SBI Life on Thursday, January 25, reported a 13% rise in total APE (Annualised Premium Equivalent) reaching ₹6,130 crore in Q3 FY24, compared to ₹5,430 crore in the same quarter of the previous financial year (Q3 FY23). The company slightly surpassed the CNBC-TV18 poll estimate of ₹6,086 crore.
The Value of New Business (VNB) stood at ₹1,680 crore in Q3 FY24, reflecting an 11.3% rise from ₹1,510 crore in Q3 FY23.
The VNB margin, a key indicator of profitability, was reported at 24.4%. This is a slight dip from the previous year's margin of 27.8%.
On the other hand, the new business premium stood at ₹26,000 crore for the period ending on December 31, 2023, indicating an increase from ₹21,512 crores recorded in the corresponding period of 2022.
Single premium witnessed a surge of 25% over the same period, the company said in a press release.
SBI Life's protection new business premium reached ₹2,972 crore for the period ending December 31, 2023, marking a growth of 17%.
The protection individual new business premium stood at ₹667 crore.
Individual new business premiums showed growth of 17%, reaching ₹17,762 crore for the period ending December 31, 2023.
SBI Life's profit after tax stood at ₹1,083 crores for the period ending December 31, 2023. The solvency ratio remained robust at 2.09 as of December 31, 2023, comfortably exceeding the regulatory requirement of 1.50, the insurer said.
SBI Life's asset under management (AUM) witnessed growth of 24%, reaching ₹3,71,410 crore as of December 31, 2023, compared to ₹2,99,987 crore in the same period of 2022.
Post the earnings announcements, shares of SBI Life were trading 2.7% lower at ₹1,372.35
(Edited by : Amrita)
First Published: Jan 25, 2024 2:56 PM IST
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