SBI Life Insurance Company (SBILIFE) Q2 24/25 earnings summary

Executive summary

• Achieved strong growth through product innovation, digital transformation, and a resilient business model, supported by 3.3 lakh insurance personnel and 1,082 offices.

• Relaunched 15 products and introduced 9 new ones, expanding the portfolio to 24 offerings.

• 97.4% of individual applications and 99.2% of death claims processed digitally.

• Maintained private market leadership in new business premium and individual new business premium.

• Value of new business generated at ₹24.2 billion with a 26.8% margin.

Financial highlights

• Gross written premium for H1 FY25 at ₹359.9 billion, up 7% year-over-year.

• Profit after tax for H1 FY25 at ₹10.5 billion, up 38% year-over-year.

• Embedded value as of Sep 2024 at ₹660.7 billion, up 13% from Mar 2024.

• New business premium reached INR 157.3 billion, with a private market share of 21.3%.

• Assets under management increased 27% year-over-year to INR 4.39 trillion.

Outlook and guidance

• Expecting 15-17% growth in individual rated new business premium (IRNB) for the full year.

• VNB margin guidance maintained at 26-27% for the year, with potential upside.

• Positioned for long-term consistent returns, leveraging digitalization and a broad product suite.

• Industry tailwinds from demographic trends and underpenetrated insurance market in India.

• Agency channel expected to grow around 30% in the second half; Banca channel growth expected at high single digits to 10%.