FY24 growth aspiration of 20-25%
Management expects to deliver better than industry growth, targeting 20-25% growth in individual rated premium for FY24.
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SBI Life Insurance Company · forward-looking guidance across the available source record.
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What management said would happen.
growth
VNB margin to remain range-bound around 28-30%
Management expects VNB margins to stay in the 28-30% range, with no significant expansion or compression expected.
Non-par share expected at 24-25% of business
CFO indicated non-par share should normalize to around 24-25% of business for the full year, similar to FY23.
Top-line APE growth of high-teens to 20% for FY25
Management reiterated guidance for APE growth in the high-teens to 20% range for the full year, driven by bancassurance recovery and agency momentum.
VNB margin around ±28% for FY25
Management expects VNB margin to remain in the range of ±28% for the full year, with product mix improvement compensating for Q1 margin decline.
Launch of digital protection product on SBI YONO in Q2
A simplified protection product with three-click issuance will be launched on SBI's YONO platform in Q2 FY25, targeting higher sales.
Ultra HNI protection product launch in August 2024
A high-sum-assured protection product for the ultra HNI segment will be launched in August 2024, with simplified underwriting.
Mid-teens individual APE growth for FY26
Management expects individual APE growth in mid-teens, at par or above private industry levels.
VNB margin guidance of 26-28% with positive bias
Management reiterated VNB margin range of 26-28% for FY26, with potential upside from product mix optimization.
Credit life growth of 20-25% in FY26
Credit life expected to grow 20-25% driven by better attachment rates and bank home loan growth of 10-15%.
OPEX ratio to remain stable around 6-6.5%
Operating expense ratio expected to stay in 6-6.5% range despite branch expansion and digital investments.
Full-year individual APE growth of ~20%
Management reaffirmed 20% growth guidance for FY24 individual APE, despite H1 growth of 17%.
VoNB margin in 28%-30% range
VoNB margin expected to remain within 28%-30% for FY24, supported by product mix and repricing actions.
Target ULIP/non-ULIP mix of 55/45
Management aims to achieve a 55/45 product mix between ULIP and non-ULIP, though market conditions may influence near-term mix.
IRNB growth of 15-17% for FY25
Management expects full-year individual rated new business premium growth of 15-17%.
VNB margin of 26-27% for FY25
VNB margin is guided in the range of 26-27% for the full year, with a long-term aspiration of 28%.
Agency channel growth of ~30% in H2
Management expects agency channel to continue strong growth at around 30% in the second half.
Banca channel growth of ~9% in Q3
Bancassurance channel is expected to grow around 9% in Q3 FY25 due to high base.
Individual APE growth of 13-14% for FY26
Management expects full-year individual APE growth in the range of 13-14%, driven by improved traction in bancassurance and agency channels from September onwards.
VNB margin maintained at 26-28%
Despite GST headwinds, management expects VNB margin to remain in the 26-28% range, with product mix improvements offsetting the impact.
Protection business to exceed 10% of total APE
Management targets protection business contribution to exceed 10% of total APE, driven by new products and rider attachments.
APE growth of ~15% for FY25
Management guided for APE growth of around 15% in the next financial year, consistent with current trends.
VNB margin around 28%
Management reiterated guidance of VNB margin in the range of 28% for the coming quarters, despite product mix shifts.
Focus on protection business growth in Q4
Management expects growth in individual protection in Q4, aided by new product launches and digital channels.
Individual APE growth of 15-17% in medium term
Management expects individual APE to grow at 15-17% over the medium term, with agency channel growing faster than Banca.
VNB margin target of 27-29%
Management aims to maintain VNB margin in the range of 27-29% over the long term, with a floor of 27%.
FY25 individual APE growth around 14-15%
For FY25, individual APE growth is expected to be around 14-15%, with total APE growth of 10-11%.
Add 40 new branches by end of FY25
Company plans to add 40 more branches by end of FY25, focusing on Tier 3 and Tier 4 cities to support agency channel growth.
Full-year APE growth of 13-14%
Management reiterated full-year APE growth guidance of 13-14%, with Q4 expected to be lower in absolute terms but growth rate positive.
VNB margin guidance of 27-28%
Management guided VNB margin to remain in the 27-28% range for the coming quarter, despite GST impact of ~30-40 bps net of product mix.
FY27 growth not lower than current run-rate
Management indicated that FY27 growth will not be lower than the current growth rate, though formal guidance will be provided later.
Focus on protection and non-PAR growth to improve product mix
Management aims to grow protection and non-PAR savings business to achieve a healthier product mix, which could positively impact VNB margins.
New protection products in pipeline
2-3 new protection products are in the pipeline for launch in the coming quarters to boost individual protection growth.
Maintain private market leadership
The company expects to continue growing ahead of the industry and maintain its leadership position in the private life insurance market.
Individual APE growth of 13-14% in FY26
Management expects individual APE to grow 13-14% in FY26, slightly above industry growth of ~12%.
Agency channel growth of ~25% in FY26
Agency channel is expected to grow around 25% on a strong base, driven by agent additions and productivity improvements.
Product mix shift to 65/35 (ULIP/traditional) in FY26
Management targets shifting product mix from 70/30 to 65/35 (ULIP/traditional) in FY26, with a 500 bps tilt toward traditional products.
VNB margin of ~28% for FY26
Management expects VNB margin to remain around 27-28% for FY26, despite product mix improvement, due to investments in infrastructure.
APE growth target of ~14%
Management guided for annual APE growth of around 14% for the coming years, consistent with historical CAGR.
VNB margin guidance of 26-28%
Management expects VNB margin to remain in the 26-28% range, absorbing GST impact through product mix improvement.
Deferred annuity product launch by June 2026
Company plans to launch a regular pay deferred annuity product in Q1 FY27 to complete annuity product suite.