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Axis Securities Report
In Q4 FY21, SBI Life Insurance Co. reported a strong annual premium equivalent of Rs 39.7 billion, up 46.5% year-on-year and 13% quarter-on-quarter led by growth across all products.
Individual protection share was 7.1% while unit linked insurance plan share stood at 70% in total APE.
The two-year APE compound annual growth rate stood at 13.2%.
Individual protection growth at ~47% YoY was significantly better than peers.
Value of new business margins expanded 170 basis points YoY to 20.4% led by a superior product mix.
Banca channel continues to do well while agency and other banca distribution channels have also picked up well.
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