SBI Life Insurance, one of the leading life insurers in the country registered a New Business Premium of `26,256 crores for the period ended on 31st December, 2024 vis-a-vis `26,000 crores for the period ended December 31, 2023. Regular premium has increased by 12% over the corresponding period ended on 31st December, 2023.
Establishing a clear focus on protection, SBI Life’s protection new business premium stood at `2,792 crores for the period ended December 31, 2024. Protection Individual new business premium stands at `519 crores for the period ended December 31, 2024. Individual New Business Premium stands at `19,857 crores with 12% growth over the corresponding period ended on 31st December, 2023.
SBI Life’s profit after tax stands at `1,600 crores for the period ended December 31, 2024.
The company’s solvency ratio continues to remain robust at 2.04 as on December 31, 2024 as against the regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 19% to `4,41,678 crores as on December 31, 2024 from ` 3,71,410 crores as on December 31, 2023, with the debt-equity mix of 61:39. 94% of the debt investments are in AAA and Sovereign instruments.
The company has a diversified distribution network of 309,590 trained insurance professionals and wide presence with 1,086 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 December 31, 2024
- Private Market leadership in New Business Premium of `26,256 crores with 22.4% market share.
- Private Market leadership in Individual New Business Premium of `19,857 crores with 12% growth and 27.8% market share
- Annualized Premium Equivalent (APE) stands at `15,965 crores with growth of 11%
- New Business individual sum assured stands at ` 1,81,489 crores with 33% growth
- Improvement in 13M & 61M persistency by 83 bps & 521 bps respectively
- Value of New Business (VoNB) stands at `4,293 crores
- VoNB Margin stands at 26.9%.
- Indian Embedded value (IEV) stands at ` 68,140 crores with 17% growth over FY 24
- Profit After Tax (PAT) stands at `1,600 crores with 48% growth
- Robust Solvency ratio of 2.04
- Assets under Management stands at `4,41,678 crores with 19% growth.
Disclaimer
Except for the historical information contained herein, statements in this release which contain words or phrases such as ‘will’, ‘expected to’, etc., and similar expressions or variations of such expressions may constitute ‘forward-looking statements’. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in demand for insurance and other financial products and services in the countries that we operate or where a material number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet and other technology our exploration of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our growth and expansion in domestic and overseas markets, technological changes, our ability to market new products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other jurisdictions on us. SBI Life Insurance Company Limited undertakes no obligation to update forward looking statements to reflect events or circumstances after the date thereof.
This release does not constitute an offer of securities.