SBILIFENSE25 January 2024

SBI Life Insurance Company Limited has informed the Exchange regarding a press release dated January 25, 2024, titled "Press Release & Investor Presentation - Performance for the quarter & nine months...

SBI Life Insurance Company Limited

January 25, 2024 SBIL/CS/NSE-BSE/2324/214

Assistant Vice President Listing Department, National Stock Exchange of India Limited, Exchange Plaza, Plot No. C/1, G Block, BKC, Bandra (East), Mumbai 400051 NSE Symbol: SBILIFE BSE Scrip Code: 540719

General Manager Listing Department, BSE Limited,

Mumbai 400001

Dalal Street,

Phiroze Jeejeebhoy Towers,

Dear Sir / Madam,

Subject: Press Release & Investor Presentation – Performance for the Quarter & Nine months ended December 31, 2023

A copy of the press release and investor presentation being issued in connection with performance for the quarter & nine months ended December 31, 2023, is enclosed. The above information is also made available on the Company’s website at www.sbilife.co.in

We request you to kindly take the above information on record.

Thanking You,

Yours faithfully,

Vinod Koyande Company Secretary ACS No. 33696

Encl: A/a

SBI Life Insurance Company Ltd. Registered and Corporate Office: Natraj, M.V. Road and Western Express Highway Junction Andheri (East), Mumbai 400 069. Tel.: (022) 6191 0000/ 3968 0000 IRDAI Regn. No. 111. CIN: L99999MH2000PLC129113

www.sbilife.co.in

News Release BSE Code: 540719

January 25, 2024 NSE Code: SBILIFE

Performance for the nine months ended December 31, 2023

 Private Market leadership in Individual New Business Premium of ` 177.6 billion with 17% growth

and 29.1% market share

 Annualized Premium Equivalent (APE) stands at ` 143.9 billion with growth of 17%

 Protection Annualized Premium Equivalent (APE) stands at ` 15.2 billion with growth of 24%

 Value of New Business (VoNB) stands at ` 40.4 billion with 11% growth

 VoNB Margin stands at 28.1%

 Profit After Tax (PAT) stands at ` 10.8 billion with 15% growth

 Solvency ratio of 2.09

 Annuity and Pension New Business stands at ` 67.9 billion with 12% growth

 Assets under Management stands at ` 3.7 trillion with 24% growth

Key measures of performance

Particulars Revenue Parameters New Business Premium (NBP) Renewal Premium (RP) Gross Written Premium (GWP) Individual New Business Premium Individual Rated Premium (IRP) Annualized Premium Equivalent (APE) Total Protection NBP (Individual + Group) Total Protection NBP Share Private Market Share based on IRP 1 APE Product mix (%) (Par/Non Par/ULIP) APE Channel mix (%) (Banca/Agency/others) Financial Parameters Profit after Tax (PAT) Net Worth Assets under Management (AuM) IEV, VoNB and VoNB Margin2 Value of New Business (VoNB) VoNB per Share (in ` ) (VoNB / Number of Shares) New Business Margin (VoNB Margin)

9M FY 2024

9M FY 2023

YoY

(` in billion)

260.0 301.9 561.9 177.6 127.9 143.9 29.7 11.4% 26.5% 4/35/61 65/24/11

10.8 144.3 3,714.1

40.4 40.3 28.1%

215.1 257.9 473.0 152.4 111.4 122.6 25.5 11.8% 25.7% 5/38/57 66/25/9

9.4 125.8 2,999.9

36.3 36.3 29.6%

21% 17% 19% 17% 15% 17% 17% - - - -

15% 15% 24%

11% - -

Particulars Key Financial Ratios Operating expense ratio 3 Commission ratio 4 Total cost ratio5 Persistency Ratios - Premium Basis (Regular Premium/ Limited Premium payment under individual category) 6

9M FY 2024

9M FY 2023

YoY

5.1% 4.8% 9.9%

5.2% 4.5% 9.7%

- - -

13th month persistency 25th month persistency 37th month persistency 49th month persistency 61st month persistency

85.3% 76.9% 72.4% 71.6% 58.1% 2.09 10.5%

84.6% 76.3% 73.2% 70.1% 53.6% 2.25 10.4%

- - - - - - -

Solvency Ratio Return on Equity (RoE) 1. Source: Life insurance council 2. VoNB and VoNB Margin for 9M FY24 have been reviewed by Independent Actuary. 3. Operating expense ratio = Operating expenses / Gross Written Premium (GWP) 4. Commission ratio = Commission (including rewards) / Gross Written Premium (GWP) 5. Total cost ratio = (Operating expenses + Commission + Provision for doubtful debt and bad debt written off) /GWP 6. The persistency ratios are calculated as per IRDA/ACT/CIR/GEN/21/02/2010 circular dated February 11, 2010 and IRDAI circular

no. IRDAI/F&A/CIR/MISC/256/09/2021 dated September 30, 2021. Persistency Ratios for the period ended December 31, 2023 and December 31, 2022 are 'Upto the Quarter' Persistency calculated using policies issued in December to November of the relevant years. N.B: Refer the section on definitions, abbreviations and explanatory notes.

The Board of Directors of SBI Life Insurance Company Limited approved and adopted its audited financial results for the quarter and nine months ended December 31, 2023, following its meeting on Thursday, January 25, 2024 in Mumbai. The disclosure of financial results submitted to exchanges is annexed to this release.

Business growth and market share

 The Company has maintained its leadership position in Individual Rated Premium of ` 127.9 billion with

26.5% private market share in 9M FY 24.

 Growth in Individual New Business Premium by 17% to ` 177.6 billion in 9M FY 24.

 New Business Premium (NBP) has grew by 21% to ` 260.0 billion in 9M FY 24 aided by growth in

individual annuity business by 35%.

 Protection New Business Premium has increased by 17% from ` 25.5 billion in 9M FY 23 to ` 29.7 billion

in 9M FY 24 due to growth in group protection business by 25% to ` 23.1 billion in 9M FY 24.

