SBI Life Q4 Review - Strong Pullback; Momentum Should Continue: Prabhudas Lilladher
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Prabhudas Lilladher Report
SBI Life Insurance Company Ltd. ended the FY21 with 6.6% of annual premium equivalent growth which grew 48% YoY/13% QoQ on back of 24% growth in new business premium in FY21 and 62% YoY/14% QoQ in Q4 FY21.
Strong topline and mix also enhanced margins to be better than expectations at 20.4% in FY21 (our estimate: 19.9%) and implying 22.2% exit margin in Q4 FY21 (our estimate:21.2%).
This led to a strong 20% YoY growth in the absolute value of new business.
Strong growth was seen in non-par savings, individual protection, group business and recovery in unit-linked insurance plans happening quarter to quarter.
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