Empowering Life, Driven by Values
Empowering Life,
Driven by Values
At SBI Life, we have embarked on a transformative journey over the past two decades, emerging as a trusted and preferred life insurance provider in India. In our journey, we have always remained committed to our core values of Integrity, Humility, Transparency, Innovation & Sustainability, while empowering lives of our stakeholders.
Highlights FY23
Rank 1
among private players in New Business Premium (NBP), Individual NBP and Individual Rated NBP
Lowest
Operating expense ratio
16%
Indian Embedded Value (Y-o-Y) growth
15%
Gross Written Premium (Y-o-Y) growth
16%
NBP (Y-o-Y) growth
Crossed Asset Under Management mark of
`3 trillion
14%
Profit After Tax (Y-o-Y) growth
37%
Value of New Business (Y-o-Y) growth
12%
Networth (Y-o-Y) growth
420 bps
Increase in VoNB Margin
99%
New business proposal sourced digitally
86.7 tCO2e
Scope 1 Emission
94%
Renewal collection through digital mode
4,902.2 tCO2e
Scope 2 Emission
5 new products
launched
59
Net Promoter Score
89%
Renewal collection efficiency
20,787
Total employees
26%
Increase in women employees
992
Offices
2.8 lakhs
No. of business partners
`226.2 mn
CSR spent
Empowering life of
our stakeholders
Customers
Material issues
- Customer Service and Satisfaction
- Purposeful Products and Services
- Brand and Reputation Management
- Cyber Security and Customer Privacy
Strategic Objective
- Customer engagement with enhanced experience
- Expanding digital footprints for seamless journey
Focus areas
- Customer centric approach
- Fostering customer engagement
- Increasing customer retention
- Enhancing customer experience
- Prioritising customer satisfaction
Key highlights
` 364.08 bn
Individual Renewal Premium collected during FY23, 13% growth over FY22
` 305.24 bn
Claims/Benefits paid to more than 27 lakh policyholders/claimants/ beneficiaries during FY23
People
Material issues
- Employee Centricity
- Human Rights
Strategic Objective
- Building skilled and dynamic team
- Expanding digital footprints for seamless journey
Focus areas
- Diversity and inclusion
- Employee engagement and recognition
- Employee health and well-being
- Learning and development
Key highlights
20,787
Total employees
19.04%
Women employees
Business Partners
Material issues
- Sustainable Supply Chain and Partnerships
- Brand and Reputation Management
Strategic Objective
- Robust distribution model with expanded reach
- Expanding digital footprints for seamless journey
Focus areas
- Establishing a robust distributor ecosystem
- Partnering to expand distribution network
- Fostering distributor engagement
- Harnessing the power of digital technology
Key highlights
40
New offices added in FY23
~75,500
Gross Additions of Agents in FY23
Shareholders
Material issues
- Regulatory and Legal Compliance
- Governance and Ethical Business Practices
- Risk Management
Strategic Objective
- Sustainable growth with value creation
- Expanding digital footprints for seamless journey
Focus areas
- Focus on VoNB growth and profitability
- Efficient capital allocation and management
Key highlights
No capital Infusion since 2008
Zero debt Company
Robust internal accruals
to support growth prospects
Communities
Material issues
- CSR and Community
- Financial Inclusion
Strategic Objective
- Sustainable growth with value creation
Focus areas
- Financial Inclusion
- Promoting Education
- Supporting Healthcare
- Environment
- Women Empowerment
Key highlights
110k+
CSR beneficiaries
` 226.2 mn
CSR spend in FY23
Chairman’s message
Thriving in a dynamic
business environment
Dear Stakeholders,
The major forces that shaped the world economy in 2022 continued into 2023 with varied intensities. Recovering from the pandemic induced contraction, global economic growth moderated as escalating geopolitical tensions kept supply chains in disarray and pushed inflation to historically high levels. The central banks of major economies initiated a synchronised and aggressive monetary tightening cycle, which has eased inflation in recent months.
Dinesh Kumar Khara Chairman
Read more
Message from the MD and CEO
Embracing opportunities for
a resilient future
Dear Stakeholders,
It gives me immense pleasure to report to you that SBI Life continues to deliver robust performance across all key financial and non-financial parameters. With India projected to become the fifth-largest life insurance market by 2032, we remain favourably positioned to capitalise on the immense growth opportunity ahead. As one of India’s leading private life insurers, we are committed to delivering need-based solutions that address the ever-evolving consumer needs while contributing towards realising the nation’s ambition of ‘Insurance for all’ by 2047.
Mahesh Kumar Sharma Managing Director and Chief Executive Officer
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Key Performance Indicators
Driving growth
nurturing trust
With a strong focus on operational excellence, stakeholder value creation and building trust, we have not only thrived in a dynamic market but also emerged as a catalyst for positive change. Our relentless pursuit of excellence has positioned us as a leader, setting new standards and pushing boundaries in the insurance industry.
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Our Value Creation Model
Strengthening the Core
Financial
Input
`10.01 bn
Equity share capital
`119.24 bn
Reserves and Surplus
Output
`673 bn
GWP
`130 bn
Net Worth
`460 bn
IEV
`17 bn
Profit After Tax
`51 bn
VoNB
`2.50 bn
Dividend paid
13.97%
ROE
30%
VoNB margin
Manufactured
Input
992
Number of offices
39,000+
Number of partner branches
`300.8 mn
Spend on office improvements and infrastructure
Output
2.20 mn
Number of policies issued
20.63 mn
Lives covered
85.52%
(13th Month) Persistency ratio
Intellectual
Input
`226.9 mn
Spend in technology
`115.6 mn
Spending in software
Output
5
New products launched
94%
Renewal premium collection through digital mode
99.3%
Individual policies sourced digitally
380
Robotic Process Automation
294
E-training modules, courses and quizzes
45%
Automated Underwriting
Human
Input
20,787
Number of employees
`171.74 mn
Spending on employee training
Employee engagement initiatives
Output
`34 mn
Revenue generated per employee*
Diversity
19.04%
women employees
49.3 hours
Average number of training hours per employee
5 years 1 months
Average number of years spent by an employee in the Company
738
GEM winners
Social and Relationship
Input
39%
Semiurban and rural branches
36
Number of CSR partners
`226.2 mn
CSR spends
Output
59
Net Promoter Score
110k+
Number of beneficiaries from CSR
7,00,344
Number of new policies issued in rural areas Premium: (`45 bn)
10,99,727
No. of new lives covered in social sectors
Natural
Input
Implementation of ESG framework
Waste management initiatives (E-waste, Paper)
Output
86.7 tCO2e
Scope 1 Emission
4,902.2 tCO2e
Scope 2 Emission:
1,850 kgs
E-waste recycled/disposed in environment-friendly manner
19,000+
No. of plants maintained
240 kgs
Paper waste reused
Governance
Resolute leadershipfor excellence
At SBI Life, we believe that true empowerment stems from the synergy of trust and responsible governance. Driven by our overarching objective to empower lives and create a meaningful world for our stakeholders, we embrace a governance framework built on integrity, excellence, and ethical practices.
Read moreRisk management
Managing riskswith prudence
At SBI Life, effective risk management is integral to achieving our strategic, business, and operational objectives. Our robust risk management framework, aligned with enterprise risk management (ERM) principles, ensures the identification, assessment and mitigation of risks. This framework is supported by risk appetite statements, integrating risk management with our strategic goals and overall risk appetite.
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