 Gross Written Premium (GWP) has grew by 19% to ` 561.9 billion in 9M FY 24 mainly due to 25% growth

in Single Premium (SP) and 17% growth in Renewal Premium (RP) in 9M FY 24.

Distribution network

 The Company has strong distribution network of 312,626 trained insurance professionals consisting of

agents, CIFs and SPs along with widespread operations with 1,028 offices across country.

 The Company has diversified distribution network comprising of strong bancassurance channel, agency channel and others comprising of corporate agents, brokers, micro agents, common service centers, insurance marketing firms, web aggregators and direct business.

 APE channel mix for 9M FY 24 is bancassurance channel 65%, agency channel 24% & other channels 11%.

 NBP of Agency channel has increased by 21% to ` 47.3 billion in 9M FY 24 and NBP of Banca channel

has increased by 16% to ` 153.0 billion in 9M FY 24 as compared to same period last year.

Cost Efficiency

 Total Cost ratio for 9M FY 24 is 9.9% vis-à-vis 9.7% for 9M FY 23

 Commission ratio for 9M FY 24 is 4.8% vis-à-vis 4.5% for 9M FY 23

 Operating Expense ratio for 9M FY 24 is 5.1% vis-à-vis 5.2% in 9M FY 23

Profitability

 Profit after Tax (PAT) grew by 15% to ` 10.8 billion for 9M FY 24.

 VoNB increased by 11% to ` 40.4 billion for 9M FY 24.

 VoNB margin stands at 28.1% in 9M FY 24.

Persistency

 Strong growth in 49th month and 61st month persistency (based on premium considering Regular Premium/

Limited Premium payment under individual category) in 9M FY 24 by 151 bps and 449 bps respectively

due to our focus on improving the quality of business and customer retention.

Assets under Management

 AuM grew by 24% from ` 2,999.9 billion as on December 31, 2022 to ` 3,714.1 billion as on December

31, 2023 with debt-equity mix of 65:35. Over 95% of the debt investments are in AAA and Sovereign

instruments.

Financial position

 The Company’s net worth increased by 15% from ` 125.8 billion as on December 31, 2022 to ` 144.3

billion as on December 31, 2023.

 Robust solvency ratio of 2.09 as on December 31, 2023 as against the regulatory requirement of 1.50

indicating strong financial position of the Company.

Definitions, abbreviations and explanatory notes

 New Business Premium (NBP): Insurance premium that is due in the first policy year of a life insurance

contract or a single lump sum payment from the policyholder.

 Annualized Premium Equivalent (APE): The sum of annualized first year premiums on regular premium policies, and 10% of single premiums, written by the Company during the fiscal year from both retail and group customers.

 Individual New Business Premium: Insurance premium that is due in the first policy year of an individual

life insurance contract.

 Individual Rated Premium (IRP): New business premiums written by the Company under individual

products and weighted at the rate of 10% for single premiums.

 Renewal Premium: Life insurance premiums falling due in the years subsequent to the first year of the

policy.

 Value of New Business (VoNB): VoNB is the present value of expected future earnings from new policies written during a specified period and it reflects the additional value to shareholders expected to be generated through the activity of writing new policies during a specified period.

 Value of New Business Margin / VoNB Margin: VoNB Margin is the ratio of VoNB to New Business Annualized Premium Equivalent for a specified period and is a measure of the expected profitability of new business.

 Solvency Ratio: Solvency ratio means ratio of the amount of Available Solvency Margin to the amount of Required Solvency Margin as specified in form-KT-3 of IRDAI Actuarial Report and Abstracts for Life Insurance Business Regulations.

 Net worth: Net worth represents the shareholders’ funds and is computed as sum of share capital and reserves (including share premium but excluding employee stock options outstanding account), share application money and fair value change account net of debit balance in profit and loss account.

About SBI Life Insurance

SBI Life Insurance (‘SBI Life’ / ‘The Company’), one of the most trusted life insurance companies in India, was incorporated in October 2000 and is registered with the Insurance Regulatory and Development Authority of India (IRDAI) in March 2001.

Serving millions of families across India, SBI Life’s diverse range of products caters to individuals as well as group customers through Protection, Pension, Savings and Health solutions.

Driven by ‘Customer-First’ approach, SBI Life places great emphasis on maintaining world class operating efficiency and providing hassle-free claim settlement experience to its customers by following high ethical standards of service. Additionally, SBI Life is committed to enhance digital experiences for its customers, distributors and employees alike.

SBI Life strives to make insurance accessible to all, with its extensive presence across the country through its 1,028 offices, 24,060 employees, a large and productive network of about 243,590 agents, 74 corporate agents and 14 bancassurance partners with more than 41,000 partner branches, 150 brokers and other insurance marketing firms.

In addition to doing what’s right for the customers, the company is also committed to provide a healthy and flexible work environment for its employees to excel personally and professionally.

SBI Life strongly encourages a culture of giving back to the society and has made substantial contribution in the areas of child education, healthcare, disaster relief and environmental upgrade. In 2022-23, the Company touched over 1.1 lakh direct beneficiaries through various CSR interventions.

Listed on the Bombay Stock Exchange ('BSE') and the National Stock Exchange ('NSE'), the company has an authorized capital of ` 20.0 billion and a paid up capital of ` 10.0 billion. The AuM is ` 3,714.1 billion.

For more information, please visit our website-www.sbilife.co.in and connect with us on Facebook, Twitter, YouTube, Instagram, and Linkedin.

(Numbers & data mentioned above are for the period ended December 31, 2023)

Disclaimer

Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', ‘expected to’, etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in demand for insurance and other financial products and services in the countries that we operate or where a material number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet and other technology our exploration of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our growth and expansion in domestic and overseas markets, technological changes, our ability to market new products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other jurisdictions on us. SBI Life Insurance Company Limited undertakes no obligation to update forward looking statements to reflect events or circumstances after the date thereof.

This release does not constitute an offer of securities.

