SBI Life Insurance 9M 2024 profit catapults 48% YoY

Annualised premium equivalent also jumped by 11% YoY.

SBI Life Insurance’s profit after tax surged 48% year-on-year (YoY) to ₹1,600 crore for the nine months ended 31 December 2024 (9M 2024).

Similarly, its new business premium of ₹26,256 crore, slightly up from ₹26,000 crore in the same period last year.

The individual new business premium grew 12% YoY to ₹19,857 crore, contributing to SBI Life's private market leadership with a 27.8% market share.

The annualised premium equivalent (APE) stood at ₹15,965 crore, reflecting an 11% YoY growth. New business individual sum assured grew 33% to ₹1,81,489 crore.

The value of new business (VoNB) was ₹4,293 crore, with a VoNB margin of 26.9%.

SBI Life holds a 22.4% private market share in new business premiums and reported improvements in persistency ratios, with 13-month and 61-month persistency improving by 83 and 521 basis points, respectively.

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