The Board of Directors of SBI Life Insurance Company Limited approved its unaudited financial results for the quarter and nine months ended December 31, 2017, following its meeting on Tuesday, January 30, 2018, in Mumbai. The disclosure of financial results submitted to exchanges is annexed to this release.

New business growth and market share

  • New Business APE increased by 39.3% in 9M FY 2018 to ` 58.5 billion from ` 42.0 billion for the same period last year
  • New Business Individual Rated Premium (IRP) has increased by 43.7% in 9M FY 2018 to ` 53.5 billion from ` 37.2 billion for the same period last year
  • Private market share based on IRP increased from 21.3% in 9M FY 2017 to 23.0 % in 9M FY 2018. While the overall market share based on IRP has increased from 11.3% in 9M FY 2017 to 13.0% in 9M FY 2018

Quality of business

  • 13th-month persistency stood at 81.51% for 9M FY2018 as compared to 79.81% for 9M FY 2017
  • Renewal premium grew at 32.7% to ` 88.6 billion in 9M FY 2018

Cost Efficiency

Operating Expense ratio has decreased to 7.7% in 9M FY 2018, from 8.9% in 9M FY 2017

Profitability

  • Value of New Business (VNB) stood at ` 9.3 billion for 9M FY2018
  • VNB margin of 16.0% for 9M FY2018 as compared to 15.4% for FY2017
  • PAT increased by 24.3% from ` 6.2 billion in 9M FY 2017 to ` 7.7 billion in 9M FY 2018

Assets under Management

AuM has grown by 23.0% to ` 1,116.3 billion as of December 31, 2017, from ` 907.2 billion as of December 31, 2016

Net worth and capital position

The Company’s net worth increased by 20.6% from ` 53.4 billion as at December 31, 2016, to ` 64.4 billion as at December 31, 2017. The solvency ratio was at 2.06 as against the regulatory requirement of 1.50.

Performance for quarter ended December 31, 2017

  • New business APE grew by 41.9% in Q3 FY 2018
  • Individual Rated Premium grew by 38.2% in Q3 FY 2018
  • Renewal Premium grew by 31.6% in Q3 FY 2018
  • Total Premium (GWP) increased by 29.5% in Q3 FY 2018
  • For Q3 FY 2018, Private market share and total market share in terms of Individual Rated Premium was 24.8% and 14.3%
  • Profit after tax grew by 20.9% from ` 1.9 billion in Q3 FY 2017 to ` 2.3 billion in Q3 FY 2018.
  • Operating Expense to Gross Written Premium at 6.5% in Q3 FY 2018

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