21
YEARS OF
the Future.

The pandemic not only brought along socio-economic disruptions, but also led to a dynamic paradigm shift in consumer priorities. The 'new normal' propelled the significance of a safety net, with health, pension and protection solutions becoming cardinal to every investment portfolio. At SBI Life, we offer a bouquet of products catering to the evolving needs of our invaluable stakeholders.

Digitalisation has become a business imperative, enabling seamless operations and ease of service. We have achieved many industry firsts and created remarkable synergy, which powers our abilities to deliver sustained value to all our stakeholders.

Through our ‘customer first’ approach and increasing national presence, we have made insurance accessible to all, maintaining world-class services and providing hassle-free claims settlement experiences.

These glorious years of togetherness have led us to stand strong, in terms of profit maximisation, as well as customer and employee satisfaction quotients, even in the face of the pandemic woes.

With customers at the core, ESG values in our DNA, a range of offerings and a thriving stakeholder ecosystem, we are certain of a sustainable and secure future.

FY22 PERFORMANCE
HIGHLIGHTS

`587.60 bn

GROSS WRITTEN PREMIUM (GWP)
17% Y-O-Y

`116.21 bn

NET WORTH
12% Y-O-Y

`254.57 bn

NEW BUSINESS PREMIUM (NBP)
23% Y-O-Y

`15.06 bn

PROFIT AFTER TAX
3% Y-O-Y

`2,674.09 bn

ASSETS UNDER MANAGEMENT (AUM)
21% Y-O-Y

`37.04 bn

VALUE OF NEW BUSINESS (VoNB)

2.05

SOLVENCY RATIO

25.9%

VALUE OF NEW BUSINESS (VoNB) MARGIN

`267.28 mn

CSR SPEND

`396.25 bn

INDIAN EMBEDDED VALUE (IEV)
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MESSAGE FROM CHAIRMAN
Aways looking forward for a secured future

Dear Stakeholders,

The global economy was on the path of recovery in 2021, post significant disruption due to Covid-19 pandemic. Vaccinations have proven effective in mitigating the adverse health impacts of Covid-19. Overall, 2021-22 remained volatile with global prospects getting impacted by economic fallout of the pandemic.

Dinesh Kumar Khara
Chairman
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MESSAGE FROM THE MANAGING DIRECTOR & CEO
Building a secured future together

Dear Stakeholders,

FY 2022 being on the path of economic recovery for the world, including the insurance industry, we have emerged stronger and more resilient with once again outperforming the industry average.

Mahesh Kumar Sharma
Managing Director and Chief Executive Officer
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VALUE CREATED FOR STAKEHOLDERS
Achieving inclusive growth

At SBI Life, our focus is on striding ahead against all odds by building a robust value-system and foundation that are an amalgam of multiple forces, including our investors, customers, distributors, people, and other stakeholders.

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Investors

`10.0 bn

Equity share capital

`104.2 bn

Reserves and Surplus

ZERO

Debt
Customers

1.9 mn+

Policies added

0.07%

Mis-selling ratio
Distributors

>54,000

Individual Agents (Life Mitra) Added
People

18,515

Total Employees

16.89%

Women employees (as a % of total)
Environment

100 kg per month

Organic manure for plants from leftover food and food waste

99%

Individual applications sourced digitally, eliminating use of paper
Community

`267.28 mn

CSR expenditure

2 lakh+

Beneficiaries covered
DIGITALISATION
Staying ahead on digital curve

Digitalisation is integral to our strategy, given the evolving customer preferences for automation and innovative solutions. We are emerging as a truly digital organisation by incorporating the best-in-class technologies, such as Artificial Intelligence (AI), Machine Learning and data analytics, in order to enhance customer satisfaction.

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ONLINE INSURANCE
IMPROVED TECHNOLOGY INFRASTRUCTURE
SEAMLESS ONBOARDING FOR CUSTOMERS
SELF-SERVICE OPTIONS
DIGILOCKER
OUR STRATEGY
Creating value, fostering growth
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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.

