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Tag: SBI Life

  • SBI Life stumbles in Q2 FY25: Premium growth falters amid market uncertainty

    SBI Life stumbles in Q2 FY25: Premium growth falters amid market uncertainty

    Mumbai: As SBI Life Insurance’s latest financial results cast a shadow over its once-steadfast growth, policyholders may be left wondering: Who will secure your family’s future when you’re no longer around? The insurer’s Q2 FY25 report, covering the quarter ending 30 September 2024, reveals a tale of contrasting fortunes. While renewal premiums held their ground, first-year and single premiums faltered, pointing to headwinds that could challenge the resilience of one of India’s largest life insurers.

    In Q2 FY25, SBI Life’s renewal premium surged to Rs 11,72,120 lakhs, up from Rs 10,12,113 lakhs in Q2 FY24, reflecting the company’s strength in retaining policyholders. However, first-year premiums amounted to Rs 4,91,567 lakhs, a marginal increase compared to Rs 4,63,332 lakhs in the same period last year, indicating slower new customer acquisition. The single premium, a critical contributor to income, saw a notable decline, down to Rs 3,77,629 lakhs from Rs 5,42,136 lakhs, suggesting that customers may be hesitant to make large one-time insurance investments amid economic uncertainties.

    This subdued performance in single premiums highlights a key area of concern for the insurer. As global and domestic markets face volatility, customers may have opted for lower-risk, shorter-term products over substantial long-term investments, impacting SBI Life’s overall premium growth. The company’s net income stood at Rs 52,942 lakhs, up from Rs 38,019 lakhs, despite the challenges in premium growth.

    On a positive note, the company’s solvency ratio remained stable at 2.04 per cent, above the regulatory minimum of 1.5 per cent, showcasing its ability to meet policyholder obligations even in challenging times. Additionally, SBI Life’s expense management ratio rose slightly to 10.57 per cent, reflecting increased operational costs, which may put pressure on profitability in future quarters if not addressed.

    SBI Life, company secretary, Girish Manik stated, “Despite market challenges, we are committed to sustaining long-term growth by focusing on improving renewal premiums and maintaining a healthy solvency margin.” The company’s decision to keep expenses under tight control and further diversify its product offerings could be pivotal as it navigates the evolving financial landscape.

    The persistency ratios (percentage of customers renewing policies) remained robust across different timeframes, with the 13-month ratio at 84.16 per cent, suggesting SBI Life continues to foster customer loyalty even as it faces pressure in attracting new policyholders.

    One of the more troubling figures is the decline in new business, particularly in the individual life segment. With first-year premiums stagnating and single premiums sharply falling, SBI Life may need to revise its product strategies, particularly in response to changing customer preferences for more flexible and lower-risk options.

    At the same time, the insurer’s investments performed admirably, providing a buffer against premium-related shortfalls. Investment income for policyholders’ funds without unrealised gains stood at 8.26 per cent for non-linked policies, a slight uptick from the previous quarter, ensuring that SBI Life can continue to offer competitive returns to its policyholders.

    As India’s insurance market grows increasingly competitive, SBI Life’s focus on sustaining renewal premiums and improving operational efficiency will be crucial in reversing the downward trend in new business premiums. The company has already shown resilience, but it may need to adapt more swiftly to market forces in order to achieve consistent growth.

  • On Insurance Awareness Day, a call to action to keep financial stress at bay

    Mumbai: The world has been through some of the most unprecedented times over the last one year. Most of us have encountered life-altering disruptions in our day-to-day lives and many have had to suffer loss of jobs, income and even loved ones. In such unpredictable times if there’s anything that can guarantee some form of assured security, then policy insurance will definitely be one of them.

    And what better day than the Insurance Awareness Day (28 June) to remind us about the critical role of insurance in protecting oneself and our families from the uncertainties of life. The pandemic has only heightened the need for long-term financial planning.

    On this day, some of India’s leading life insurers endeavour to create greater awareness about policy insurance amongst consumers with a slew of campaigns and creatives that prompt one to take the time out to reflect on our priorities and get a policy on our life, home and/ or vehicle to secure one’s and one’s family from the tough times the may future hold.

