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SBI Life’s Q1 net profit rises 36% to Rs 520 crore

by AIP Online Bureau | Jul 24, 2024 | Indian News, Life | 0 comments

The life insurer’s Value of New Business (VoNB) stood at Rs 970 crore with a 12 per cent  year on year (Y-o-Y) growth in Q11FY 25.  Its VoNB  margin was at 26.8 per cent during the reporting quarter

Mumbai: SBI Life, the largest private sector life insurer, has recorded a 36 per cent jump in its net profit to Rs 520 crore in the first quarter ending in June Fy 2024.

Total premium of the second largest Indian life insurer, including renewals grew 15 per cent to Rs 15,507 crore in the first quarter of the current fiscal.

With a market share of 21.8 per  cent market share, the company’s new business  premium  soared by 13 per cent Y-o-Y to Rs7,300 crore in the same quarter.

The life insurer’s Value of New Business (VoNB) stood at Rs 970 crore with a 12 per cent  year on year (Y-o-Y) growth in Q11FY 25.  Its VoNB  margin was at 26.8 per cent during the reporting quarter.

The insurer recorded a 17 per cent Y-o-Y rise in Individual New Business Premium to Rs  4750 crore in Q1 FY 25. Its New Business Premium (NBP) has risen by 13 per cent y-o-y  to Rs  7300 crore in Q1 FY 25. The life insurer’s  Protection New Business Premium stood at Rs7,200 crore in Q1 FY 25.

SBI Life’s Annualized Premium Equivalent (APE) stood at Rs3,637 crores, showing growth of 20 per cent in the reporting quarter.

The insurer’s assets under management stood at Rs 4,14,772 crores, showing a 26 per cent y-o-y growth during Q1 FY 25 with the debt-equity mix of 62:38.

Over 95 per cent of the debt investments of the insurer are in AAA and Sovereign instruments.

The life insurer’s 61st month persistency is at 59 per cent during the quarter which is an improvement over 56.7 per cent during year-ago period.

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