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SBI Life Insurance Company Ltd reports earnings for Q1FY21
Posted On : 2020-07-21 15:19:04( TIMEZONE : IST )
SBI Life Insurance Company Ltd has reported financial results for the period ended June 30, 2020.
Financial Results (Q1 FY 2020-21) - QoQ Comparison
The company has reported total income of Rs.16178.05 crores during the period ended June 30, 2020 as compared to Rs.5674.91 crores during the period ended March 31, 2020.
The company has posted net profit / (loss) of Rs.390.89 crores for the period ended June 30, 2020 as against net profit / (loss) of Rs.530.67 crores for the period ended March 31, 2020.
The company has reported EPS of Rs.3.91 for the period ended June 30, 2020 as compared to Rs.5.30 for the period ended March 31, 2020.
| Financials | Q1 FY2020-21 | Q4 FY19-20 | % Change |
| Total Income | ₹ 16178.05 crs | ₹ 5674.91 crs |  185.08% |
| Net Profit | ₹ 390.89 crs | ₹ 530.67 crs |  -26.34% |
| EPS | ₹ 3.91 | ₹ 5.30 | -26.23% |
Financial Results (Q1 FY 2020-21) - YoY Comparison
The company has reported total income of Rs.16178.05 crores during the period ended June 30, 2020 as compared to Rs.9643.51 crores during the period ended June 30, 2019.
The company has posted net profit / (loss) of Rs.390.89 crores for the period ended June 30, 2020 as against net profit / (loss) of Rs.371.90 crores for the period ended June 30, 2019.
The company has reported EPS of Rs.3.91 for the period ended June 30, 2020 as compared to Rs.3.72 for the period ended June 30, 2019.
| Financials | Q1 FY2020-21 | Q1 FY2019-20 | % Change |
| Total Income | ₹ 16178.05 crs | ₹ 9643.51 crs | 67.76% |
| Net Profit | ₹ 390.89 crs | ₹ 371.90 crs | 5.11% |
| EPS | ₹ 3.91 | ₹ 3.72 | 5.11% |
Business growth and market share
- The Company has achieved market leadership in Total NBP of Rs. 30.6 billion with 23.9% private market share in Q1 FY 2021.
- New Business Premium (NBP) is Rs. 30.6 billion in Q1 FY 2021. Single premium has increased by 31%
- Individual NBP from Non- par segment has increased by 50% to Rs. 4.2 billion in Q1 FY 2021
- Increase in GWP by 14% to Rs. 76.4 billion in Q1 FY 2021 mainly due to strong growth in renewal premium by 30% from Rs. 35.4 billion in Q1 FY 2020 to Rs. 45.8 billion in Q1FY 2021.
Assets under Management
AuM has grown by 19% from Rs. 1,469.5 billion as on June 30, 2019 to Rs. 1753.5 billion as on June 30, 2020 with debt-equity mix of 76:24. Over 90% of the debt investments are in AAA and Sovereign instruments.
Financial position
- The Company's net worth increased by 17% from Rs. 79.4 billion as on June 30, 2019 to Rs. 93.1 billion as on June 30, 2020.
- Strong solvency ratio as on June 30, 2020 was at 2.39 as against the regulatory requirement of 1.50.
Profitability
- Profit after Tax (PAT) grew by 5% to Rs. 3.9 billion in Q1 FY 2021.
- Value of New Business (VoNB) decreased by 29% to Rs. 2.4 billion in Q1 FY 2021.
- VoNB margin increased by 80 bps from 17.9% in Q1 FY2020 to 18.7% in Q1FY 2021.
- VoNB decreased by 31% to Rs. 2.6 billion for Q1 FY 2021 (with effective tax rate).
- VoNB margin increased from 19.9% in Q1 FY 2020 to 20.1% in Q1 FY 2021 (with effective tax rate)
Shares of SBI Life Insurance Company Ltd was last trading in BSE at Rs.854.45 as compared to the previous close of Rs. 874.95. The total number of shares traded during the day was 41317 in over 2680 trades.
The stock hit an intraday high of Rs. 888.5 and intraday low of 851.1. The net turnover during the day was Rs. 35780197.