For investor queries please call Sangramjit Sarangi at + 91 22 6191 0281 or email investorrelations@sbilife.co.in

For further press queries please call Santosh Setty at +91-22-6191 0034 / Minakshi Mishra at +91-22-6191 0140 or email santosh.setty@sbilife.co.in / minakshi.mishra@sbilife.co.in

(`1 billion (bn) = ` 100 crore; `1 trillion = ` 1 lakh crore)

INVESTOR PRESENTATION

Performance Update I December 2023

CONTENT

01 Key Indicators & Highlights

02 Company Overview

03 Focus Areas and Initiatives

04 Macro Economic Indicators & Industry Overview

05 Annexure

01 KEY INDICATORS & HIGHLIGHTS

Thriving in dynamic environment building resilient business model

Trained Human Capital

Technological Innovation

Diverse Distribution

3.1 lacs

Insurance personnel, focus on need based selling

99.0%

Individual applications submitted digitally

1,028

Offices with strong distribution channels

Financial Strength

Customer Centricity

Sustainable Value Accretion

2.09 times

Solvency ratio

25.8 mn

New lives with Sum assured

~₹ 5,573 bn

₹ 40.4 bn

Value of new business generated

Numbers as on December 2023

Driven by strong brand, solid governance and committed employees

Driving growth through excellence and exuberance

New Business Premium

₹ 260.0

New Business APE

₹ 143.9

+21% 22% CAGR

+17% 17% CAGR

Renewal Premium

₹ 301.9

Individual Rated Premium

₹ 127.9

+17% 20% CAGR

+15% 16% CAGR

Gross Written Premium

₹ 561.9

Protection & Annuity Share

₹ 74.1

+19% 21% CAGR

+25% 43% CAGR

₹ in billion

Profit After Tax

₹ 10.8

+15% 4% CAGR

Value of New Business & Margin

₹ 40.4

+11% 28.1% VonB Margin

Growth %

CAGR numbers are calculated for a period of 5 years from Dec’18 to Dec’23. Numbers are rounded off to nearest one decimal.

02 COMPANY OVERVIEW

Continuing superlative performance with excellence

New Business Premium (%)

Individual New Business Premium (%)

Industry

Private

(7)

Industry

Private

7Yr CAGR

5Yr CAGR

3Yr CAGR

Growth

7Yr CAGR

5Yr CAGR

3Yr CAGR

Growth

Individual Rated Premium (%)

Individual Policies (%)

Industry

Private

Industry

Private

7Yr CAGR

5Yr CAGR

3Yr CAGR

Growth

7Yr CAGR

5Yr CAGR

3Yr CAGR

Growth

Well responded to all business cycle and pushed high quality development

Persistently delivering growth and acquiring market share

GWP

502.5

587.6

673.2

473.0

561.9

19%

₹ in billion

SBIL Market Share Individual Rated New Business Premium¹

Period

Private

Industry

333.0

89.6

165.0

377.3

86.8

209.1

257.9

62.7

152.4

301.9

82.4

177.6

17%

31%

17%

FY22

FY23

9M FY23

9M FY24

296.3

81.3

125.0

FY21

9M FY24 (%)

3Yr Gain (bps)

5Yr Gain (bps)

Individual NBP

Group NBP

Renewal Premium

26.5

311

277

17.9

414

419

Individual Policies

2.2

1.9

1.7

1.6

₹ in million

SBIL Market Share Individual Policies¹

Period

Private

Industry

9M FY24 (%)

3Yr Gain (bps)

5Yr Gain (bps)

27.7

462

601

8.9

215

310

FY21

FY22

FY23

9M FY23

9M FY24

Strong growth in Individual New Business aids to gain in Market share

1 Based on Life Insurance Council data; Components may not add up to total due to rounding-off

Robust distribution and diversified product mix

Channel Mix

NBP

Individual NBP

₹ in billion

206.2

254.6

295.9

215.1

260.0

125.0

165.0

209.1

152.4

177.6

56%

17%

27%

53%

18%

29%

60%

61%

59%

19%

21%

18%

21%

18%

23%

Banca

Agency

Others

FY21

FY22

FY23

9M FY23

9M FY24

65%

67%

69%

67%

28%

7% FY21

27%

FY22

23%

10%

FY23

22% 8%

22%

11%

9M FY23

9M FY24

Banca

Agency

Others

Segment Mix

NBP | NBP-Protection Share (%)

Individual NBP | Ind NBP- Protection Share (%)

12%

11%

42%

45%

38%

39%

68%

69%

53%

55%

54%

52%

59%

58%

FY21

FY22

FY23

9M FY23

9M FY24

ULIP

Non-par

Par

24%

FY21

27%

FY22

Components may not add up to total due to rounding off

57%

39%

42%

41%

FY23

9M FY23

9M FY24

ULIP

Non-par

Par

Unparallel multi-channel distribution reach

Pillars of distribution network

Bancassurance

Agency

Institutional Alliance

Direct & Corporates

27,000+ SBI & RRB Bank Branches

2,43,500+ Agents ‒26% growth over Dec'22

14,000+ Partner Branches

34% NBP share in Total Industry²

34% NBP share in Private market2

₹66 Lacs SBI Productivity per branch¹ with 58k+ CIFs

60% share in NOPs with 3% growth & 7% growth in Protection business

99.7% business sourced digitally

₹2.3 Lacs Agent Productivity1

34% share in NOPs

99.7% business sourced digitally with 6.4 mn uploads on Smart advisor

150 Brokers

9,400+ Specialised Persons

5% growth in policies

74 Corporate Agents

54% growth NPS augmentation

Top 3 in Industry in fund business

Call Centers – Dedicated call center for website sales & servicing

Multi linguistic website in 9 languages to make buying easy

Lead Management ecosystem ‒ Assignment, Nurturing & Monitoring

1. Productivity per branch/agent is based on Individual NBP. 2. Based on public disclosures for H1 FY24. All growth/drop numbers are with respect to Dec FY24 over Dec FY23. Components may not add up to total due to rounding-off.