    IndiaFirst Life Insurance

    Insurance brand IndiaFirst released a short video that talks about how it is a good practice to ask questions- the more questions one asks, the more knowledge one gains. Recited by writer, poet, and, storyteller Ishpreet Balbir, the video encourages consumer to clear their doubts regarding the insurance policy and get all their questions answered before buying the insurance.  

    ‘Life insurance ke baare mein questions puchte rehna aur bhi achi baat hai. Aapke sawalo ka humse answer milna, yeh toh certain hai.’ , it says.

    HDFC ERGO

    General Insurance is a safety net we all need in our lives to enjoy the big and small moments by being at peace & worry-free! This is the message HDFC ERGO aims to send out on this  #InsuranceAwarenessDay, via this short video.

    SBI Life Insurance

    It is imperative that we do not delay our decision to secure our loved ones from an ‘unsure’ future, exhorts SBI Life’s creative. With Life Insurance by your side, give your loved ones the surety of a secured financial future.  – ‘Insure’ to undo ‘unsure’ future.

    HDFC Life

    On the occasion of Insurance Awareness Day, HDFC Life organized a digital chat show called ‘Life Sessions’ as part of their efforts towards increasing awareness by discussing the importance of financial planning for the future and working on a holistic well-being in the new normal.  

    The session, moderated by award-winning actor Tisca Chopra, featured Group medical director of the Apollo Hospitals Group Dr. Anupam Sibal, actor, model & author Lisa Ray and HDFC Life executive director Suresh Badami. The latter spoke about how imperative it is to not delay our decision to secure our loved ones, while creating awareness about the dual benefits of protection and long-term savings offered by life insurance.   

    The speakers also shared their own experiences from the pandemic, to emphasise the need for physical, financial and social security from life’s vagaries and to encourage users to take a personal resolution to secure their future.

    Bajaj Allianz General

    Being ‘Insurance aware’ starts with you, urges the brand. Insurance provides you protection in the long run, hence plan your tomorrow by starting your preparation today it advises through this short creative.

    ICICI Lombard GIC

    The insurance brand promises to provide services that entail complete protection from uncertainties anytime and anywhere with this creative to mark National Insurance Awareness Day 2021.

    So, be secured, be insured!

  • Brands tap into kindness & empathy, as Covid takes a toll

    Brands tap into kindness & empathy, as Covid takes a toll

    Mumbai: Nothing about our lives or the world we dwell in today is like what we knew it to be, till a little more than a year ago. This is perhaps a good enough incentive for brands and advertisers to adapt to the present world – Not ignore the elephant in the room and accept the irrevocable, undeniable truth of our reality today. After all, how long can the advertising world remain oblivious to the devastating changes brought by Covid-19 all around us.

    Here are some brand campaigns which have chosen to take a different route as we endure a global pandemic. They have chosen to embark on the route of empathy, kindness, and most important of all, humanity:

    Facebook India | More Together Hum Aaj Ek-duusre ka saath denge, toh ek behtar kal zaroor hoga. #MoreTogether

    The campaign captures the grief and sense of loss many of us have gone through because of the devastation caused by Covid. However, it does not dwell on the grief for long, portraying brilliantly how a personal tragedy can transform an ordinary person into a do-gooder. While all of us watch out for the wellbeing of our loved ones, it’s only a few special ones who look out for others- not their own. It is this extraordinary message that Facebook’s latest ‘More together’ campaign brings out poignantly while also driving in the need to vaccinate oneself and the community we live in to make a safer world. The film succeeds in conveying a sense of hope and a sense of being in this together during these bleak times.

    SBI Life Insurance: SBI Life #MummyKahanHain 

    The creative portrays a day in the life of a family in the new normal during the pandemic. It shows through the eyes of a child how she is initially upset to not have her working mom cater to her needs while at home, as the mother is busy working from home. For children, their mother is their sanctuary, and “#Mummy Kahan Hain” is the constant query thrown at the other members of the household if she’s missing for a moment. The heart-warming ad wonderfully depicts how during this pandemic, kids learned to adapt to ways of the new normal, and for every time that they asked #MummyKahanHain, they also realized the many hats a mother dons working from and for home. By the end, the child learns to truly understand and appreciate how a mother has an identity separate from motherhood.

