SBI Life Insurance Q1FY25: Net profit grows 36% YoY to Rs 519 cr; Value of New Business up by 12%

Mumbai: SBI Life Insurance reported a net profit of Rs 519 crore for the June quarter, up 36% YoY compared to the same period last year.

IBNS • 24 Jul 2024, 05:30 pm

SBI Life Insurance Q1FY25: Net profit grows 36% YoY to Rs 519 cr; Value of New Business up by 12%

Share this article

The insurer's annualized premium equivalent (APE) reached Rs 36,400 crore, reflecting year-on-year growth.

The Value of New Business (VoNB) for the quarter was Rs 970 crore, a 12% increase, with a VoNB margin of 26.8%.

The solvency ratio decreased to 2.01% from 2.15% in the previous year.

The gross written premium rose year-on-year to Rs 15,570 crore, up from Rs13,560 crore.

Additionally, the insurer saw strong growth in 49th-month and 61st-month persistency rates, improving by 259 and 229 basis points, respectively, due to a focus on enhancing business quality and customer retention.