SBI Life Q2 Results: Net profit rises 39% to ₹529 crore, net premium income up 1%

The insurer's post-tax profit was reported at ₹380.19 crore in the same quarter year ago.

Net premium income stood at ₹20,266.10 crore in Q2 FY25, an increase of 1% compared to ₹20,049.66 crore a year ago.

The income from first-year premium rose 6% year-on-year (YoY) to ₹4,915.67 crore in the quarter under review against ₹4,633.32 crore in the same quarter last fiscal.

The company earned a net commission of ₹837.15 crore in the quarter ended September 2024, up 5.1% from ₹795.92 crore in Q2 FY24.

The insurer's solvency ratio surged to 2.04% in the July-September quarter of the current fiscal year, compared to 2.01% in the previous quarter (Q1 FY25). The income from investments rose 132% YoY to ₹19,753 crore in the latest September quarter.

The assets under management jumped 27% to ₹4.38 lakh crore as of September 2024 from ₹3.45 lakh crore as of September 2023.

SBI Life shares close in green

Post earnings, shares of SBI Life Insurance Company Ltd settled 0.8% higher at ₹1,711.7 apiece on the National Stock Exchange (NSE). The market capitalisation of the company stands at ₹1,71,499.32 crore.

On the BSE, the stock ended 0.6% higher at ₹1,710 a unit.

Gross Written Premium (GWP) grew by 7% to ₹35,990 crore in the first half of FY25 mainly due to an 11% growth in new business regular premium (RP) and 16% growth in Renewal Premium (RP).

SBI Life has a strong distribution network of over 3.33 lakh trained insurance professionals, including agents, CIFs, and SPs, and widespread operations with 1,082 offices nationwide.

"The Company has diversified distribution network comprising of strong bancassurance channel, agency channel and others comprising of corporate agents, brokers, micro agents, common service centers, insurance marketing firms, web aggregators and direct business. APE channel mix for H1 FY25 is bancassurance channel 59%, agency channel 31% & other channels 10%," the insurer said in an exchange filing.