    Ariel’s ad of a transgender doctor Priya #MakeItPossible

    Tough times never last, tough people do. Ariel’s new ad narrates the inspiring true story of Kerala’s first Transgender Doctor, V.S. Priya. Growing up in a conventional household and having lived all her life as a male, Dr. Priya took the bold and life-altering decision of embracing her feminine identity. Challenged by societal norms and stereotyped gender roles in families, she lived as a man for almost 30 years. Now, as Kerala’s first transgender doctor, she wants to be known for her work and is a beacon of hope not only for all transgendered people who want to be known for what they do but for everyone who continues to battle the odds and face impossible challenges. @Ariel India has been championing the cause of gender equality and celebrates these heroes who overcome the odds to #MakeItPossible.

    TATA Steel Apno Ke Liye Aage Badho

    It’s been just over a year since the pandemic changed our lives forever. While every festival that comes around brings a semblance of warmth and cheer, we need to remember the people who have lost their loved ones to this deadly nemesis. This film by TATA Steel celebrates and pays homage to the Covid warriors- those doctors and health workers who sacrificed their lives in the larger need of humanity. It reminds their loved ones to not stop living in their absence and celebrate the indomitable human spirit that fights against all odds and keeps moving ahead. 

    Ashok Leyland  #AapkiJeetHamariJeet

    One of the lessons the pandemic has taught us is the power and value of kindness of strangers. Ashok Leyland made a touching ad dripping with warmth, that shows how every celebration begins with caring and sharing. The film shows two people stuck up on a deserted road, with one of the person’s car breaks down. The video beautifully shows how sometimes it is important to rise to the occasion and go beyond one’s calling- purely in the name of humanity, empathy, and compassion. The underlying message being ‘Let us together spread positivity and goodwill.’ 

    Colgate – Smiles always find a way

    To sign off, here is a brilliant but simple concept by a brand that sells its product by displaying models with gorgeous smiles with the perfect set of teeth. However, in this International print ad, the brand chooses to demonstrate how truly warm smiles do not always need a perfect set of teeth. That, in fact, one can smile most warmly even by having a mask cover one’s face – the smile will find it through one’s eyes. Since the Covid-19 pandemic, face masks have become a part and parcel of our everyday lives. Gradually, we have got used to living with our smiles hidden behind a piece of cloth. But this Colgate print campaign, conceptualized by French agency VMLY&R, brilliantly conveys how you don’t need to see a smile to feel it. That a smile is more than just a curve- it’s a way of standing up and dealing with the adversities life throws at you. “Smiles always find a way”

    Brands have an opportunity to shape a better, more accepting, and humane world and ads such as these hit us at a deeper level to be so. They go beyond mere advertising. And every effort accelerates a change, one step at a time. 

  • SBI Life’s ‘Apnoki #HimmatWaliSeeti’ highlights the importance of family support

    SBI Life’s ‘Apnoki #HimmatWaliSeeti’ highlights the importance of family support

    MUMBAI: SBI Life Insurance, one of the most trusted life insurance companies in India, today launched its latest integrated brand campaign ‘Apnoki #HimmatWaliSeeti’; that reiterates the power of family support in reinstating individual’s belief in himself/herself. Built on the insight that individual’s happiness is key to his/her family’s happiness. The 360° brand campaign encourages individuals to pursue their passion responsibly, by first making life insurance a financial priority to secure the needs of their loved ones.

    The new ad film pivots through a heartwarming scene where a father, in his mid-thirties on a stand-up podium, describes his life as a ‘pressure cooker’. Wherein, the pressure of responsibilities keeps growing, until his 9-year-old daughter is seen passionately whistling amongst the audience, cutting through the noise. The daughter’s whistle is symbolic of the depressurizing effect of family’s support in today’s challenging life.

