SBI Life Q2 Review - Robust VNB Growth; New Business Profit Growth, Margin Steady: Motilal Oswal
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Motilal Oswal Report
SBI Life Insurance Company Ltd. reported a strong Q2 FY22, with annual premium equivalent growth of 46% YoY (5% beat) and value of new business growth at a stellar 91% YoY (10% beat).
VNB margin improved to 25.9% (up ~560 basis points YoY). However, shareholders’ profit after tax declined by ~18% YoY on account of higher claims settled in Q2 FY22.
Among segments, unit linked insurance plan saw a strong rebound, up 67% YoY.
SBI Life's non participating/protection grew better than its peers, up 68%/21% YoY.
Persistency has improved across cohorts, with 13th month persistency improving by ~180 bps YoY to 87.7% and steady trends in the 61st month at 60.7%.
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