ECONOMY

SBI Life Q4 Review – Business Growth Perks Up; VNB Margin Surprises Positively: Motilal Oswal

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SBI Life Insurance Company Ltd. reported a robust quarter, with strong annual premium equivalent growth led by recovery in unit linked insurance plan and continued strong traction in non-participating/annuity and individual protection.

Also, it reported strong value of new business growth of 93% YoY – on an effective tax rate basis – with margins improving sharply to 27.7%. FY21 VNB margins improved to 23.2%.

Persistency improved across cohorts, with 13th/61st month persistency improving 180 basis point/170 basis point YoY to 87.9%/61.6%.

The company continues to maintain cost leadership, with the total expense ratio declining to 8.3% in FY21 (versus 9.9% in FY20).

Click on the attachment to read the full report:

Motilal Oswal SBI Life Insurance Q4FY21 Result Update.pdf

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