    SBI Life Insurance chief of brand and corporate communications Ravindra Sharma, said, “In our society, family continues to be the bedrock of support and our communication seeks to highlight the strength of family support. Especially in today’s challenging times family support plays a fundamental role in shaping an individual’s well-being; it acts as a de-pressuring agent in life. Our new brand campaign ‘Apnoki #HimmatWaliSeeti’ attempts to communicate a strong message that with the support and encouragement of the family one can wholeheartedly pursue their dreams and ambitions. He further added, “Through this campaign, we aim to support every individual in securing their family’s well-being in a better way, without compromising on their dreams.”

    ‘Apnoki #HimmatWaliSeeti’ campaign continues to establish SBI Life’s sharp focus on the importance of having protection insurance for securing loved ones against any life uncertainty. The campaign highlights that once an individual has ensured a safe future for the family, a little encouragement from loved ones can definitely boost one’s confidence in taking up an alternative interest which may have delayed due to other commitments.

    “Life Insurance is seen as a responsibility towards one’s loved ones, and we wanted to start a new dialogue about the reason for Life insurance for today’s shifting landscape. The shift about the category with this campaign is that our loved ones are not our responsibility, but our biggest strength, our biggest cheerleaders and we don’t need to endure a life doing what we don’t love to see them happy, to see them taken care of. Life is about going after your dreams, our loved ones are still taken care of. We have a story of a girl learning to whistle so she can cheer for her father as she witnesses him most happy, most content when he’s pursuing what he loves to do”, said Mullen Lintas India CCO Garima Khandelwal and Azazul Haque.

  • This Children’s Day, SBI Life brings to you an inspiring story of Dipti Gandhi & Muskan Foundation, under its digital property #DilBacchaTohSabAccha

    This Children’s Day, SBI Life brings to you an inspiring story of Dipti Gandhi & Muskan Foundation, under its digital property #DilBacchaTohSabAccha

    MUMBAI: The celebration of Children's Day in India dates back to 1956. Children are regarded as the ‘future of the country’ and this day is celebrated to increase awareness of their rights, care and education. This Children’s Day, SBI Life Insurance along with Muskan Foundation support the cause of equal education to every MDVI (multiple disabilities with visual impairment) child of the NGO and prepare them to live an independent, confident and happy life.

    Muskan Foundation is the only school in Mumbai that provides services to children with MDVI. Besides providing a holistic support to both children and their parents, the NGO is well equipped with trained staff in MDVI who follow multidisciplinary approach to work along with therapists to design a suitable program for the children.

    Through this program, SBI Life Insurance will continue to support Muskan Foundation in providing special education and therapy services to children with multiple disabilities and also facilitate counselling to parents and spread awareness.

    As per the UNESCO New Delhi report on ‘State of the Education Report for India 2019: Children with Disabilities’, 75% of children with disabilities at the age of 5 years and 25% between 5-19 years do not go to any educational institution. Taking cue from this situation which has been major impediment in India’s economic growth, Ms. Dipti Gandhi’s goal is to provide structured assessment, diagnosis and consultation to the differently abled children.

    ‘Child Welfare’ has emerged as one of the core themes under SBI Life’s CSR initiatives over the years. The company has leveraged Children’s Day to build a strong property ‘#DilBacchaTohSabAcha’ on Digital to communicate the ‘importance of approaching life with the zest and enthusiasm of a child and to live in the moment free from worldly worries’. #DilBacchaTohSabAcha further acts as a key instrument to advocate SBI Life’s efforts in the CSR space.

  • SBI Life’s friendly gesture unites other Indian life insurers, towards a common goal of protecting a billion lives

    SBI Life’s friendly gesture unites other Indian life insurers, towards a common goal of protecting a billion lives

    MUMBAI: India's insurance industry is pegged to reach US $ 280 billion by 2020. As many as 24 life insurers are actively working to push insurance penetration in the country, which continues to be abysmal. The mere 3.69% life insurance penetration, also presents a growth opportunity for players in the Indian insurance space, where insurance companies, regulator and the government have been deploying various strategies to make insurance accessible to larger sections of society.

