SBI Life Q3 results: Net profit jumps 6% YoY to ₹322 crore
In the December quarter (Q3FY24) SBI Life Insurance Company posted a net profit of ₹322 crore, up 6 percent year-on-year (YoY) from ₹304 crore posted in the same quarter last year.
In the December quarter (Q3FY24) SBI Life Insurance Company posted a net profit of ₹322 crore, up 6 percent year-on-year (YoY) from ₹304 crore posted in the same quarter last year.
Meanwhile, its net premium income in the third quarter jumped 16 percent YoY to ₹22,316 crore.
The life insurer also reported a 13 percent rise in total APE (Annualised Premium Equivalent) to ₹6,130 crore in Q3 FY24 versus ₹5,430 crore in the same quarter of the previous financial year (Q3 FY23).
Meanwhile, its Value of New Business (VNB) came in at ₹1,680 crore in Q3 FY24, up 11.3 percent from ₹1,510 crore in Q3 FY23. The VNB margin, however, contracted to 24.4 percent from last year's margin of 27.8 percent.
Meanwhile, in the 9 months of FY24 (9MFY24), the firm's net profit rose 15 percent YoY to ₹1,080 crore versus ₹940 crore in 9MFY23. Its Gross Written Premium also grew 19 percent to ₹56,190 crore in 9MFY24 from ₹47,300 crore in 9MFY24.
The growth in individual new business premium rose 17 percent to ₹17,760 crore in the nine months of fiscal 2024, whereas, new business premium (NBP) rose 21 percent to ₹26,000 crore in the nine months ended December, aided by growth in individual annuity business by 35 percent.
Annualized Premium Equivalent (APE) in the 9 month period stood at ₹14,390 crore, up 17 percent YoY. Value of New Business (VNB) also jumped 11 percent YoY to ₹4,040 crore in 9MFY24 while VNB Margin came in at 28.1 percent in this period, down from 29.6 percent in 9MFY23.
Assets under Management for the insurer also rose 24 percent YoY to ₹3.7 lakh crore in 9MFY24.
Post the results, shares of SBI Life were trading 2.7 percent lower at ₹1,372.35
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