SBI Life Insurance Company Q2 Results: PAT Rises 39% To Rs 529 Cr; AUM Jumps 27%

For the second quarter of FY25, SBI Life Insurance Company reported a 39% YoY increase in consolidated net profit at Rs 529 crore however during the same period last year, the net profit was Rs 380 crore.

During the July-September 2024 period, net premium income increased by slightly 1% year over year to Rs 20,266 crore. The quarter's investment income more than doubled, rising 132% year over year to Rs 19,753 crore. Individual new business premiums increased 13% to Rs 11,490 crore in the first half of FY25.

Due to an 11% increase in new business regular premiums and a 16% increase in renewal premiums, gross written premium (GWP) increased by 7% to Rs 35,990 crore.

In the first quarter of FY25, the company's 22.7% private market share and Rs 81 billion Individual Rated Premium led the way. From Rs 139.7 billion on September 30, 2023, to Rs 162.6 billion on September 30, 2024, the company's net worth grew by 16%. The strong financial strength of the company is shown by a robust solvency ratio of 2.04 as of September 30, 2024, compared to the regulatory requirement of 1.50.

The company's focus on enhancing business quality and client retention has resulted in a strong increase in the 25th and 61st months of persistence (based on premium considering Regular Premium/Limited Premium payment under individual category) in H1 FY 25 by 116 bps and 438 bps, respectively.

The company operates with 1,082 locations nationwide and has a robust distribution network of 333,080 experienced insurance professionals, including agents, CIFs, and SPs. Corporate agents, brokers, micro agents, common service centres, insurance marketing companies, online aggregators, and direct business are all part of the company's diverse distribution network, which also includes a robust bancassurance channel and an agency channel. Founded in October 2000 and licensed with the Insurance Regulatory and Development Authority of India (IRDAI) in March 2001, SBI Life Insurance is one of the most reputable life insurance providers in India.

With 1,082 offices, 24,939 employees, a vast and effective network of roughly 264,058 agents, 79 corporate agents, 14 bancassurance partners with more than 41,000 partner branches, 140 brokers, and other insurance marketing firms, SBI Life aims to make insurance affordable for everyone. The company, which is listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), has Rs 10.0 billion in paid-up capital and Rs 20.0 billion in authorised capital. Rs 4,389.5 billion is the AuM.