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SBI Life Insurance Company Ltd reports Rs. 223.16 crores PAT in Q1FY22
Posted On : 2021-07-26 22:22:29( TIMEZONE : IST )
SBI Life Insurance Company Ltd has reported financial results for the period ended June 30, 2021.
Financial Results (Q1 FY 2021-22) - QoQ Comparison
The company has reported total income of Rs.15736.91 crores during the period ended June 30, 2021 as compared to Rs.20896.70 crores during the period ended March 31, 2021.
The company has posted net profit / (loss) of Rs.223.16 crores for the period ended June 30, 2021 as against net profit / (loss) of Rs.532.38 crores for the period ended March 31, 2021.
The company has reported EPS of Rs.2.23 for the period ended June 30, 2021 as compared to Rs.5.32 for the period ended March 31, 2021.
| Financials | Q1 FY2021-22 | Q4 FY20-21 | % Change |
| Total Income | ₹ 15736.91 crs | ₹ 20896.70 crs |  -24.69% |
| Net Profit | ₹ 223.16 crs | ₹ 532.38 crs | -58.08% |
| EPS | ₹ 2.23 | ₹ 5.32 | -58.08% |
Financial Results (Q1 FY 2021-22) - YoY Comparison
The company has reported total income of Rs.15736.91 crores during the period ended June 30, 2021 as compared to Rs.16178.05 crores during the period ended June 30, 2020.
The company has posted net profit / (loss) of Rs.223.16 crores for the period ended June 30, 2021 as against net profit / (loss) of Rs.390.89 crores for the period ended June 30, 2020.
The company has reported EPS of Rs.2.23 for the period ended June 30, 2021 as compared to Rs.3.91 for the period ended June 30, 2020.
| Financials | Q1 FY2021-22 | Q1 FY2020-21 | % Change |
| Total Income | ₹ 15736.91 crs | ₹ 16178.05 crs | -2.73% |
| Net Profit | ₹ 223.16 crs | ₹ 390.89 crs | -42.91% |
| EPS | ₹ 2.23 | ₹ 3.91 | -42.97% |
Business growth and market share
- The Company has achieved private market leadership in Individual Rated Premium of Rs. 13.9 billion with private market share of 18.9% in Q1 FY 2022.
- Strong growth in Individual New Business Premium by 37% to Rs. 18.4 billion in Q1 FY 2022.
- New Business Premium (NBP) has grew by 9% to Rs. 33.4 billion in Q1 FY 2022 with 29% growth in First year premium.
- Protection New Business Premium has increased by 46% from Rs. 2.9 billion in Q1 FY 2021 to Rs. 4.3 billion in Q1 FY 2022 due to 75% y-o-y growth in individual protection business to Rs. 1.3 billion and 36% y-o-y growth in group protection business to Rs. 3.0 billion in Q1 FY 2022.
- Gross Written Premium (GWP) has grew by 10% to Rs. 83.8 billion in Q1 FY 2022 mainly due to 29% growth in First Year Premium (FYP) and 10% growth in Renewal Premium (RP) in Q1 FY 2022.
Cost Efficiency
- Total Cost ratio for Q1 FY 2022 is 10.5% vis-à-vis 10.1% for Q1 FY 2021
- Commission ratio for Q1 FY 2022 is 3.2% vis-à-vis 3.1% for Q1 FY 2021
- Operating Expense for Q1 FY 2022 is 7.2% vis-à-vis 7.0% in Q1 FY 2021.
Profitability
- Profit after Tax (PAT) stands at Rs. 2.2 billion for Q1 FY 2022.
- Value of New Business (VoNB) increased by 45% to Rs. 3.4 billion in Q1 FY 2022.
- VoNB margin increased by 250 bps from 18.7% in Q1 FY2021 to 21.2% in Q1FY 2022.
- VoNB increased by 52% to Rs. 3.9 billion for Q1 FY 2022 (with effective tax rate).
- VoNB margin increased by 400 bps to 24.1% in Q1 FY 2022 (with effective tax rate).
- Additional reserve of Rs. 4.4 billion towards COVID-19 pandemic has been provided as at June 30, 2021.
Persistency
Strong growth in 13th month persistency by 295 bps to 84.50% for Q1 FY 2022 as compared to 81.55% in Q1 FY 2021 due to focus on improving the quality of business and customer retention. Further, 61st month persistency for Q1 FY 2022 stands at 60.88%.
Assets under Management
AuM has grown by 32% from Rs. 1,753.5 billion as on June 30, 2020 to Rs. 2,315.6 billion as on June 30, 2021 with debt-equity mix of 72:28. Over 90% of the debt investments are in AAA and Sovereign instruments.
Financial position
- The Company's net worth increased by 14% from Rs. 93.1 billion as on June 30, 2020 to Rs. 105.8 billion as on June 30, 2021.
- Strong solvency ratio as on June 30, 2021 of 2.15 as against the regulatory requirement of 1.50.
Distribution network
- The Company has strong distribution network of 212,821 trained insurance professionals consisting of agents, CIFs and SPs along with widespread operations with 947 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. NBP channel mix for Q1 FY 2022 is bancassurance channel 45%, agency channel 19%, and other channels 36%.
Shares of SBI Life Insurance Company Ltd was last trading in BSE at Rs. 1077 as compared to the previous close of Rs. 1050.55. The total number of shares traded during the day was 86108 in over 6872 trades.
The stock hit an intraday high of Rs. 1104.1 and intraday low of 1040.9. The net turnover during the day was Rs. 91842145.
