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

Executive summary

• Achieved strong growth in new and renewal premiums, with December new business premium among the highest ever collected.

• Maintained private market leadership with a 22.4% share in new business premium and 27.8% in individual new business premium.

• 98.7% of individual applications submitted digitally; 99.3% death claim settlement ratio.

• Embedded value as of December 31, 2024, stood at ₹681.4 billion, with new business value for the nine months at ₹42.9 billion, both independently reviewed and validated.

• 1,086 offices and diverse distribution channels; 42.9bn value of new business generated as of Dec 2024.

Financial highlights

• Gross written premium for 9M FY25 at ₹609.8bn, up 9% year-over-year; 5-year CAGR of 16%.

• Profit after tax for 9M FY25 at ₹16.0bn, up 48% year-over-year; 5-year CAGR of 12%.

• Value of new business at ₹42.9bn with a margin of 26.9%, up 6% year-over-year.

• Assets Under Management reached ₹4.42 trillion, a 19% year-over-year increase.

• Net premium earned for 9M FY25 at ₹602.0bn; investment income at ₹336.6bn.

Outlook and guidance

• Individual APE growth expected at 15%-17% for the medium term; VNB margin to be maintained in the 27%-29% range.

• For FY25, individual APE growth guided at 14%-15%, total APE at 10%-11%.

• 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.

• The impact of the Sahara India Life Insurance business transfer is pending regulatory and legal resolution, with a hearing scheduled for February 2025.