SBI Life Insurance Company (SBILIFE) Q1 24/25 earnings summary

Executive summary

• Achieved strong growth in new business premium, up 13% year-over-year to INR 70.3 billion, maintaining private market leadership with a 21.8% share.

• Gross written premium increased 15% to INR 155.7 billion; profit after tax surged 36% to INR 5.2 billion.

• Value of New Business (VNB) grew 12% to INR 9.7 billion; VNB margin at 26.8%.

• Assets under management crossed INR 4 trillion, up 26% year-over-year.

• 98.7% overall death claim settlement ratio; 98.5% of individual applications submitted digitally.

Financial highlights

• Renewal premium grew 16% to INR 85.4 billion, accounting for 55% of gross written premium.

• Net premium income rose 15% year-over-year to ₹15,10,548 lakhs; investment income at ₹19,28,350 lakhs.

• Individual APE rose 22% to INR 33.1 billion; total APE up 20% to INR 36.4 billion.

• 4.25 lakh new policies issued; 4 million lives covered in the quarter.

• Earnings per share (basic) for the quarter was ₹5.19, compared to ₹3.81 in Q1 FY24.

Outlook and guidance

• Top-line growth guidance remains in the high teens to 20% for FY25; margin guidance at ±28%.

• Positioned for long-term growth, leveraging digitalisation, product innovation, and expanding distribution.

• Expecting stronger growth in banca and agency channels in Q2 and Q3, supported by new product launches and digital initiatives.

• Minimal impact expected from regulatory changes on surrender value due to product mix.

• The company notes seasonality in the industry and cautions that quarterly results may not be indicative of full-year performance.