SBI Life Insurance Company · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
The 61st month persistency cohort (COVID-affected policies) declined as expected, though management termed it the 'last cohort' to impact results. Other cohorts (25th, 37th, 49th month) showed marginal or expected performance.
ULIP mix increased from 72% to 68% year-over-year which partially offsets GST impact but represents unfavorable mix shift. Management expects this to normalize as PAR/non-PAR products gain traction.
Solvency ratio at 1.91x (vs regulatory minimum of 1.50x) has declined from historical levels due to protection mix and VNB growth. While management remains comfortable, dividend payout in Q4 could add 10-15 percentage point pressure.
Agency productivity at ₹3 lakh per agent lags SBI bank productivity of ₹6.4 million by significant margin. Despite adding 94,000 agents, productivity improvement is gradual, creating opex pressure as evidenced by 90bps rise in opex ratio.
