SBI Life Insurance registers New Business Premium of Rs 21,512 crore till Dec. 2022
By Swagatika Bhutia
Bhubaneswar, Jan. 23: SBI Life Insurance, one of the leading life insurers in the country registered a New Business Premium of 21,512 crores for the period ended on 31st December, 2022 vis-a-vis Rs 18,791 crores for the period ended December 31, 2021. Regular premium has increased by 22 per cent over the corresponding period ended on 31st December, 2021.
Establishing a clear focus on protection, SBI Life’s protection new business premium stood at Rs 2,545 crores for the period ended December 31, 2022 marking a growth of 25 per ent. Protection Individual new business premium registered a growth of 12 per ent and stood at Rs 696 crore for the period ended December 31, 2022. Individual New Business Premium stands at Rs 15,242 crores with 31per cent growth over the corresponding period ended 31st December, 2021.
SBI Life’s profit after tax stands at Rs 944 crores for the period ended December 31, 2022.
The company’s solvency ratio continues to remain robust at 2.25 as on December 31, 2022 as against the regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 17 per cent to Rs 2,99,987 crore as on December 31, 2022 from Rs 2,56,871 crores as on December 31, 2021, with the debt-equity mix of 71:29. Over 95 per cent of the debt investments are in AAA and Sovereign instruments.
The company has a diversified distribution network of 2,55,848 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.
