State Bank of India Overview
SBI Life Insurance Company Ltd, a joint venture between State Bank of India and BNP Paribas Cardif S.A., specialises in life insurance and annuity products. Boasting a solid financial standing with a solvency ratio of 215%, a 100% claim settlement ratio, and other impressive metrics like an 88% persistency ratio for 13 months and a VNB margin of 20%, it offers a broad range of products including individual and group plans, unit-linked insurance, and more. With individual policies making up about 61% of its New Business Premium (NBP) in FY21, the company leverages a vast distribution network comprising agents, CIFs, SBI branches, and bancassurance partners to achieve widespread reach across India. Bancassurance is a significant channel, contributing 56% to the NBP. FY21 saw the company earning a total premium of approximately ₹50,200 crores, marking a significant growth from previous years and cementing a 9% market share by 9MFY22. The company's embedded value stood at about ₹33,300 crores in FY21, with assets under management totaling around ₹2.2 lakh crores, demonstrating a well-balanced investment strategy. Strong ties with SBI, India's largest and oldest bank, afford SBI Life invaluable brand leverage and an expansive customer access network, underpinning its robust performance and growth in the Indian life insurance sector.