SBI Life Insurance, one of the leading life insurers in the country registered a New Business Premium of Rs.15,725 crores for the period ended on 30st September, 2024 vis-a-vis Rs.16,262 crores for the period ended September 30, 2023. Regular premium has increased by 11% over the corresponding period ended on 30th September, 2023.
Establishing a clear focus on protection, SBI Life’s protection new business premium stood at Rs.1,717 crores for the period ended September 30, 2024. Protection Individual new business premium stands at Rs.324 crores for the period ended September 30, 2024. Individual New Business Premium stands at Rs. 11,490 crores with 13% growth over the corresponding period ended on 30th September, 2023.
SBI Life’s profit after tax stands at Rs. 1,049 crores for the period ended September 30, 2024.
The company’s solvency ratio continues to remain robust at 2.04 as on September 30, 2024 as against the regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 27% to Rs.4,38,954 crores as on September 30, 2024 from Rs. 3,45,147 crores as on September 30, 2023, with the debt-equity mix of 60:40. Over 95% of the debt investments are in AAA and Sovereign instruments.
The company has a diversified distribution network of 3,3 ,080 trained insurance professionals and wide presence with 1,082 offices across the country, comprising of strong bancassurance channel, agency channel and others comprising of corporate agents, brokers, Point of sale persons (POS), insurance marketing firms, web aggregators and direct business.
Performance for the period ended September 30, 2024
- Private Market leadership in New Business Premium of Rs. 15,725 crores with 21.3% market share.
- Private Market leadership in Individual NBP of Rs. 11,490 crores with 13% growth and 25.7% market share
- Annualized Premium Equivalent (APE) stands at Rs.9,031 crores with growth of 9%.
- Agency Channel Annualized Premium Equivalent (APE) stands at Rs. 2,822 crores with growth of 32%
- Improvement in 25M & 61M persistency by 116 bps & 438 bps respectively.
- Value of New Business (VoNB) stands at Rs.2,419 crores.
- VoNB Margin stands at 26.8%.
- Profit After Tax (PAT) stands at Rs.1,049 crores with 38% growth.
- Solvency ratio of 2.04.
- Assets under Management stands at Rs.4,38,954 crores with 27% growth.
- Operating Return on Embedded value stands at 19.5%
