SBI Life Insurance Company Limited , one of India's leading life insurance providers, has reported robust financial results for the first quarter. The company demonstrated strong growth across key metrics, including profit after tax, value of new business, and asset under management.

Financial Highlights

Operational Performance

Distribution and Product Mix

SBI Life continued to focus on diversifying its product mix and strengthening its distribution channels:

• Bancassurance channel (SBI and RRBs) contributed 58% to total APE
• Agency channel showed improvement in product mix, with increased contribution from non-par segments
• Other channels, including direct corporate agents, brokers, and online sales, grew by 16% in terms of individual new business premium

Key Developments

• Launched new guaranteed products for child segment and income plans
• Introduced a simplified protection product on the bank platform with coverage up to ₹40 lakhs
• Achieved 40% rider attachment rate, enhancing product offerings and customer value

Management Commentary

Mr. Amit Jhingran, Managing Director and CEO, stated, "The first quarter has set an optimistic foundation for the year ahead, successfully achieving the desired targets on various key business parameters. Our performance reflects our focus not just to drive business, but on the complete ecosystem like mix, persistency, and operational indicators."

The company maintains its guidance of mid-teens growth for the current financial year and expects to achieve VNB margins in the range of 26% to 28%.

SBI Life continues to invest in digital capabilities, expand its reach, and strengthen distribution networks to maintain its leadership position in the Indian life insurance market.

Outlook

With a strong start to the fiscal year, SBI Life is well-positioned to capitalize on the growing demand for life insurance products in India. The company's focus on product innovation, channel diversification, and operational efficiency is expected to drive sustainable growth in the coming quarters.

SBI Life Insurance Company reported strong financial results for the first quarter, with profit after tax growing 14% year-on-year to ₹5.94 billion. The company also achieved a robust Value of New Business (VoNB) margin of 27.4%, up 62 basis points from the previous year.

Key Financial Highlights

• New business premium stood at ₹72.70 billion, with a private market share of 21.3%
• Individual rated new business premium reached ₹34.70 billion, growing 8% year-on-year
• Gross written premium increased 14% to ₹178.14 billion
• Assets under management (AUM) grew 15% to ₹4.76 trillion
• Solvency ratio maintained at 1.96, well above the regulatory requirement of 1.50

Product Mix and Channel Performance

The company reported a favorable shift in its product mix towards guaranteed non-par savings and protection solutions. The protection segment showed particularly strong growth, increasing 53% on an Annualized Premium Equivalent (APE) basis and contributing 11.7% of total APE.

SBI Life's bancassurance channel, comprising SBI and Regional Rural Banks (RRBs), contributed 58% to the total APE. The agency channel also performed well, with individual rated premium standing at ₹10.88 billion for the quarter.

Operational Efficiency and Customer Metrics

Management Commentary

Amit Jhingran, Managing Director and CEO, stated, "The first quarter has set an optimistic foundation for the year ahead, successfully achieving the desired targets on various key business parameters that we have set for ourselves."

The management indicated they expect to maintain mid-teens growth guidance for the year while focusing on improving product mix toward guaranteed non-par savings and protection solutions.

Future Outlook

SBI Life's strategy moving forward will center on three main areas: innovation, customer centricity, and sustainability. The company aims to enhance digital capabilities, expand reach, strengthen distribution networks, and focus on product development to maintain its leadership position in the market.

With a strong start to the fiscal year and a clear strategic focus, SBI Life appears well-positioned to capitalize on the growing demand for life insurance products in India.