SBI Life Q3 Results: PAT rises 6% YoY to Rs 322 crore; net premium income jumps 16%
ANI
Synopsis
Net premium income for the third quarter increased 16% year-on-year (YoY) to Rs 22,316 crore. The growth in individual new business premium by 17% to Rs 17,760 crore in the nine months of fiscal 2024. NBP rose 21% to Rs 26,000 crore in the nine months ended December, aided by growth in individual annuity business by 35%.
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SBI Life on Thursday reported a net profit of Rs 322 crore for the quarter ended December, up 6% from Rs 304 crore posted in the same quarter last year.
The growth in individual new business premium by 17% to Rs 17,760 crore in the nine months of fiscal 2024. New business premium (NBP) rose 21% to Rs 26,000 crore in the nine months ended December, aided by growth in individual annuity business by 35%.
The protection new business premium increased by 17% to Rs 2970 crore in 9MFY24 due to growth in the group protection business.
The gross written premium (GWP) jumped 19% to Rs 56,190 crore in 9MFY24 mainly due to 25% growth in single premium (SP) and 17% growth in renewal premium (RP).
SBI Life has reported annualized premium equivalent (APE) at Rs 14,390 crore, with a growth of 17% in the April-December 2023 period. The protection APE for the nine months increased 24% to Rs 1,520 crore.
The value of new business (VoNB) stood at Rs 4,040 crore with 11% growth, while VoNB Margin came in at 28.1%.
APE channel mix for 9M FY24 is bancassurance channel 65%, agency channel 24% & other channels 11%. NBP of the Agency channel has increased by 21% to Rs 4730 crore in the same period.
The company has a strong distribution network of 312,626 trained insurance professionals consisting of agents, CIFs, and SPs along with widespread operations with 1,028 offices across the country.
The assets under management (AuM) grew by 24% to 3.71 lakh crore as of December 31, 2023, with a debt-equity mix of 65:35. Over 95% of the debt investments are in AAA and sovereign instruments.
On Thursday, SBI Life shares were trading 2.66% lower at Rs 1,372.35 on NSE.
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Net premium income for the third quarter increased 16% year-on-year (YoY) to Rs 22,316 crore.The growth in individual new business premium by 17% to Rs 17,760 crore in the nine months of fiscal 2024. New business premium (NBP) rose 21% to Rs 26,000 crore in the nine months ended December, aided by growth in individual annuity business by 35%.
The protection new business premium increased by 17% to Rs 2970 crore in 9MFY24 due to growth in the group protection business.
The gross written premium (GWP) jumped 19% to Rs 56,190 crore in 9MFY24 mainly due to 25% growth in single premium (SP) and 17% growth in renewal premium (RP).
SBI Life has reported annualized premium equivalent (APE) at Rs 14,390 crore, with a growth of 17% in the April-December 2023 period. The protection APE for the nine months increased 24% to Rs 1,520 crore.
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The value of new business (VoNB) stood at Rs 4,040 crore with 11% growth, while VoNB Margin came in at 28.1%.
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APE channel mix for 9M FY24 is bancassurance channel 65%, agency channel 24% & other channels 11%. NBP of the Agency channel has increased by 21% to Rs 4730 crore in the same period.
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The company has a strong distribution network of 312,626 trained insurance professionals consisting of agents, CIFs, and SPs along with widespread operations with 1,028 offices across the country.
The assets under management (AuM) grew by 24% to 3.71 lakh crore as of December 31, 2023, with a debt-equity mix of 65:35. Over 95% of the debt investments are in AAA and sovereign instruments.
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On Thursday, SBI Life shares were trading 2.66% lower at Rs 1,372.35 on NSE.
