SBI Life Insurance, the country’s largest private life insurer, on Friday posted a 71% year-on-year growth in third-quarter net profit at ₹551 crore led by healthy growth in fresh and renewal premiums.
Gross premium income of the life insurer registered an 11% year-on-year growth to ₹24,998 crore. Of this, the new business premium stood at ₹10,530 crore while the renewal premium stood at ₹14,468 crore. Net premium income (less reinsurance) stood at ₹24,828 crore in Q3FY25.
Total expenses of management (including commission payouts) rose by 10% year-on-year to ₹2,417.2 crore during the October-December quarter. The company’s market share among private insurers, based on Individual Rated Premium, dipped to 25.3% during 9MFY25 from 26.5% in 9MFY24.
The share of ULIPs in the total product mix (based on annualised premium equivalent) stood at 67% during 9MFY25 compared to 61% in the same period last fiscal. The company’s 13th-month persistency ratio (based on premium) improved to 86.1% during 9MFY25, compared to 85.3% in the same period last year. This indicates that over 86% of policyholders continued to pay their premiums beyond the first year. Meanwhile, shares of SBI Life closed at ₹1,539.05 on NSE, 1% higher than Thursday’s closing price.