stronger together
Integrated
Annual Report
2019-20
Integrated
Annual Report
2019-20
We, at SBI Life Insurance Company Limited (SBI Life), are one of the leading private life insurers in India. We provide a comprehensive range of savings and protection products to individual and group customers across traditional and unit-linked plans, covering about 8.9 million lives in FY20. Our products are available in the life, pension, annuity and health segments.
know moreFY20PERFORMANCE HIGHLIGHTS
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23%*Gross Written Premium
(GWP)
17%*Indian Embedded Value
(on actual tax rate basis)
7%*Profit after tax
15%*Net worth
FINANCIAL CAPITAL
Our financial resources include shareholder equity and internal accruals. We optimally deploy our financial capital to grow the wealth of our customers and secure their future in the event of any unforeseen circumstances.
HUMAN CAPITAL
We endeavour to attract the best talent, provide them with multi-faceted development opportunities, support them in maintaining a healthy work-life balance and recognise their achievements through targeted performance-based rewards.
MANUFACTURED CAPITAL
It comprises tangible fixed assets including our offices, branches and distribution network used for conducting our business activities. It also includes the products and policies that we offer our customers.
SOCIAL & RELATIONSHIP CAPITAL
We have built long-standing relationships with our customers, business partners, shareholders, regulators and employees. As a responsible corporate citizen, we are also committed to playing an active role in uplifting the communities around us.
INTELLECTUAL CAPITAL
Our intellectual capital comprises our collective knowledge and expertise to offer innovative products with distinct customer value propositions. This enables us to stay ahead of the curve in today’s dynamic world.
NATURAL CAPITAL
We are proactively working towards reducing our environmental footprint. Our key focus areas include energy efficiency, water conservation, waste management, driving paperless ways of working, embracing digital applications and solutions, and reducing the use of plastic, among others.
Our products are centred around the existing as well as emerging needs of our customers. They cater to customers across different age groups and income levels. Products available online include eShield, eWealth Insurance, Smart Platina Assure, Poorna Suraksha and Annuity Plus.
SBI Life’s successful journey bears testimony to our ability to innovate using technology to cater to our varied pool of customers across every nook and corner of the country.
Dear Stakeholders,
At the onset, let me wish all of you and every member of your family the best of health and well-being. We are living through difficult times — a global health crisis of unimaginable scale has taken a huge toll on lives and livelihoods.
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We outperformed the industry average, despite a challenging macroeconomic environment and large-scale disruptions at the end of the fourth quarter due to the pandemic outbreak.
Dear Stakeholders,
I am pleased to share that SBI Life delivered another year of impeccable
performance on all fronts. Our strong brand recall, unparalleled distribution
network, robust digital platforms, rich management expertise and invaluable
human assets have enabled us to maintain our leadership in the private life
insurance space.
During FY20, we achieved stable and sustainable business growth, ramped up share of the high-margin protection business while maintaining cost ratios and improving persistency.
At SBI Life, we believe in becoming stronger together and delivering superior and seamless experiences for our customers.
Offices
Individual
agents
Specified
Persons (SPs)
Over the past two decades, we have built a formidable ecosystem of partners in progress through our strategic distribution network comprising branches, bancassurance channels and agents.
know moreAt SBI Life, we deploy best-in-class technologies to elevate service experience and improve operational efficiency, in line the changing industry landscape and evolving customer preferences for simplicity and convenience.
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We maintain scalable,
efficient
and effective core
systems and
IT architecture
We leverage AI cloud computing,
bots,
Machine Learning (ML), Robotic
Process
Automation (RPA) and
analytics to
create superior value
We endeavour to create long-term value for our stakeholders through our business activities, prudent strategies, focused execution, and robust risk management and governance. We are a resilient enterprise with the ability to adapt to the dynamic external environment.
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Our vision is reflected in everything we do. To provide differentiated insurance solutions to our customers, deliver robust financial performance and make a positive contribution to the society, we have outlined five strategic objectives, which, coupled with our strategic enablers, will continue to drive our value-creation process.
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FULFILLING OUR RESPONSIBILITY TOWARDS THE PLANET
At SBI Life, we are cognisant of the existential challenges posed by climate change.
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Enabling an inclusive world
It is our strong belief that organisations that work actively to drive overall development and well-being of their communities go a long way in becoming truly sustainable.
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Driving Trust Through Transparency
Since inception, integrity, excellence and ethics have been the three pillars of our corporate governance philosophy.
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