VALUE CREATED FOR STAKEHOLDERS

A commitment to deliver long-term value

At SBI Life, we believe that our ability to deliver long-term value stems from the trust of our customers, business partners, employees and other stakeholders. This has enabled us to build a strong foundation that can withstand challenges and propel our transition to an inclusive future.

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Investors

We create value to our investors by generating robust cash flows, strengthening our balance sheet and efficiently deploying capital to fund future growth.

`10bn

Equity share capital

`90.92bn

Reserves and surplus

`23.34bn

Value of New Business (VoNB)

*bn: billion, mn: million

Customers

We strive to create a long-term relationship with our customers and help them secure their financial future through innovative and customised products and solutions

1.6mn+

Policies added

3.95%

Surrender Ratio

*bn: billion, mn: million

Distributors

We create value for our distributors by providing state-of‑art technologies, training and upskilling programmes which enables them to drive their business growth.

>39,000

Individual agents
(Life Mitra) added

People

Our people are our biggest asset, and we always put their welfare, safety and best interests at the forefront. We strive to create a conducive, meritocratic and inclusive work environment that enables our people to reach their full potential.

17,464

Total Employees

16.10%

Women employees

Online training imparted to

17,311 Employees

1,01,899 Life Mitras

38,152 CIF

Environment

The insurance business by nature does not have a significant negative impact on the environment. However, we proactively work towards reducing our footprint by improving energy efficiency, conserving, and managing waste efficiently, among others.

20kg

Plastic bottles recycled every month

130kg

Waste paper recycled every month

Community

As a responsible corporate citizen, we play an active role in driving the nation’s inclusive development agenda and make a meaningful difference to the lives we touch.

`0.26bn

CSR expenditure

4 lakh+

Lives touched

*bn: billion, mn: million

Chairman’s
Statement

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A promise of a better and secured future

Dear Stakeholders,
It gives me immense delight and satisfaction to share with you the performance of our organization during the past financial year despite facing myriad challenges posed by the COVID-19 pandemic.

Dinesh Kumar Khara CHAIRMAN

MD AND CEO’S STATEMENT

MD and CEO’S
Statement

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A strong display of grit and determination

Dear Stakeholders,
We strive to go beyond expectations to lead the industry, taking on various challenges with integrity and agility in these times of global crisis.

Mahesh Kumar SharmaMD and CEO

Chairman’s STATEMENT

DIGITALISATION

A transition to a ‘truly digital’ experience

We deploy the best-in-class technologies to strengthen our system and provides while providing a seamless, safe and elevated omnichannel experience to our customers. We aspire to become a ‘truly digital’ organisation by making our IT infrastructure more robust and leverage the power of next-generation digital technologies like Artificial Intelligence (AI), Machine Learning, Data Analytics, among others.

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COVID-19 MEASURES

A proactive response to a global crisis

The global pandemic that disrupted the way of life in 2020 continues to impact individuals and businesses. The heightened economic uncertainty and evolving risk factors tested the resilience and relevance of business models across industries. Our response was swift and comprehensive, keeping in mind the safety of our employees, customers, and other stakeholders while ensuring uninterrupted operations.

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VALUE CREATION MODEL

A strong core for building a better future

  • Financial
    Capital
  • Manufactured
    Capital
  • Intellectual
    Capital
  • Human
    Capital
  • Social & Relationship
    Capital
  • Natural
    Capital

Financial Capital

Financial
Capital

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Equity share capital

`10 billion

Reserves and surplus

`90.92 billion

Gross Written Premium

`502.54 billion

Profit After Tax

`14.56 billion

ROE

15.2%

Net Worth

`104.00 billion

  • Financial stability
  • Robust cash flows and profitability
  • Superior value for shareholders

Manufactured Capital

Manufactured
Capital

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Capex for new offices, branches

`17.78 million

Land and Buildings as on March 2021

`3.66 billion

Furniture and equipment as on March 2021

`1.78 billion

Offices

947

Policies issues in FY21

1.66 million

Reduction in grievances from 26 to 17 per 10,000 policies issued in FY21 as compared to FY20

