SBI LIFE INSURANCE COMPANY LIMITED - Quarterly Result Update Q4'425

SBI Life Insurance Company Q4FY25 Margins improve, VNB rises, in line with estimates. SBI Life Insurance Company has recorded slight increase in the net profit to Rs 813.51 crore in the quarter ended March 2025 (Q4FY2025) from Rs 810.80 crore in Q4FY2024. The total premium income has declined 5% to Rs 24,000 crore in Q4FY2025, driven by 24% decline in the new business premium to Rs 9,320 crore. However, the renewal premium collection has jumped 13% to Rs 14,680 crore in Q4FY2025. APE moved up 2% to Rs 5,450 crore in Q4FY2025. The company has exhibited an improvement in the persistency level with 13th month persistency rising to 87% in Q4FY2025 from 86% in Q4FY2024, while 61st month persistency also rose to 62% from 58%. The value of new business (VNB) galloped 10% to Rs 1,660 crore in Q4FY2025. New business margin for FY2025 stood at 27.80% showing improvement on sequential basis from 26.90% for 9MFY2025, while it reached closer to 28.10% in FY2024. The embedded value surged 21% Rs 70250 crore end March 2025. AUM of the company increased 15% to Rs 448,040 crore end March 2025 from Rs 388,920 crore end March 2024 crore and also moved up from Rs 441,680 crore a quarter ago. Debt-equity mix was 61:39. 94% of the debt investments are in AAA and Sovereign instruments. The consolidated Networth stood at Rs 16,985 crore end March 2025, while the solvency ratio of the company was at 196% end March 2025. Embedded Value per share stood at Rs 701.0 per share at end March 2025. The Company has strong distribution network of 309,034 trained insurance professionals consisting of Agents, CIFs and SPs along with widespread operations with 1,110 offices across country. 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.