    Acknowledging the industry’s common dream of a well-protected and insured India, SBI Life sent friendship day messages on Twitter in a unique and fascinating style, to life insurers across the country, triggering a chain of positive conversations from its peers in the insurance space and other social media users. The conversations are vital to increase awareness about the importance of life insurance and will benefit the entire insurance industry.

    Speaking on the campaign, Mr. Ravindra Sharma, Chief of Brand and Corporate Communication, SBI Life Insurance, said, "As responsible life insurers we strive to create values that resonate with the customers and build on it to establish a life-long relationship. Whilst there will always be a competitive narrative for market share and business overall, at the core of it is a common dream of every insurer which is to protect and insure lives. It is this dream that connects us all life insurers. For us at SBI Life, friendship day laid down a perfect foundation to be able to rejoice this dream for a moment together with other life insurers. With this gesture, we hope to spark more positive conversations and stand united for a greater good.”

  • SBI Life emphasises on happier responsibilities to celebrating life

    SBI Life emphasises on happier responsibilities to celebrating life

    MUMBAI: SBI Life Insurance, one of the leading private life insurance companies in India, launched its ‘Main se Hum’ campaign today, establishing a sharp focus on the company’s portfolio of protection products.
    The 360 degree campaign targets millennials across multiple platforms including TV, print, outdoor, along with digital and social media.

    Contrary to popular belief millennials are happy to take on responsibilities of safeguarding their loved ones, as they progress in life. SBI Life’s campaign positions insurance as a happy responsibility to help millennials progress through various life stages, subtly appealing to the cohort’s instinct of protecting themselves and their loved ones.
    The protective instinct that one acquires with the transition of ‘Main se hum’ is cleverly conceptualised and captured by Mullen Lintas in the launch film.
    Juxtaposing a carefree youth enjoying the thrill of standing close to passing metro train against a mature family man who is extra cautious while boarding a cable car with his wife and kid, subtly showcases the shift from ‘Main se hum’ as one grows in life. Using multiple everyday instances which showcase the transition of a carefree youth to an instinctively protective version of oneself, SBI Life’s ‘Main se hum’ campaign positions insurance as a happy responsibility tool for one’s protection needs.
    SBI Life SVP and chief of brand and corporate communications Ravindra Shrama says, “Our communication is aimed at driving awareness that insurance is a tool which takes care of one’s protection needs, essentially providing the peace of mind required to take on newer responsibilities in life.”
    He further added, “There is a clutter of brands pushing campaigns designed around media consumption patterns of the millennial. SBI Life on the other hand is appealing to the behavioural tendencies, which indicate that millennials are happy to take on responsibilities for their loved ones as they progress in life. We believe approaching insurance as a happy responsibility will also assist in widening the insurance penetration in India, over the long run.”
    Mullen Lintas chairman Amer Jaleel mentions, “The process of discovering insurance insights has been one of the richest experiences I have had in my career. With SBI Life we dug really deep to uncover the instinct of a protector. And that is that the protective instinct kicks in when you’re thinking changes from the younger ‘main’ thinking’ to the more mature ‘hum’ thinking’ and that is what we have based our work on. Insurance is that ‘main se hum’ ka kadam that we all have to take in life.”

  • Chandramohan Mehra bids adieu to Sony Sab

    Chandramohan Mehra bids adieu to Sony Sab

    MUMBAI: Sony Sab and Sony Pal senior VP and head of marketing Chandramohan Mehra has quit.

    Mehra is serving his notice period and is slated to join a financial sector, confirmed indiantelevision.com sources.

    Mehra joined Sony in July 2014, and was looking after the development of the brand, show launches, consumer engagement and digital initiatives.

    He led several activities and brand campaigns including Digital Divides – SAB Unites, consumer engagement initiatives – ‘Fun-with-Family’ and others.

    Prior to joining SPN, Mehra was country head – emerging business at SBI Life, JV of BNP Paribas, a leading life insurer where he set up the online business vertical. He also led brand, marketing, cross sell vertical, PR and analytics at SBI Life. Before SBI Life, Mehra worked at Kotak Mahindra and FCB Ulka.

    Image result for chandramohan mehra linkedin