SBI Life Insurance Q1FY25: Net profit grows 36% YoY to Rs 519 cr; Value of New Business up by 12%
Mumbai: SBI Life Insurance reported a net profit of Rs 519 crore for the June quarter, up 36% YoY compared to the same period last year.
The insurer's annualized premium equivalent (APE) reached Rs 36,400 crore, reflecting year-on-year growth.
The Value of New Business (VoNB) for the quarter was Rs 970 crore, a 12% increase, with a VoNB margin of 26.8%.
The solvency ratio decreased to 2.01% from 2.15% in the previous year.
The gross written premium rose year-on-year to Rs 15,570 crore, up from Rs13,560 crore.
Additionally, the insurer saw strong growth in 49th-month and 61st-month persistency rates, improving by 259 and 229 basis points, respectively, due to a focus on enhancing business quality and customer retention.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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