SBI Life Q1 Review – Improved Margins; Risk-Reward Favourable: Prabhudas Lilladher

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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.

Click on the attachment to read the full report:

Prabhudas Lilladher SBI Life Q1FY22 Result Update.pdf


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