Product portfolio mix

Product Mix¹

FY21

FY22

FY23

9M FY23

9M FY24

Y-o-Y Growth (%)

Mix 9M FY24 (%)

Individual Savings

Savings

105.7

137.8

157.5

116.7

132.2

Par

Non Par

ULIP

Protection

Individual

Group

Annuity

Group Savings

9.7

10.5

85.5

24.6

7.4

17.2

30.2

45.7

7.7

17.0

9.5

36.7

113.2

111.4

30.5

9.4

21.1

34.7

51.5

36.4

10.0

26.4

49.7

52.3

6.5

26.4

83.7

25.5

7.0

18.5

33.6

39.3

6.2

24.4

101.7

29.7

6.7

23.1

44.4

53.6

Total NBP

206.2

254.6

295.9

215.1

260.0

(6)

(8)

(4)

1. New business premium basis; Components may not add up to total due to rounding-off

Focus on need based selling to maintain sustainable growth

₹ in billion

2x 16%

3x 23%

132.2

62.5

9M FY19

9M FY24

Protection

29.7

10.6

9M FY19

9M FY24

Annuity

44.4

1.9

9M FY19

9M FY24

23x 87%

CAGR

Wide range of offerings

Care free Retirement 55 | 10%

Wealth Creation 38 | 32%

Smart Elite

Protection 37 | 24%

Average Age

% share in policies

Saral Retirement Saver

Smart Privilege

Saral Jeevan Bima

Retire Smart

eWealth Insurance

Smart Swadhan Plus

Financial Security 37 | 27%

Retire Smart Plus

Saral InsureWealth Plus

eShield Next

Smart Platina Plus

Smart Wealth Builder

Sampoorn Cancer Suraksha

Shubh Nivesh

Child Education 36 | 8%

Smart Scholar

Smart Champ Insurance

Annuity Plus

Saral Pension

The product list is only indicative & not exhaustive

Basket of products catering different age brackets &

life stages need

Smart Future Choices

Smart Humsafar

Smart Platina Assure

Smart Lifetime Saver

Maintaining cost efficiency, profitability and value

Opex Ratio: Maintaining Cost efficiency (%) | Total Cost Ratio1 %

Profit after Tax: Consistent growth in profit

₹ in billion

8.3%

8.8%

9.6%

9.7%

9.9%

4.8%

5.1%

5.2%

5.1%

14.6

15.1

17.2

9.4

10.8

FY21

FY22

FY23

9M FY23

9M FY24

FY21

FY22

FY23

9M FY23

9M FY24

Solvency: Cushioned to support future growth prospects

Networth: Zero debt company with healthy reserves

2.15

2.05

2.15

2.25

2.09

104.0

116.2

130.2

125.8

144.3

FY21

FY22

FY23

9M FY23

9M FY24

FY21

FY22

FY23

9M FY23

9M FY24

1. Total cost ratio is operating expenses including commission, provision for doubtful debts and bad debts written off divided by Gross Written Premium; Components may not add up to total due to rounding off.

Customer-centricity at our core

Persistency 1(%)

13th Month

85.4

85.2

85.5

84.6

85.3

25th Month

37th Month

75.8

78.1

75.6

76.3

76.9

72.1

74.5

73.2

72.4

Surrender Ratio 2 (%)

6.10

4.60

5.10

4.80

3.90

FY21

FY22

FY23

9M FY23

9M FY24

49th Month

61st Month

65.6

69.9

70.3

70.1

71.6

50.9

49.5

55.6

53.6

58.1

Unfair Business Practice 3(%)

0.09

0.08

0.07

0.06

0.04

2. 3.

The persistency ratios are calculated as per IRDAI circular no. IRDAI/F&A/CIR/MISC/256/09/2021 dated September 30, 2021. Regular Premium & Limited Premium Paying Term policies of only Individual Segment. Ratios for 12M are calculated using policies issued 1st December to 30th November period of the relevant years. Surrender ratio ‒ individual linked products (Surrender/Average AuM). Number of grievances with respect to unfair business practice as compared to policies issued in the same period.

Value of new business movement

VoNB margin stands at 28.1%

VoNB Margin (%)

29.6%

36.3

6.3

(2.0%)

(2.8)

0.9%

1.3

(0.5%)

(0.7)

28.1%

40.4

₹ in billion

9M FY23

Impact of Business Volume

New Business Mix & Profile *

Change in Operating Assumptions

Change in Economic Assumptions #

9M FY24

The methodology, assumptions and the results have been reviewed by Willis Towers Watson Actuarial Advisory LLP *Impact of change mainly in Business mix and profile (Age, Term, Channel etc.); # Risk free rate change

Nurturing financial well being with healthy growth in AUM

AuM - Linked | Non Linked (%)

Composition of Asset under Management

₹ in billion

2,209

2,674

3,073

3,000

3,714

88:12

90:10

92:8

91:9

3% 2% 1%

26%

Government securities

33%

Equity

59:41

54:46

52:48

45:55

FY21

FY22

FY23

9M FY23

9M FY24

₹3,714 bn

Asset Under Management

35%

Linked (%)

Non-Linked (%)

Debt : Equity

Investment performance¹

15.1

14.9

14.7

95%

(debt investments) AAA & Sovereign

13.5

13.3

13.5

13.3

12.9

24%

AUM Growth

Equity pension II Equity Elite II Equity Optimiser

Top 300

Growth

Fund

Benchmark

1. 5 year CAGR as on December; Components may not add up to total due to rounding-off.

