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SBI Life Insurance Profit Soars 48% in 9M 2024

by Celia

SBI Life Insurance has reported a strong financial performance for the nine months ending December 31, 2024, with its profit after tax soaring 48% year-on-year (YoY) to ₹1,600 crore.

The company’s new business premium amounted to ₹26,256 crore, marking a slight increase from ₹26,000 crore in the same period the previous year. In particular, the individual new business premium saw a robust 12% YoY growth, reaching ₹19,857 crore. This performance reinforces SBI Life’s dominant position in the private market, with a market share of 27.8%.

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Annualised premium equivalent (APE) also demonstrated impressive growth, rising 11% YoY to ₹15,965 crore. Additionally, the individual new business sum assured increased by 33% to ₹1,81,489 crore.

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The value of new business (VoNB) reached ₹4,293 crore, with a VoNB margin of 26.9%, highlighting the company’s solid profitability in new business acquisitions. SBI Life continues to maintain a 22.4% share of the private market in new business premiums.

Further, the company reported significant improvements in its persistency ratios, with the 13-month persistency ratio improving by 83 basis points and the 61-month persistency ratio rising by 521 basis points, underscoring its ability to retain customers over the long term.

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