SBI Life Insurance on Thursday reported a marginal 0.33 per cent year-on-year growth in its net profit to ₹813.51 crore for the fourth quarter last fiscal, as its net premium income fell around 5 per cent y-o-y during the period.

The private sector life insurance company’s net profit for the fourth quarter of financial year 2023-24 stood at ₹810.80 crore.

During the fourth quarter last fiscal, the insurer’s net premium income declined to ₹23,860.71 crore compared to ₹25,116.47 crore in Q4FY24, according to a stock exchange filing. The first-year premium rose 7.29 per cent y-o-y at ₹4858.69 crore, whereas renewal premium increased 12.89 per cent y-o-y to ₹14,680.31 crore for the period under review. Single premium, however, decreased by a 42.12 per cent y-o-y at ₹4462.55 crore for the period.

In Q4FY25 the company’s Expenses of Management (EoM) rose to 8.40 per cent from 6.64 per cent in Q4FY24. Solvency ratio remained the same at 1.96.

Annualised premium equivalent

Annualised premium equivalent (APE) for the last financial year grew around 9 per cent y-o-y to ₹21,420 crore, while value of new business (VNB) during the period rose around 7 per cent y-o-y at ₹5950 crore. VNB Margin for FY25 fell to 27.8 per cent from 28.1 per cent for FY24.

The company posted a 27 per cent y-o-y growth in its net profit to ₹2410 crore for last fiscal from ₹1890 crore for the previous fiscal.

Commenting on the results, Amit Jhingran, MD & CEO, SBI Life Insurance, said,”FY25 was an exceptional year on every front. Standing at the intersection of regulatory changes, evolving customer needs and digital acceleration, we responded with resilience and conviction. Our team exhibited exceptional agility in adapting to customer needs, innovated boldly to reshape experiences and scaled efficiently to make the benefit of life insurance available to every Indian.”

With a 12 per cent growth in Individual Rated Premium, the company outperformed industry growth of 10.5 per cent, Jhingran added.

Published on April 24, 2025