SBI Life Q2 results: Net profit rises 39% YoY to ₹529 crore, NPA marginally up

Leading insurer SBI Life, on Wednesday, reported a 39 per cent year-on-year (YoY) increase in its consolidated net profit, reaching ₹529 crore in the second quarter, compared to ₹380 crore in the same quarter last year.

The net premium income for the reporting period saw a slight year-on-year increase of 1 per cent, reaching ₹20,266 crore.

The first-year premium income increased by 6 per cent YoY to ₹4,915 crore during the July-September 2024 period, up from ₹4,633 crore in the same period last year.

Investment income surged by 132 per cent YoY, more than doubling to ₹19,753 crore in the quarter ending September 2024.

SBI Life Q2 performance

The company reported a net commission of ₹837.15 crore for the quarter ended September 2024, reflecting a 5.1 per cent increase from ₹795.92 crore in Q2 FY24.

The insurer's solvency ratio improved to 2.04 per cent in the July-September quarter of the current fiscal year, up from 2.01 per cent in the previous quarter (Q1 FY25). Investment income surged 132% year-on-year, reaching ₹19,753 crore in the September 2024 quarter.

Assets under management (AUM) grew by 27 per cent, rising to ₹4.38 lakh crore as of September 2024, compared to ₹3.45 lakh crore in September 2023.

"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 per cent, agency channel 31 per cent & other channels 10 per cent," the insurer said in an exchange filing.

Gross Written Premium (GWP) increased by 7 per cent, reaching ₹35,990 crore in the first half of FY25. This growth was primarily driven by an 11 per cent rise in new business regular premium (RP) and a 16 per cent increase in Renewal Premium (RP).