SO1

Expanding geographical presence through a robust distribution network

SO2

Profitable growth through efficient cost discipline

SO3

Building customer value proposition

SO4

Expanding our digital footprint

SO5

Developing a skilled workforce

OUR VALUE CREATION MODEL
Strengthening the core
Inputs

Financial Capital

Our financial resources include shareholder equity and internal accruals. We optimally deploy our financial capital to grow the wealth of our stakeholders and secure our customers' future in the event of any unforeseen circumstances.

Equity share capital

`10.0 bn

Reserves and Surplus

`104.18 bn

Outputs
Gross Premium Income

` 587.60 bn

Profit After Tax

` 15.06 bn

RoE

13.7%

Net Worth

` 116.21 bn

VoNB

` 37.04 bn

VoNB margin

25.9%

IEV

`396.25 bn

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

Manufactured Capital

It comprises tangible fixed assets including our offices, branches and distribution network, used for conducting our business activities.

Land and Buildings as on March 31, 2022

`3.62 bn

Furniture and equipment as on March 31, 2022

`1.17 bn

Number of offices

952

Capex for new offices

`4.40 mn

Outputs
Number of policies issued

1.9 mn

Lives covered

15.6 mn

Reduction in grievances from

17 to 16 per 10,000 policies issued as compared to FY21

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

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. It also includes intangible assets such as brand value, digital offerings and platforms and specialised resources.

Information technology as on March 31, 2022

`325.59 mn

Software as on March 31, 2022

`120.61 mn

Outputs
New products launched

5

Renewal premium collection through digital mode

93 %

Outcomes
  • Strong response to new launches
  • Healthy traction on digital platforms
  • Products catering to various customer needs
Inputs

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.

Spends towards employee training

`43.65 mn

Employee successfully completed monthly skill assessment process

95.91%

Outputs
Revenue (NBP) generated per employee

` 13.75 mn

Average number of years spent by an employee in the Company

5 years 3 months

Average age of employee

36 years 7 months

No. of experienced and expert management personnel

10

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

Social and 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.

Implementing NGO Partners

60 +

Number of business partners

205,895

(Banks, Individual Agents, Corporate Agents, Broker, CIFs and Specified persons)
CSR spends

`267.28 mn

Outputs
Number of beneficiaries from CSR

2 lakh +

Number of new policies issued in rural areas

5,51,652

Premium

`32.87 bn

No. of new policies issued in social sector

430

Premium

`97.14 mn

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

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.

Outputs
Corporate Office is LEED certified building
Paperless transactions
99% of individual applications submitted digitally
Outcomes
  • Reducing our environmental footprint and creating awareness on conserving natural capital across all internal and external stakeholders
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Making ESG
values cardinal

Stakeholder interests are of paramount importance to a responsible business like ours. We believe in holistic and inclusive growth, which creates opportunities for all, while protecting our planet, people and society.

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ENVIRONMENT
Towards environmental stewardship
  • Climate change
  • Waste management
  • Water conservation
  • Bio-diversity
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PEOPLE
Nurturing our human assets
  • Diversity and inclusion
  • Training and development
  • Performance management
  • Employee health and well-being
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COMMUNITY
Building an equitable world
  • Rural development
  • Primary Education
  • Healthcare for women & children
  • Skill development
  • Disaster relief
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STAKEHOLDER ENGAGEMENT
Fostering constructive
dialogues

Employees

Customers

Business Partners

Shareholders

Regulators

Rating Agencies

Communities

ENTERPRISE RISK MANAGEMENT
Mitigating impacts, building resilience

At SBI Life, our comprehensive risk management framework leads us to identify, assess and mitigate existing as well as emerging risks. The key focus areas include strategic risk assessment and capital planning, governance, risk universe and risk awareness.

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GOVERNANCE
Powered by excellence and values
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BOARD OF DIRECTORS
Our diverse and independent Board
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MANAGEMENT TEAM
Leading with experience and expertise
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Download Centre

Integrated Annual
Report 2021-22

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Statutory Reports

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Financial Statements

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Additional Information

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