Amit Jhingran, MD & CEO of SBI Life stated, “With a 12% growth in Individual Rated Premium, SBI Life outperformed industry growth of 10.5%. SBI Life has stepped into its 25th year. The company’s 3 key strengths – a highly effective distribution network, one of best operating efficiency, and customer centricity has resulted in registering a growth better than industry on Individual Rated New Premium basis.”
Mumbai: SBI Life Insurance Company posted a flat year-on-year fourth-quarter profit on Thursday amid a slowdown in group insurance business.
Profit rose 0.3% to Rs 814 crore ($95.5 million) for the quarter ended March 31 from Rs 810 crore a year earlier.
SBI Life’s net premium income fell about 5% to Rs 23,861 crore as single premiums dropped nearly 73% while first-year premiums rose about 7%.
Analysts said heightened competition in the group insurance category has affected SBI Life’s premiums earned in the segment.
Amit Jhingran, MD & CEO of SBI Life stated, “With a 12% growth in Individual Rated Premium, SBI Life outperformed industry growth of 10.5%. SBI Life has stepped into its 25th year.The company’s 3 key strengths – a highly effective distribution network, one of best operating efficiency, and customer centricity has resulted in registering a growth better than industry on Individual Rated New Premium
basis.”
The life insurer’s value of new business (VoNB) margin stands at 27.8%
Indian Embedded value (IEV) of the company stands at Rs 702.5 billion with 21% growth while its assets under management(AUM) stands at Rs 4.5 trillion with 15% growth
Peers ICICI Prudential Life Insurance and HDFC Life Insurance reported a rise in quarterly profit, boosted by their group insurance offerings.
For FY25, total premium income increased 4.3% to ₹84,059.83 crore, driven by a 10.9% rise in renewal premiums to ₹49,407.79 crore, though single premiums dropped 22%.
The solvency ratio stood at 1.96x, meeting regulatory requirements. The expense management ratio was 8.4%, reflecting higher investments in digital and distribution.
with inputs from Agencies