About the company:
SBI Life Insurance is one of India’s leading life insurance companies, a joint venture between State Bank of India (SBI) and BNP Paribas Cardif. Established in 2001, it offers a wide range of life insurance products, including term plans, savings plans, ULIPs, and retirement solutions, catering to individuals and businesses. With SBI’s vast banking network and strong digital presence, the company has a significant market share in India’s insurance sector. SBI Life focuses on customer-centric services, financial security, and innovative insurance solutions, making it a key player in India’s growing insurance industry.
Key Business Highlights
✅ Strong Individual Business Growth:
Outpaced industry growth (10% vs. 6%) in Q3
Individual Rated Premium (IRP) CAGR: 17% (Industry CAGR: 13%)
Sum assured grew 33% YoY (46% growth in Q3 alone)
✅ Product Mix & Innovations:
Launched Smart Platina Supreme, a guaranteed savings plan, collecting ₹250 crores in 20 days
ULIP new business up 25% YoY, forming 64% of individual business
Protection business contributes 8% of APE, with a 53% growth in pure protection policies
Group business facing headwinds, mainly in savings products
✅ Distribution & Channel Performance:
Banca Channel (SBI & RRBs): 63% of total APE (₹9,720 crores), up 8%
Agency Channel: 26% contribution, grew 31% YoY
2.41 lakh agents, 75,000 added this year
SBI Life aims to expand agency share to 50% over time
Digital & Direct Sales: Strong traction, online IRP up 71%
✅ Operational Efficiency & Persistency:
13th-month persistency: 86.1% (Up 83 bps YoY)
61st-month persistency: 63.3% (Up 521 bps YoY)
Opex Ratio: 5.3%, Total Cost Ratio: 10.2%
99% digital proposal submissions, 50% via automated underwriting
Growth & Future Outlook
📌 Focus Areas:
Expanding digital distribution & bancassurance partnerships
Enhancing agency network & productivity (More branches & agent hiring)
Scaling new product offerings (non-par savings, ULIPs, and annuities)
Strengthening protection business, especially pure protection plans
📌 Guidance:
FY25 APE Growth Target: 14%-15% (Total APE 10%-11%)
Medium-term Growth (FY26 & beyond): 15%-17% APE growth, VoNB Margin target: 27%-29%
Continued focus on agency channel expansion & product innovation
SBI Life Insurance Financial Performance – Last 3 Quarters (FY25)
| Financial Metric | Q3 FY25 | Q2 FY25 | Q1 FY25 |
|---|---|---|---|
| New Business Premium (NBP) | ₹26,260 crores | ₹17,720 crores | ₹15,420 crores |
| Individual New Business Premium | ₹19,860 crores | ₹13,940 crores | ₹11,520 crores |
| Gross Written Premium (GWP) | ₹60,980 crores | ₹43,270 crores | ₹29,200 crores |
| Profit After Tax (PAT) | ₹1,600 crores | ₹850 crores | ₹750 crores |
| Embedded Value (EV) | ₹68,140 crores | ₹66,070 crores | ₹64,210 crores |
| Value of New Business (VoNB) | ₹4,290 crores | ₹2,790 crores | ₹2,120 crores |
| VoNB Margin | 26.9% | 26.7% | 26.5% |
| Assets Under Management (AUM) | ₹4.42 lakh crores | ₹4.21 lakh crores | ₹3.96 lakh crores |
| Solvency Ratio | 2.04 | 2.03 | 2.02 |
Recent updates:
Financial Performance
New Business Premium (NBP): ₹26,260 crores (Maintained private market leadership with a 22.4% share)
Individual New Business Premium: ₹19,860 crores (12% YoY growth, 27.8% private market share)
Gross Written Premium: ₹60,980 crores (9% YoY growth)
Profit After Tax (PAT): ₹1,600 crores (Up 48% YoY)
Embedded Value: ₹68,140 crores (17% growth from March 2024)
Value of New Business (VoNB): ₹4,290 crores (6% YoY growth)
VoNB Margin: 26.9%
Assets Under Management (AUM): ₹4.42 lakh crores (Up 19% YoY)
Solvency Ratio: 2.04 (Regulatory requirement: 1.50)