Debentures and bonds

Others

Money market instruments

Fixed deposits

0.04%

(debt investments)

Below AA

65:35%

Debt Equity Ratio

03 FOCUS AREAS AND INITIATIVES

Focus on key areas keeping customer at core

• 1,028 offices (39% in rural & semi urban areas) & 40k+ branches of distributors

• 34 individual & 9 group

products to cater different needs of the customer

• 16.4 lacs policies issued,

growth of 5%

• 3.9 lacs individual protection

policies sold digitally

• 96% Renewal Premium

collected through Digital Mode

• Video MER - for enhanced

convenience

• Real Time Integration - with TPA for faster transmission of medical reports

• One of the lowest cost ratios

in the industry

• 63k + Death Claims settled

ease to customers for document submissions

Widespread distribution network & product suite to cater different needs

Leveraging Best in class operating ratios

Disciplined Business Focus

Operational Efficiencies

Customer Engagement

Digital Capabilities

Use of analytics enabling better customer engagement

Harnessing technology in strengthening business

MER - Medical Examination Reports, MHR - Moral Hazard Report, PIWC - Pre Issuance Welcome Call TPA – Third party Administrator, DC – Diagnostic centre

• 8.2mn times customers served

using WhatsApp services

•

Improved medical management, 9 TPAs & 20k DCs , TMT at home

• 649k+ Audio PIWC & 423k+

Video PIWC

• 1.0mn+ Queries resolved through

call centre

• Customer Grievances - 6 per

10,000 policies

• Focus on cutting edge technology for enabling business

• 191 activities live with Robotic Process Automation (RPA)

• Surrender Prevention tools for

personalized outputs

• Digital submission of Claims

documents e MHR.

• Account Aggregator -

FIU & FIP

Accelerating digitalisation at SBI Life

Digital Ecosystem

Digital & Distributor Enablers

Simplified Customer Journey

Becoming a digital-first organisation

Performance

Processes

Product Improvements

Stakeholder-Centric

• Providing insurance cover to remotest areas, resulting in increased penetration(presence in 29 states & 6 union territories with 31% policies sold in rural areas for 9M FY24)

• Best in class digital tools for better

risk assessment and risk management

• Elasticity to handle high volumes

• Faster product rollouts

and peak demand

• Providing MIS to help in decision- making and enable regulatory reporting requirements

• Data Analytics enabling cross sell, upsell and customer retention • AI & Machine learning aiding to

provide efficient customer solutions

• Expanded product offerings • Lower TAT

• Better servicing

• Providing appropriate

insurance solutions with enriched experience

• Enabling hybrid work

environment

• Supporting 24,060 employees

and 310K+ distributors

• Faster integration with partners

Future-led digital ecosystem

Flexibility

Robustness

770

Bitsight Score

•

914 varied product features built in PMS 21 products in group policy system

45 functionalities

Customer at the core

• Strategic collaborations (YONO branch portal, Yes Bank, Insurance Dekho etc.)

• Adopting new

technology and products

• Stronger digital

capabilities with 40+ digital apps and 7 reporting and analytics tools

• Robust cybersecurity

practices

• Supporting double digit growth of NBP and renewal premiums

•

24*7 connectivity for WFH

140 active training Modules in Eshiksha

• Efficient service requests.

• Digital onboarding.

Agility

Scalability

Resulting in increased efficiency, increased productivity, lower cost and improved customer experience

People-oriented

71.4mn

Servicing Inforce Lives

1,200

concurrent sessions and more than 1.5 lac report views/ downloads

~9hr

Average training hours on Eshiksha per employee

Refiled products rolled out from April to Dec'23

99%

Digital adoption for sourcing new business

Integrating digitalisation with our enablers

Centralised IT Service Management, Digital Onboarding Workflow, IT Asset Management and IT Compliance Management

One view dashboard for critical application monitoring (Uptime, performance and transactions)

Single email domain across company with tamper proof email archival system.

Protection of IT Assets from zero day, ransomware and unknown threat and attacks.

Latest WAN technology to bring visibility, remediation and automation to improve productivity of branches

IT Service desk & Central IT monitoring system

Protection of Personal identifiable Information of customer. Compliance requirement of Digital Personal Data Protection Act

Data Loss Prevention with data classification

IT Enablers

Enterprise Service BUS and API

Common Service platform for consumption by multiple application with secure and scalable way.

Unified Email System with compliance archival

EDR and XDR for proactive threat protection

Key metrics

100%

customer emails enquiries handled by email bot

750+

Tasks (RPA)

25+

self servicing facilities for customers

4.4mn

Queries handled through bot

Data Center & Disaster Recovery center

SDWAN for branch network

Secure Code Review and Github

Application Controlled Infrastructure at Datacenter

Cutting edge Switching technology with lowest latency over network to deliver best performance of application.

Secure by Design principle to ensure applications are designed with security framework.

170+

Process automated

27mn

URL for servicing

10+

Live automated modules across operational processes for risk mitigation

Empowering distributors with cutting-edge technologies

Establishing a robust distributor ecosystem

Aasan BI

103 new reports on Aaram Nxt and Aasaan

Initiatives

Digi LM recruitment - Home page is now available 9 different regional language

Launched Mconnect PWA and Revamp. Integrated Mconnect with campaign products and NASA

Banca Online 3.0 launched with intuitive interface, making navigation smoother and more user friendly

Seamless new partner Integration. Partner Portal launched – single platform for all partners

EIA dashboard in smart advisor

Smart advisor updates IA account details

Key metrics

95% KPI reports delivered by start of business hours

More then 9 new features integrated making need based selling seamless

Campaign self updates at finger tips

Grievance Redressal for IA through Smart advisor

Launched Personalized Website for more than 42,000 LMs Pan India

Predictive Analytics - 30 live data models across policy life cycle aiding support to distributors

End-to-end digital journey for customers

Prospecting Executing a focused strategy to evolve it into a need-based customer- centric process.

Onboarding Enhancing the process for greater efficiency, accessibility, and a seamless experience.

Underwriting & Issuance

Improving accuracy and efficiency of underwriting and policy issuance through the usage of data-driven decision- making and risk assessment.