  • A large, superior distribution network
  • Diverse, innovative products and services
  • High value created for customers

Intellectual Capital

Intellectual
Capital

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Spends on technology

`0.32 billion

Spend on software

`0.20 billion

New products approved

4

Renewal premium collection through digital mode

90%

99%

of total individual applications submitted digitally

  • Strong response to new launches
  • Healthy traction on digital platforms

Human Capital

Human
Capital

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Spends towards employee training

`13.43 million

Number of courses an employee trained

35

Employee successfully completed monthly skill assessment process

95.23%

Revenue generated per employee

`11.81 million

Average number of years spent by an employee in the Company

5 years 1 month

  • Strong employer brand equity
  • Committed and highly motivated people
  • Healthy retention level

Social & Relationship Capital

Social & Relationship
Capital

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New policies issued in rural areas

4,40,907

Premium

`23,213.99 million

New policies issued in social sector

592

Premium

`93.57 million

CSR spend

`0.26 billion

CSR beneficiaries

4 lakh+

Total contribution under PM Relief and Disaster Relief:

`11.21 million

CSR partners

100+

Number of business partners

2,25,559

(Banks, Agents, Broker, CIFs and Specified persons)

  • Long-lasting, trusted relationships with communities, customers and stakeholders

Natural Capital

Natural
Capital

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Key resources used - Water, Land and Power

Paper recycled (newspapers/magazines collected)

LEED-certified buildings

Corporate Office

Plastic bottle recycling:

20 kgs per month

Waste paper recycling

130 kgs per month

Paperless transactions:

99%

of individual applications submitted digitally

  • Reducing our environmental footprint and creating awareness on conserving natural capital across all internal and external stakeholders

VALUE CREATION STRATEGY

A strategic roadmap to tomorrow

We have thoughtfully redefined our strategies and made well informed decisions to remain relevant to all our stakeholders. We believe economic growth should create opportunities for all, which is why we are focused on building partnerships that foster inclusive growth across our value chain.

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SO1

Expanding geographical presence through robust distribution network

FY21 Achievements

  • Top 3 states contributed less than 30% of total NBP
  • Increase in distribution partners

39,679

Agents

2,064

SP’s

5

Brokers

SO2

Profitable growth through efficient cost discipline

FY21 Achievements

  • Reduced total cost ratio to 8.3% from 9.9% in FY20
  • Reduced commission ratio to 3.5% from 4.0% in FY20
  • Reduced opex ratio to 4.8% from 5.9% in FY20
SO3

Building customer value proposition

FY21 Achievements

  • Maintained surrender ratio at 3.9%
  • Improved persistency ratios for all time frames

1.66 million

New Policies added

SO4

Expanding our digital footprint

FY21 Achievements

90%

Of renewal premium digitally collected

43%

Increase in protection policies sold digitally

SO5

Developing a skilled workforce

FY21 Achievements

Engaged with

225,381

Trained insurance professionals versus 186,495 in FY20

GOVERNANCE

Leading with
prudence

Integrity, excellence and ethics are the guiding principles of our Corporate Governance philosophy. At SBI Life, the Board plays a key role in setting a strategic direction, and for embedding ethics and sustainability in our core values along with identifying, mitigating and managing Environmental, Social and Governance (ESG) risks and material issues.

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EXTERNAL ENVIRONMENT

An evolving landscape of opportunities

The life insurance industry in India is one of the fastest growing sectors. Although the pandemic has significantly altered consumer behaviour and expectations, the key factors driving the long-term potential of India’s life insurance industry remains intact.

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RISK MANAGEMENT

Strengthening resilience

As an insurance company, we cover life, health and longevity risks of our policyholders. We invest the premiums received and provide long-term returns to our customers.

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BOARD OF DIRECTORS

Governed by Experts

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MANAGEMENT TEAM

Steering through rapid change

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Download Centre

Integrated
Annual Report

pdf

Statutory
Reports

pdf

Financial
Statements

pdf

Additional
Information

pdf