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

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Motilal Oswal Report

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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