3.5mn

Clicks on SBI Life Website

578k

customers PaisaGenie

273k+

Bitly (Upsell/ Cross leads generated)

103%

Growth in Yono lives

Partner Apps

260k+

Customers in Smart Care

155k+

Active user & 2.0mn proposals in Mconnect

7k+

530k+

Downloads with 6.3 mn+ uploads in Smart Advisor

104%

Growth in Online Selling

7.4mn

Cases issued in NB Workflow

2.1mn

Transaction in Ingenium

46mn

Transactions in RENOVA

23.6mn

Lives with growth of 117% in BaNCS

3.0mn

Portal/CMI

Outcome

70%

Digital KYC

<10 mins

Customer On-Boarding process

61%

Insta PIWC

75%

E - IA

End-to-end digital journey for customers

Policy Servicing Dual benefits of offering personalised services while also streamlining internal processes.

Renewals Automating tasks, whilst utilising data and insights to optimise our renewal strategy.

Claim Payouts

Accelerating claims settlements, enhancing transparency, while up- holding data security.

2.9mn+

1.5mn

Whats app Registration

servicing request handled through CRM

260k+

Smart Care Registration

13.2mn

136.4+mn

Service requests (e-kyc, CIBIL, data vault, etc)

Transactions on Bots

947k+

Pay service transactions

215k

IVRS self service option

52%

Cases revived through Revival Workflow

523K+

Esampark requests handled

4.1mn

Renewal receipt on Whats app

827k+

Ipay requisitions

753k+

Apex payouts

1.8mn

Claim transactions in Ingenium

1.3mn+

Epravah requisitions

Outcome

22%

Reduction in medial Issuance TAT

Reduction in Non medial Issuance TAT

76%

0-2 Days Individual Issuance

47%

Automated Underwriting

04 MACRO ECONOMIC INDICATORS & INDUSTRY OVERVIEW

Life insurance catalysing growth decades ahead

Composition of Population¹ (%)

India's share of urban population² (%)

Life Insurance DensityUS$3

6.6

8.6

49.3

26.2

52.4

16.1

13.8

54.2

13.6

18.5

0-14yrs

15-24yrs

25-64yrs

65+yrs

52.8

5,414

46.4

40.1

34.9

30.9

1,971

2020

2030

2050

2010

2020

2030

2040

2050

246

253

Singapore South Korea

Thailand

India

China

Indonesia

Advantage India

Over the next decade, Swiss re forecast that premiums will grow by an annual average of 9% in real terms

India is one of the fastest growing insurance markets in the world. It is the 9th largest country globally in premium life terms of volume and is expected to be 5th largest by 2032.

One of the highest young population nations with median age of 28 years

of Rising urbanisation - Growth in urban at 2.4% CAGR between FY 15 and FY 20

population

population,

Combination of a high share of working rapid urbanization, rising affluence and financial inclusion to propel the growth of Indian life insurance sector

focus

United Nations, Department of Economic and Social Affairs, World Population Prospects 2019

1. 2. World Urban Prospects 2018 3.

Swiss re sigma No.4/2022

India’s underpenetrated Insurance market

Share of life insurance in savings expected to rise

Underpenetrated Insurance Market

Premium as % of GDP – 2022 1

Protection gap highest amongst peers2 (%)

Sum Assured as % of GDP3,4 (%)

7.4

5.4

332

252

251

3.7

3.0

2.0

0.9

153

143

127

Singapore South Korea

Malaysia

India

China

Indonesia

India

Indonesia Thailand China

South Korea

Singapore

Singapore Japan

Malaysia Thailand S.Korea

India

10th largest in insurance market worldwide and 2nd largest in Emerging markets with $131,041 mn in total premium business as on 2022

Total premium grew at annual average of 7.5% between FY15-FY21 & is expected to grow at an average of 9% per annum

India continues to be under penetrated as compared to countries like China, Thailand and Korea

Swiss Re, sigma No 3/2023 Swiss Re, "Closing Asia's Mortality Protection Gap 2020" As of FY20 (for USA & Japan as of FY18)

1. 2. 3. 4. McKinsey estimates

Annuity solutions for retirement bliss

Scope of Annuities business

Pension Assets/GDP ratio1 (2021) (%)

Ageing Population2 (%)

Life Expectancy at 6033

213.3

152.6

72.2

59.8

5.8

Netherlands

USA

Japan

Hongkong

India

With the advancement of medical science, life expectancy has improved rapidly over the last few decades and demand for pension based products will increase with the rise in life expectancy

1. Global Pension Assets Study. 2022

UN World Population Report

3. Ministry of Statistics and Programme implementation, Crisil, PFRDA, Census of India

2015

2050

Age <15 yrs

Age <15-59 yrs

Age <60+ yrs

Male

Female

2000-05

2011-12

2030E

tailwinds

Regulatory in commutation of pension corpus from 33.3% earlier to 60% will only benefit insurance sector

increase

NPS contributes a significant portion of the retirement corpus in India and they are on track for a period of consistent high growth over the next decade

India’s financial evolution

Share of Life Insurance in Household Savings expected to Rise

Fastest growing G20 Economy³ Average annual real GDP growth (%)

Household Savings Composition¹ (%)

Share of Life Insurance in Financial Savings1 (%)

6.7

5.0

4.3

3.0

2.6

2.4

2.0

1.9

1.8

1.7

India

Indonesia China

Saudi Arabia

Australia Turkey Canadal Mexico

South Korea

South Africa

FY16

FY17

FY18

FY19

FY20

FY21

FY18

FY19

FY20

FY21

FY22

Average annual real GDP growth of 6.7% in the 10 years to 2032

Household financial saving has improved to 7.6% of GNDI2 in 2019- 20, after touching the low of 6.4% in 2018-19

Financial savings of Indian households may more than double in next 5 years

Financial Savings

Physical Savings

Reserve Bank of India, Handbook of Statistics

2. GNDI – Gross National Disposable Income

Swiss Re Report

Mutual Funds

Bank Deposits

Life Insurance Funds

Provident & Pension Funds (Including PPF)

Small Savings (Excluding PPF)

Others

Industry composition

Product portfolio¹

Industry (%)

Channel mix2

Industry (%)

ULIP

Traditional

Banca

Agency

Others

FY18

FY19

FY20

FY21

FY22

FY23

FY18

FY19

FY20

FY21

FY22

FY23

Private Players (%)

ULIP

Traditional

Banca

Agency

Others

FY18

FY19

FY20

FY21

FY22

FY23

FY18

FY19

FY20

FY21

FY22

FY23

Higher ULIP contribution among private players, though traditional products forms the major share of new business

Banca channel continues to be the largest contributor for private players although Direct channel has gained momentum in the past years

New business premium basis

Individual new business premium basis

Source. Life Insurance Council, Public disclosures

Components may not add up to total due to rounding-off.

