SBI Life Reports Q4 Profit Decline Amid Strong Premium Growth
SBI Life Q4 Results: Profit falls marginally to Rs 805 crore; net premium income rises 16% YoY
The Economic TimesImage: The Economic Times
SBI Life Insurance Company reported a slight profit decline to ₹805 crore for Q4, down 1% year-on-year, despite a 16% rise in net premium income to ₹27,684 crore. The company maintained its market leadership with significant growth in protection products and improved persistency ratios.
- 01SBI Life's profit fell to ₹805 crore, a 1% decrease from last year.
- 02Net premium income rose by 16% to ₹27,684 crore.
- 03The company holds a 25.5% market share in Individual New Business Premium.
- 04Value of New Business increased by 12% to ₹6,670 crore.
- 05Assets under management grew by 9% to ₹4.9 lakh crore.
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SBI Life Insurance Company reported a marginal decline in standalone profit to ₹805 crore for the fourth quarter, reflecting a 1% decrease compared to the same period last year. Despite this, the company achieved a 16% increase in net premium income, reaching ₹27,684 crore. SBI Life retained its leadership in the private insurance market with a 25.5% share in Individual New Business Premium and a 22.9% share in Individual Rated Premium. The annualized premium equivalent (APE) rose by 13% to ₹24,270 crore, while the Individual New Business Sum Assured surged 61% to ₹4.46 lakh crore, indicating strong demand for protection-oriented products. Persistency ratios improved, with 13-month and 49-month persistency increasing by 53 basis points and 107 basis points, respectively. The Value of New Business (VoNB) stood at ₹6,670 crore, marking a 12% year-on-year growth, with margins at 27.5%. The company's embedded value grew by 15% to ₹80,790 crore, and assets under management increased by 9% to ₹4.9 lakh crore. MD and CEO Amit Jhingran attributed the growth to regulatory measures and a focus on protection products, emphasizing the company's commitment to enhancing insurance penetration and delivering long-term value.
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The growth in net premium income and protection products indicates a positive trend for consumers seeking life insurance, potentially leading to improved financial security.
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