SBI Life Insurance, one of the leading life insurers in the country registered a New Business Premium of `13,088 crores for the period ended on 30th September, 2022 vis-a-vis `10,288 crores for the period ended September 30, 2021. Single premium has increased by 33% over the corresponding period ended on 30th September, 2021.
Establishing a clear focus on protection, SBI Life’s protection new business premium stood at `1,598 crores for the period ended September 30, 2022 marking a growth of 32%. Protection Individual new business premium registered a growth of 17% and stood at `434 crores for the period ended September 30, 2022. Individual New Business Premium stands at `8,461 crores with 31% growth over the corresponding period ended 30th September, 2021.
SBI Life’s profit after tax stands at `640 crores for the period ended September 30, 2022.
The company’s solvency ratio continues to remain robust at 2.19 as on September 30, 2022 as against the regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 16% to `2,82,632 crores as on September 30, 2022 from ` 2,44,178 crores as on September 30, 2021, with the debt-equity mix of 71:29. Over 96% of the debt investments are in AAA and Sovereign instruments.
The company has a diversified distribution network of 2,39,456 trained insurance professionals and wide presence with 990 offices across the country, comprising of strong bancassurance channel, agency channel and others comprising of corporate agents, brokers, Point of sale persons (POS), insurance marketing firms, web aggregators and direct business.
Performance for the period ended September 30, 2022
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