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SBI Life PAT rises to Rs 811 crore in Q4 FY24
(13:30, 27 Apr 2024)

Net premium income increased 26.23% year on year (YoY) to Rs 25,116.47 crore in the quarter ended 31 March 2024.

Net income from investment zoomed to Rs 10,811.70 crore in March 2024 quarter from Rs 1,186.13 crore posted in corresponding quarter last year.

The company's profit before tax stood at Rs 836.35 crore in Q4 FY24 from Rs 793.59 crore posted in same quarter previous year.

On full-yearly basis, the company's net profit rose 10.07% to Rs 1,893.78 crore on 62.54% surge in total income to Rs 1,32,631.41 crore in FY24 over FY23.

New business premium (NBP) grew by 29% to Rs 38,240 crore in FY24. The company stated that it has private market leadership in individual NBP of Rs 23,830 crore with 14% growth and 25.8% market share.

During FY24, the company registered 17% YoY growth in annual premium equivalent (APE) to Rs 19,720 crore, and 9% YoY increase in value of new business to Rs 5,550 crore. Value of new business margin was at 28.1% in FY24 as compared to 30.1% registerted in FY23.

Gross written premium (GWP) has grew by 21% to Rs 81,430 crore in FY24 mainly due to 44% growth in single premium (SP) and 14% growth in renewal premium (RP) in FY24.

Assets under management (AuM) grew by 27% to Rs 3,88,920 crore as on 31 March 2024 from Rs 3,07,340 crore as on 31 March 2023 with debt-equity mix of 64:36.

The company's Indian embedded value (IEV), as on 31 March 2024, was Rs 58,173 crore with an operating return on embedded value of 21.8% for FY24.

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 FY24 by 241 bps and 295 bps respectively due to our focus on improving the quality of business and customer retention.

The company's net worth increased by 15% to Rs 14,910 crore as on 31 March 2024 from Rs 13,020 crore as on 31 March 2023.

The life insurer recorded robust solvency ratio of 1.96 as on 31 March 2024 as against the regulatory requirement of 1.50 indicating strong financial position of the company.

Return on equity (RoE) declined to 13.6% in FY24 as compared to 14% registered in FY23.

SBI Life is one of the leading life Insurance companies in India. SBI Life Insurance Company has a strong distribution network of 1,040 offices, 23,893 employees, a large and productive network of about 246,078 agents, 77 corporate agents and 14 bancassurance partners with more than 40,000 partner branches, 143 brokers and other insurance marketing firms.

Shares of SBI Life Insurance Company declined 1.99% to settle at Rs 1,415.25 on Friday, 26 April 2024.

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