AUM grew at 19% to Rs.4,41,678cr as on 31 Dec 2024
Mumbai-listed SBI Life Insurance has 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 31 Dec 2023, SBI Life said on 17 Jan.
Establishing a clear focus on protection, SBI Life’s protection new business premium stood at Rs.2,792 crores for the period ended 31 Dec 2024 https://www.investindia.gov.in/.
Protection Individual new business premium stands at Rs.519 crores for the period ended 31 Dec 2024. Individual New Business Premium stands at Rs.19,857 crores with 12% growth over the corresponding period ended on 31 Dec 2023.
SBI Life’s profit after tax stands at Rs.1,600 crores for the period ended 31 Dec 2024 https://www.bseindia.com/.
The company’s solvency ratio continues to remain robust at 2.04 as on 31 Dec 2024 as against the regulatory requirement of 1.50 https://www.nseindia.com/.
SBI Life’s AUM also continued to grow at 19% to Rs.4,41,678 crores as on 31 Dec 2024 from Rs. 3,71,410 crores a year ago, 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 31 Dec 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.441,678 crores with 19% growth.
SBI Life Insurance, incorporated in October 2000, is serving millions of families across India with its diverse range of products caters to individuals as well as group customers through Protection, Pension, Savings and Health solutions.
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. Fiinews.com
