SBI Life Insurance reports robust growth in H1 FY 2024: Sees 20% increase in individual new business premium
Indian life insurance giant SBI Life Insurance Company Ltd has reported remarkable performance for the first half of the fiscal year 2024. The company has shown a formidable presence in the private market, leading in Individual New Business Premium with a staggering amount of INR 101.7 billion. This figure marks a significant 20% growth from the previous period, along with commanding a 27.3% market share.
Impressive Financial Parameters and Market Share
In terms of financial performance, SBI Life Insurance’s revenue parameters were equally impressive. New Business Premium (NBP) witnessed a 24% growth, reaching INR 162.6 billion in H1 FY 2024. This surge is partially attributed to a 28% growth in Single Premium business. The company also maintained a strong position in the Individual Rated Premium with INR 70.6 billion, securing a 24.6% share of the private market in the first half of FY 2024.
Increased Profitability and Asset Growth
SBI Life’s profitability metrics saw notable improvements, with Profit After Tax (PAT) escalating by 19% to INR 7.6 billion in H1 FY 2024. The Value of New Business (VoNB) rose by 12% to INR 23.6 billion, with the VoNB margin standing at an impressive 28.6%. In addition, the company’s Assets under Management (AuM) soared by 22%, reaching INR 3.45 trillion, demonstrating the company’s robust financial health and strategic asset growth.
Widespread Network and Strategic Growth
The company’s expansive distribution network, consisting of 305,320 trained insurance professionals and 1,011 offices across the country, played a crucial role in these achievements. This network and the company’s consistent focus on growth strategies in the individual and group protection business segments have been instrumental in achieving these results.
The first half of FY 2024 for SBI Life Insurance Company Ltd highlights not only its growth in financial and market parameters but also reinforces its position as a leading player in the Indian life insurance sector, ready to capitalize on future opportunities in the insurance market.