, while new business premium declined 1% to
Rs 8420 crore in Q3FY2023.
The Company has
maintained its leadership position in Individual Rated Premium of Rs 5090 crore
in Q3FY23. There is strong growth in Individual New Business Premium by 32% to
Rs 6780 crore in Q3FY23. New Business Premium (NBP) declined 1% to Rs 8420 crore
in Q3FY23.
Gross Written Premium
(GWP) fell 3% to Rs 17530 crore in Q3FY23 mainly due to 1% decline in First
Year Premium (FYP), while Renewal Premium (RP) increased 13% in Q3FY23.
Strong growth in 49th month and 61st
month persistency (based on premium considering Regular Premium/ Limited
Premium payment under individual category) 178 bps and 491 bps respectively in
9MFY23 due to our focus on improving the quality of business and customer
retention.
13th month persistency (based on
premium considering Single Premium and Fully Paid-up policies & group
business where persistency is measurable) is 88.03% in 9MFY23 against 87.17% in
9MFY22. Persistency ratio has improved in 9MFY23 in majority of cohorts.
VoNB increased by 31%
to Rs 1510 crore for Q3FY23.
AuM grew by 17% to Rs
299990 crore end December 2022 from Rs 256870 crore end December 2021 with
debt-equity mix of 71:29. Over 95% of the debt investments are in AAA and
Sovereign instruments.
The Company’s net worth increased by
12% from Rs 11200 crore end December 2021 to Rs 12580 crore end December 2022. Robust
solvency ratio of 2.25 end December 2022 as against the regulatory requirement
of 1.50 indicating strong financial position of the Company.
The Company has strong distribution
network of 255,848 trained insurance professionals consisting of agents, CIFs
and SPs along with widespread operations with 990 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.
APE channel mix for 9M FY 23 is
bancassurance channel 66%, agency channel 25% & other channels 9%.
NBP of Agency channel has increased by
22% to 39.0 billion in 9M FY 23 and NBP of Banca channel has increased by 37%
to 131.6 billion in 9M FY 23 as compared to same period last year.
Indian Embedded Value
(IEV) on calculated basis stood at Rs 441.9 end December 2022.
Financial
Performance 9MFY2023
Profit after Tax
(PAT) increased 13% to Rs 943.71 crore for 9MFY23.
The Company has maintained its
leadership position in Individual Rated Premium of Rs 11140 crore with 25.7%
private market share in 9MFY23. Strong growth in Individual New Business
Premium by 31% to 15240 crore in 9MFY23.
New Business Premium (NBP) has grew by
14% to 21510 crore in 9MFY23 aided by growth in Regular premium business by
22%.
Protection New Business Premium has
increased by 25% from Rs 2040 crore in 9MFY22 to Rs 2550 crore in 9MFY23 due to growth in individual
protection business by 12% to Rs 700 crore and growth in group protection business
by 30% to Rs 1850 crore in 9MFY23.
Gross Written Premium (GWP) has grew
by 15% to Rs 47300 crore in 9MFY23
mainly due to 22% growth in Regular Premium (FYP) and 15% growth in Renewal
Premium (RP) in 9MFY23.
Total Cost ratio for 9MFY23 is 9.7% from
8.7% for 9MFY22. Commission ratio for 9MFY23 is 4.5% from 3.5% for 9MFY22. Operating
Expense for 9MFY23 is 5.2% from 5.1% in 9MFY22.
VoNB increased by 44% to Rs 3630 crore
for 9MFY23. VoNB margin increased by 478 bps to 29.6% in 9MFY23.
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SBI Life Insurance:
Results Policyholders Account
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2212 (3)
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2112 (3)
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Var %
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2212 (9)
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2112 (9)
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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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19170.80
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18025.34
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6
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46684.08
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40998.53
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14
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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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7442.95
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2424.12
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207
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12074.01
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20568.46
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-41
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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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12.96
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8.85
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46
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34.99
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32.34
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8
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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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0.00
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0.00
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-
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0.00
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0.00
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-
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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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26626.71
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20458.31
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30
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58793.08
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61599.33
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-5
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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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845.21
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614.55
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38
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2064.55
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1406.20
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47
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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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913.90
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787.58
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16
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2534.21
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2148.81
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18
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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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241.68
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203.65
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19
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597.81
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507.59
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18
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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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8355.89
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6472.63
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29
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21164.30
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23966.46
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-12
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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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15937.50
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12115.05
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32
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31398.77
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32869.78
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-4
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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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35.69
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28.38
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26
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119.44
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95.10
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26
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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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26329.87
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20221.84
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30
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57879.08
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60993.94
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-5
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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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296.84
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236.47
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26
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914.00
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605.39
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51
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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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113.79
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168.25
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-32
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404.38
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261.29
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55
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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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2212 (3)
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2112 (3)
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Var %
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2212 (9)
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2112 (9)
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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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113.79
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168.25
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-32
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404.38
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261.29
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55
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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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203.06
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223.27
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-9
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582.42
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750.14
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-22
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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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316.85
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391.52
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-19
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986.80
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1011.43
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-2
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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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8.49
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10.14
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-16
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25.41
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144.73
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-82
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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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0.00
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0.00
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-
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0.00
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0.00
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-
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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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-2.43
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0.00
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-
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-3.46
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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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6.06
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10.14
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-40
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21.95
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144.73
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-85
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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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310.79
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381.38
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-19
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964.85
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866.70
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11
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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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6.66
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17.32
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-62
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21.14
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32.85
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-36
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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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304.13
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364.06
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-16
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943.71
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833.85
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13
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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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12.2
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14.6
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12.6
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11.1
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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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441.9
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364.9
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441.9
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364.9
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396.2
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333.9
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* on current equity of
Rs 1000.83 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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