SBI Life Q4 Results: Net profit rises 4% YoY to Rs 811 crore

SBI Life on Friday reported 4.3% year-on-year (YoY) rise in profit for the quarter ended March 2024 to Rs 811 crore vs Rs 777 crore reported in the corresponding quarter of the previous financial year. The net premium income during the quarter rose 26% YoY to Rs 25,116 crore.

In FY24, the insurer's value of new business (VoNB) grew 9% to Rs 55.5 billion while VoNB margin stood at 28.1%.

The company has maintained its leadership position in Individual Rated Premium of Rs 172.3 billion with 23.3% private market share in FY24.


Growth in Individual New Business Premium came in at 14% to Rs 238.3 billion in FY24 while the New Business Premium (NBP) grew by 29% to Rs 382.4 billion.

SBI Life recorded strong growth in 49th month and 61st month persistency (based on premium considering Regular Premium/Limited Premium payment under individual category) in FY 24 by 241 bps and 295 bps, respectively, due to focus on improving the quality of business and customer retention.

Its total assets under management grew 27% from Rs 3,073.4 billion as on March 31, 2023, to Rs 3,889.2 billion as on March 31, 2024, with debt-equity mix of 64:36. Over 95% of the debt investments are in AAA and sovereign instruments.

The company's net worth increased by 15% to Rs 149.1 billion in March-end while the robust solvency ratio stood at 1.96 as on March 31, 2024, as against the regulatory requirement of 1.50, indicating strong financial position of the company.

Ahead of the earnings announcement, SBI Life shares fell 1.7% to Rs 1,419 on the BSE.