SBL Life Insurance Company’s pace of premium accretion witnessed a revival sequentially though YoY it remained moderate. Recovery in equities and increase in yields led to robust investment gains partially offset by change in actuarial liability, led to higher than expected surplus and earnings.
Premium growth witnessed a revival at approximately 14% YoY to Rs 7588 crore, led by higher traction in renewal and single premium. Accretion in new business premium came a tad lower YoY at Rs 3059 crore but was still better given the current scenario. Growth in renewal premium continued to remain healthy at approximately 30% YoY to Rs 4584 crore, conservation ratio at 88%. Within new business premium (NBP), traction in individual business remained moderate at Rs 1260 crore in Q1 FY21 verses Rs 1760 crore in Q1 FY20, primarily led by a decline in unit linked products. Traction in protection business tapered at Rs 290 crore verses Rs 440 crore in Q1 FY20, with proportion of NBP mix declining to 10% verses 12.5% in FY20.
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