05 Annexure

Annualised premium equivalent (APE)

APE Product mix and Channel mix

Segment

FY 21

9M FY23

9M FY24

Y-o-Y Growth

94.6

9.7

10.7

74.2

12.0

7.3

4.7

3.0

4.9

FY22

118.7

7.5

17.1

94.1

15.3

9.2

6.2

3.5

5.5

FY23

139.8

9.5

37.5

92.9

17.8

9.8

8.0

5.0

5.6

102.8

118.6

6.5

27.1

69.2

12.3

6.8

5.5

3.4

4.1

6.1

24.5

88.0

15.2

6.5

8.7

4.5

5.6

114.5

143.0

168.1

122.6

143.9

15%

(6%)

(10%)

27%

24%

(4%)

57%

32%

35%

17%

FY 21

72.3

30.3

11.9

114.5

FY22

90.2

37.1

15.7

143.0

FY23

108.3

43.2

16.7

168.1

9M FY23

9M FY24

Y-o-Y Growth

81.0

30.1

11.4

122.6

93.3

34.6

16.1

143.9

15%

40%

17%

Individual Savings

Par

Non Par

ULIP

Protection

Individual

Group

Annuity

Group Savings

APE

Channel

Bancassurance

Agency

Others

APE

Components may not add up to total due to rounding off

₹ in billion

Mix 9M FY24

82%

17%

61%

11%

Mix 9M FY24

65%

24%

11%

Individual annualised premium equivalent (APE)

Channel Mix Segment wise

Channel

Segment

FY 21

FY22

FY23

9M FY23

9M FY24

₹ in billion

Y-o-Y Growth

Mix 9M FY24

Bancassurance

Participating

Agency

Others

Non Participating

Unit Linked

Total

Participating

Non Participating

Unit Linked

Total

Participating

Non Participating

Unit Linked

Total

Components may not add up to total due to rounding off

2.8

13.7

52.6

69.1

5.9

3.7

20.6

30.2

1.0

1.8

1.0

3.8

1.9

19.7

65.8

87.4

4.4

5.5

26.8

36.8

1.2

2.9

1.4

5.5

3.4

31.1

69.7

104.2

4.8

15.4

22.0

42.3

1.2

4.8

1.2

7.2

2.4

22.8

53.0

78.2

3.3

10.7

15.4

29.5

0.8

3.2

0.7

4.8

2.3

21.8

65.6

89.6

3.0

9.3

21.4

33.7

0.8

3.8

1.1

5.8

(4%)

(5%)

24%

15%

(9%)

(13%)

39%

14%

(1%)

20%

45%

20%

17%

51%

69%

17%

26%

Sensitivity analysis

Scenario

Reference Rate +100 bps

Reference Rate ‒100 bps

Decrease in Equity Value 10%

Proportionate change in lapse rate +10%

Proportionate change in lapse rate -10%

Mortality / Morbidity +10%

Mortality / Morbidity -10%

Maintenance Expense +10%

Maintenance Expense -10%

Mass Lapse for ULIPs in the year after the surrender penalty period of 25%(1)

Mass Lapse for ULIPs in the year after the surrender penalty period of 50%(1)

Tax Rate Change to 25% on Normal Tax basis

Change in VoNB

(0.7%)

0.8%

(0.2%)

(3.2%)

3.9%

(4.6%)

4.6%

(1.6%)

1.6%

(6.9%)

(15.5%)

(8.3%)

Mass lapse sensitivity (of 25% or 50%) for ULIP business is applied at the end of surrender penalty period as defined by APS 10.

Customer age and policy term

Average customer age in years

Average policy term in years

Par

Protection

ULIP

Non Par - Others

Overall

Par

Protection

ULIP

Non Par - Others

Overall

Age and term for Individual products for December 23

Revenue and profit & loss A/C

Particulars

Premium earned

Premium on reinsurance ceded

Net premium earned

Investment income1

Other income

Total income (A)

Commission paid

Operating and other expenses2

Provision for tax – policyholders’

Claims/benefits paid (net)3

Change in actuarial liability4

Total expenses (B)

Profit before tax (A-B)

Provision for tax – shareholders’

Profit after tax

FY22

587.6

(3.3)

584.3

245.2

0.5

830.0

21.6

39.0

1.3

313.4

439.1

814.4

15.6

0.5

15.1

FY23

673.2

(7.3)

665.8

140.4

0.5

806.8

30.6

42.7

1.5

302.9

411.5

789.2

17.6

0.4

17.2

Net of Provision for diminution in the value of investment and provision for standard and non standard assets.

Includes provision for doubtful debts (including write off), GST on charges & Shareholder expenses

Inclusive of interim bonus and terminal bonus.

Includes movement in fund for future appropriation. Components may not add up to total due to rounding off.

