SBI Life Q2 Results: PAT jumps 39% YoY to Rs 529 crore, NPI up 1%

Leading insurer SBI Life on Wednesday reported 39% year-on-year (YoY) growth in its consolidated net profit at Rs 529 crore in the second quarter. The same stood at Rs 380 crore in the last year quarter.

The net premium income in the reporting period was up by a marginal 1% YoY to Rs 20,266 crore.

The first-year premium income rose 6% YoY to Rs 4,915 crore in the July-September 2024 period, compared with Rs 4,633 crore in the corresponding period of the previous year.


The income from investment more than doubled, rising 132% YoY to Rs 19,753 crore in the quarter that ended September 2024.

During the first half, growth in individual new business premium increased by 13% to Rs 11490 crore, while protection new business premium stood at Rs 1720 crore in the same period.

The gross written premium (GWP) jumped 7% to Rs 35990 crore in H1FY25 mainly due to 11% growth in new business regular premium (RP) and 16% growth in renewal premium (RP).

The value of new business (VoNB) in the first half rose 2% to Rs 2420 crore, while margins came in at 26.8%.

The insurer recorded strong growth in the 25th month and 61st month persistency in H1FY25 by 116 bps and 438 bps, respectively due to its focus on improving the quality of business and customer retention.

The assets under management (AUM) rose 27% from Rs 3.45 lakh crore as of September 2023 to Rs 4.38 lakh crore as of September 2024 with a debt-equity mix of 60:40. Over 95% of the debt investments are in AAA and Sovereign instruments.

The APE channel mix for the first half is the bancassurance channel at 59%, the agency channel at 31%, and other channels at 10%. Individual NBP of the agency channel increased 39% to Rs 3310 crore and individual NBP of other channels was up 28% to Rs 1560 crore.

SBI Life boasts a strong distribution network of 333,080 trained insurance professionals consisting of agents, CIFs, and SPs along with widespread operations with 1,082 offices across the country.

On Wednesday, SBI Life shares were trading 1.35% higher at Rs 1,721.05 on NSE.