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

Executive summary

• Achieved strong growth in key financial and operational metrics for H1 FY25, supported by a resilient business model, technological innovation, and market leadership in private sector life insurance.

• Focused on enhancing product offerings, digital transformation, and expanding distribution channels, with 97.4% of individual applications and 99.2% of death claims processed digitally.

• Launched 9 new products and relaunched 15 existing ones to align with regulatory changes and customer needs.

• Maintained robust profitability and operational efficiency, with a strong solvency position and embedded value at ₹66,070 crores as of September 2024.

• 3.3 lakh insurance personnel and 1,082 offices support a diverse distribution network.

Financial highlights

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

• Individual new business premium grew 13% YoY to INR 114.9 billion; gross written premium up 7% YoY to INR 359.9 billion.

• Profit after tax rose 38% YoY to INR 10.5 billion for H1 FY25.

• Value of new business (VNB) at INR 24.2 billion with a 26.8% margin; embedded value increased to INR 660.7 billion.

• Assets under management grew 27% YoY to INR 4.39 trillion as of Sep 2024.

Outlook and guidance

• Expecting full-year IRNB growth of 15-17%, with VNB growth in the 12-15% range.

• VNB margin guidance maintained at 26-27% for FY25, with potential upside depending on product mix and APE growth.

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

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

• Continued investment in digital channels and agency expansion to drive future growth.