PRNewswire
Mumbai (Maharashtra) [India], January 17: SBI Life Insurance, one of the leading life insurers in the country registered a New Business Premium of Rs.26,256 crores for the period ended on 31st December, 2024 vis-a-vis Rs.26,000 crores for the period ended December 31, 2023. Regular premium has increased by 12% over the corresponding period ended on 31st December, 2023.
Establishing a clear focus on protection, SBI Life's protection new business premium stood at Rs.2,792 crores for the period ended December 31, 2024. Protection Individual new business premium stands at Rs.519 crores for the period ended December 31, 2024. Individual New Business Premium stands at Rs.19,857 crores with 12% growth over the corresponding period ended on 31st December, 2023.
SBI Life's profit after tax stands at Rs.1,600 crores for the period ended December 31, 2024.
The company's solvency ratio continues to remain robust at 2.04 as on December 31, 2024 as against the regulatory requirement of 1.50.
SBI Life's AUM also continued to grow at 19% to Rs.4,41,678 crores as on December 31, 2024 from Rs. 3,71,410 crores as on December 31, 2023, with the debt-equity mix of 61:39. 94% of the debt investments are in AAA and Sovereign instruments.
The company has a diversified distribution network of 309,590 trained insurance professionals and wide presence with 1,086 offices across the country, comprising of strong bancassurance channel, agency channel and others comprising of corporate agents, brokers, Point of sale persons (POS), insurance marketing firms, web aggregators and direct business.
Performance for the period ended December 31, 2024
* Private Market leadership in New Business Premium of Rs.26,256 crores with 22.4% market share.
* Private Market leadership in Individual New Business Premium of Rs.19,857 crores with 12% growth and 27.8% market share
* Annualized Premium Equivalent (APE) stands at Rs. 15,965 crores with growth of 11%
* New Business individual sum assured stands at Rs. 1,81,489 crores with 33% growth
* Improvement in 13M & 61M persistency by 83 bps & 521 bps respectively
* Value of New Business (VoNB) stands at Rs.4,293 crores
* VoNB Margin stands at 26.9%.
* Indian Embedded value (IEV) stands at Rs.61,840 crores with 17% growth over FY 24
* Profit After Tax (PAT) stands at Rs.1,600 crores with 48% growth
* Robust Solvency ratio of 2.04
* Assets under Management stands at Rs.4,41,678 crores with 19% growth.
About SBI Life Insurance:
SBI Life Insurance ('SBI Life' / 'The Company'), one of the most trusted life insurance companies in India, was incorporated in October 2000 and is registered with the Insurance Regulatory and Development Authority of India (IRDAI) in March 2001.
Serving millions of families across India, SBI Life's diverse range of products caters to individuals as well as group customers through Protection, Pension, Savings and Health solutions.
Driven by 'Customer-First' approach, SBI Life places great emphasis on maintaining world class operating efficiency and providing hassle-free claim settlement experience to its customers by following high ethical standards of service. Additionally, SBI Life is committed to enhance digital experiences for its customers, distributors and employees alike.
SBI Life strives to make insurance accessible to all, with its extensive presence across the country through its 1,086 offices, 25,949 employees, a large and productive network of about 241,251 agents, 77 corporate agents and 14 bancassurance partners with more than 41,000 partner branches, 144 brokers and other insurance marketing firms.
In addition to doing what's right for the customers, the company is also committed to provide a healthy and flexible work environment for its employees to excel personally and professionally.
SBI Life strongly encourages a culture of giving back to the society and has made substantial contribution in the areas of child education, healthcare, disaster relief and environmental upgrade. In 2023-24, the Company touched over 1.05 lakh direct beneficiaries through various CSR interventions.
Listed on the Bombay Stock Exchange ('BSE') and the National Stock Exchange ('NSE'), the company has an authorized capital of ` 20.0 billion and a paid up capital of ` 10.0 billion. The AuM is ` 4,416.8 billion.
For more information, please visit our website- www.sbilife.co.in and connect with us on Facebook, Twitter, YouTube, Instagram, and Linkedin.
(Numbers & data mentioned above are for the period ended December 31, 2024)
Disclaimer
Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', 'expected to', etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in demand for insurance and other financial products and services in the countries that we operate or where a material number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet and other technology our exploration of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our growth and expansion in domestic and overseas markets, technological changes, our ability to market new products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other jurisdictions on us. SBI Life Insurance Company Limited undertakes no obligation to update forward looking statements to reflect events or circumstances after the date thereof.
This release does not constitute an offer of securities.
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