SBI Life posts 48% profit surge to ₹1,600 crore, maintains market leadership
SBI Life Insurance reported a 48 per cent year-on-year increase in profit after tax to ₹1,600 crore for the nine months ended December 2024. The company’s new business premium showed modest growth of 1 per cent at ₹26,260 crore during the period.
Gross written premium rose 9 per cent to ₹60,980 crore, supported by a 15 per cent growth in renewal premium at ₹34,730 crore. Individual new business premium grew 12 per cent to ₹19,860 crore.
The Value of New Business (VoNB) increased 6 per cent to ₹4,290 crore, though VoNB margin declined to 26.9 per cent from 28.1 per cent in the previous year. Assets under management grew 19 per cent to ₹4,41,680 crore as of December 31, 2024, with a debt-equity mix of 61:39.
The insurer maintained private market leadership with an individual-rated premium of ₹14,550 crore, commanding 25.3 per cent market share. The company’s distribution network comprises over 3.09 lakh trained insurance professionals across 1,086 offices. The solvency ratio stood at 2.04, above the regulatory requirement of 1.50.
