SBI Life Q4 results: Net profit grows 4% to ₹811 crore; here are the key numbers

SBI Life Insurance on Friday reported 4% rise in net profit at ₹811 crore for the fourth quarter ended March 2024 as value of new business grew modestly.

The life insurer had posted a net profit of ₹777 crore in the year-ago quarter.

Total income during January-March FY24 rose to ₹37,567 crore from ₹22,805 crore in the same period of FY23, SBI Life said in a regulatory filing.

Net premium income in Q4FY24 stood at ₹25,116 crore as against ₹19,897 crore in the year-ago period.

For the full year 2023-24, the company's net profit grew 10% to ₹1,890 crore from ₹1,720 crore in the previous year.

Total income during the year rose to ₹1,32,631 crore from ₹81,598 crore a year ago.

SBI Life said it registered a growth of 9% in the value of new business (VoNB) to ₹5,550 crore in FY24.

VoNB is the present value of expected future earnings from new policies written during a specified period. It reflects the additional value expected to be generated through the writing of new policies during a specified period.

Assets under management (AUM) grew 27% to ₹3.8 lakh crore as of March 31, 2024, it said.

Solvency ratio declined to 196% from 215% in the previous fiscal.

Solvency margin represents the additional capital that an insurer must maintain to cover potential claims beyond their expected liabilities.

This serves as a financial safety net, ensuring their ability to settle all claims even in the most challenging circumstances.

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