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Prabhudas Lilladher Report
SBI Life Insurance Company Ltd.’s new business premium was slower with growth of 10% y-o-y led by a slower group business, while decent retail business growth of 37% y-o-y in NBP, annual premium equivalent grew by 28% y-o-y.
On effective tax basis, SBI Life is catching up toward industry players with 90 basis points (400bps y-o-y) improvement seen from FY21 to 24.1%.
Margin improvement has been on good mix change mainly from continued protection (best growth amongst listed players – 62% y-o-y in NBP and 86% in APE).
Covid-19 claims and reserving of Rs 4.4 billion (including Rs 1.8 billion of Q4 FY22) is near to industry trends with benefits reaped from mortality changes done in FY21.
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