SBI Life Insurance Company (SBILIFE) Q3 24/25 earnings summary

Executive summary

• Achieved strong growth in new business premium and profit after tax, with December new business premium among the highest ever and embedded value at ₹681.4 billion as of December 31, 2024.

• Maintained private market leadership with a 22.4% share in new business premium and a 99.3% death claim settlement ratio.

• Digital adoption reached 98.7% for individual applications, with 99.9% digital sourcing in the agency channel.

• 1,086 offices and diverse distribution channels supported growth, with agency and banca channels showing robust performance.

• Value of new business for the nine months ended December 2024 was ₹42.9 billion, independently validated.

Financial highlights

• Gross written premium for 9M FY25 was ₹609.8 billion, up 9% YoY; individual new business premium grew 12% YoY to ₹198.6 billion.

• Profit after tax for 9M FY25 was ₹16 billion, up 48% YoY; basic EPS for the period was ₹15.97.

• Embedded value as of December 31, 2024, was ₹681.4 billion, up 17% from March 31, 2024.

• Value of new business at ₹42.9 billion with a margin of 26.9%, up 6% YoY.

• Assets under management grew 19% YoY to ₹4.42 trillion.

Outlook and guidance

• Individual APE growth guidance for FY25 is 14%-15%; total APE expected to grow 10%-11%.

• Medium-term guidance: individual APE growth of 15%-17%, VNB margin to be maintained at 27%-29%.

• Positioned for continued double-digit growth in new business premium and renewals, leveraging digital and distribution strengths.

• VNB growth may be slightly lower than APE growth due to product mix and margin rationalization.

• Results for the quarter and nine months are not indicative of full-year performance due to industry seasonality.