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Yes Securities Report
SBI Life Insurance Company Ltd.'s calculated of new business margin in Q4 FY22 is 26.9%, which is 77 basis points lower than the calculated VNB margin in Q4 FY21.
The VNB margin has been flattish to lower on YoY basis despite an apparent improvement in product mix. This is because when SBI Life re-priced products in August, the re-pricing was not fully margin neutral, especially for the non-par savings product basket.
Management averred that VNB margin should expand going forward due to rising share of non-par guaranteed business, deferred annuities and protection.
Total annual premium equivalent was down 10% QoQ to Rs 41.2 billion in Q4 FY22. This was primarily due to the third wave of Covid-19 impacting sales in January and February.
We think the third wave might have impacted SBI Life more than peers since a greater proportion its, generally mass market, customers would be dependent on human mobility.
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