9M FY23

₹ in billion

9M FY24

473.0

(6.2)

466.8

126.6

0.4

593.8

21.5

30.7

1.2

211.6

319.1

584.1

9.6

0.2

9.4

561.9

(7.2)

554.7

402.8

0.4

957.9

26.9

36.0

1.2

282.8

600.0

946.9

11.1

0.2

10.8

Balance Sheet

Particulars

Sources of funds

Share Capital

Reserves and Surplus

Credit/(Debit) Fair Value Change Account

Sub Total

Credit/(Debit) Fair Value Change Account

Policy Liabilities

Provision for Linked Liabilities (includes change in fair value)

Funds for Discontinued Policies

Funds for Future Appropriation

Total Liabilities

Application of funds

Investments

-Shareholders

-Policyholders

-Assets held to cover Linked Liabilities

Loans

Fixed assets

Net Current Assets

Total Assets

Components may not add up to total due to rounding off

FY22

10.0

104.2

2.0

116.2

32.1

1,097.6

1,344.5

81.7

9.9

2,682.1

100.8

1,121.3

1,426.3

3.6

5.3

24.9

2,682.1

FY23

10.0

119.2

0.9

130.2

20.4

1,301.3

1,535.9

96.6

11.4

3,095.9

112.1

1,298.7

1,632.6

3.9

5.2

43.4

3,095.9

₹ in billion

9M FY24

10.0

130.3

3.9

144.3

37.4

1,476.2

1,942.0

109.3

17.8

3,726.9

131.7

1,497.2

2,051.3

3.7

5.5

37.4

3,726.9

Our sustainability commitments: Environment

Energy Management

• Corporate office building is a Green Building: certified by Indian Green Building Council (IGBC) to comply with efficient use of natural resources and minimal waste generation

• Over 1250 Virtual servers created on 80 Host Servers

resulting in power saving

Recycle & Reuse

• 240 kgs per month paper waste generated

(old newspapers) used for making envelopes

• 1,850 kgs of E-waste recycled

• 250 kgs of Wet Food Waste per month -

converted into compost by Eco Composter Machine installed in HO

Water Management

• Drinking Water of previous office day collected from

Staff Water Bottles re-used to water the garden plants. 500 litres of water per month re-used

•

Incorporated Rainwater Harvesting system - usage for cooling towers of air conditioning

Other Initiatives

• 99% new business proposals logged digitally

• 94% renewal premium collected digitally. Renewal

premium intimations & receipts sent digitally

• Creation of dense forest of 19,000 native plants with

Miyawaki Technic

Committed to sustainability & minimising carbon footprint

The data pertains to FY 23

Our sustainability commitments: Social

Employee wellness & people practices

• Work from Home policy

• Health check-up programs & wellness sessions at pan-India level

• Employee engagement survey & Townhalls

• Performance appraisals & feedbacks. AIM (All ideas matter) for idea

generation from employees

• Diversity and Inclusion ~ 19.04% women employees; increased by 41%

• Project Shakti to improve gender mix – 35% women advisors

• POSH Policy - Zero tolerance for sexual harassment

Skill Development

• 136 modules created to enhance knowledge and skills

• 94% CIFs & 92% Agents imparted training

• TISS LEAPVAULT CLO Awards 2022 - Best Induction Training

Program

• 46 new e-learning courses launched. 49.3hr of learning in

classrooms and 11.3hr of learning digitally.

• Training for smooth onboarding of sales and non sales employees –

SAARTHI, UDAAN, SRIJAN.

• Friday Pathshala – training on every Friday for all employees.

The data pertains to FY 23

Empowering communities around us, enabling an Inclusive World

Customer Centricity

• Customer Surveys (Net Promoter Score - 59) & awareness

programs

• Grievances of customers reduced (15 per 10,000 policies)

• Website & customer communication in vernacular languages

•

ISO 10002-2018 Certification (On customer satisfaction management system)

• Next-generation digital technologies like Artificial

Intelligence (Al), Machine Learning, Data Analytics

Social Inclusion

• CSR policy & Corporate Social Responsibility Committee with

clear roles and responsibilities

• CSR activities covering healthcare, education & environment

• 110k+ CSR beneficiaries; 36+CSR partners. CSR spend in

FY23 ₹ 226 mn +

• 700k+ policies issued in rural areas & 1.1 mn lives covered in

social sector

•

Insurance Awareness Campaigns

• Micro Insurance products & PMJJBY for financial inclusion

Our sustainability commitments: Governance

Board Governance & Diversity

• >60% Independent Directors on Board ensuring

Independence in governance

• Women Director on Board

• 8 committees chaired by Independent Director

• Diverse Board structure

• Well defined roles, responsibilities & accountability

• Board Evaluation process & results – driven action plan

Risk Management & Business Continuity framework

• Risk management practices aligned to ISO 31000:2018

standard covering all departments & functions at Corporate Office, Central Processing Centre, Regional & Branch Offices.

• Formulated risk appetite statements & carry out ICAAP (Internal

Capital Adequacy Assessment)

• Business continuity practices are ISO 22301:2019 certified

•

Internal & External Audit certified by ISO 22301:2012

Integrity, Excellence and Ethics - Three pillars of our Corporate Governance philosophy

The data pertains to FY 23

Information Security framework

• Aligned to ISO 27001 – ISMS Sustenance

• Acceptable Usage practices, technical aspects of IS, Secure coding practices, secure configuration practices

•

IS requirements for SBIL for outsourced vendors

• Robust Information & Cyber Security Policy to

ensure data security & protects from cyber threats

• Firewall, anti-malware solutions, E-mail security &

filtering in place

Code of Conduct & Regulatory framework

• Well defined Code of Conduct & Ethics for employees

• Governed by various policies like Anti money laundering & CFT, POSH, Insider Trading Policy, Whistle Blower, Sales quality, Fraud Prevention, protection of policyholders interest, to ensure best practices • Operational processes certified by ISO 9001-2015

• Stewardship Policy – Engagement with investee

companies; voting policy & Disclosures.

• 15% of AUM invested in infrastructure & housing

Abbreviations

Term

GWP

NBP

NOP

APE

IRP

AuM

Banca

ULIP

PAR

Description

Gross Written Premium

New Business Premium

Number of Policies

Annualized Premium Equivalent

Individual Rated Premium

Assets Under Management

Term

Opex

CAGR

GDP

INR (₹)

USD ($)

TAT

Description

Operating Expenses (excluding commission)

Compounded Annual Growth Rate

Gross Domestic Product

Indian Rupees

United States’ Currency

Turn Around Time

Bancassurance

Traditional Segment

SBI Life Insurance Company Limited has informed the Exchange regarding a press release dated January 25, 2024, titled "Press Release & Investor Presentation - Performance for the quarter & nine months...

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