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Revenue
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verification pending
Revenue YoY
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reported change
EBITDA
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Source
bse pending
record provenance
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Where this quarter sits.
Quarter read
What the record says.
SBI Life reported a decent Q1 FY24 on a high base, with individual new business premium growing 18% YoY to INR 40.6 billion and PAT up 45% YoY to INR 3.8 billion. Growth was driven by strong annuity (individual annuity up 129%) and ULIP traction, while non-par savings saw a temporary dip due to last year's pent-up demand. VNB margin came in at 28.8%, down from 30.2% in Q1 FY23, primarily due to product mix shift. Management reiterated a 20-25% growth aspiration for FY24 and expects margins to remain range-bound around 28-30%. Key risks include potential upward pressure on distributor commissions following regulatory changes (EOM guidelines) and a slight dip in 13-month persistency to 85.1%.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to deliver better than industry growth, targeting 20-25% growth in individual rated premium for FY24.
- Management expects VNB margins to stay in the 28-30% range, with no significant expansion or compression expected.
- CFO indicated non-par share should normalize to around 24-25% of business for the full year, similar to FY23.
Risks flagged
- Regulatory changes (EOM guidelines) may lead to higher commission payouts, especially to SBI, potentially compressing VNB margins.
- 13-month and 25-month persistency dipped slightly, which could impact future renewal premiums and embedded value if not reversed.
- Last year's exceptional Q1 growth (86% in individual rated) creates a high base; sustaining 20%+ growth for the full year requires strong performance in subsequent quarters.
Key quotes
- We are not looking at the margins per se, but we are looking at the sustainability of the business in the long run.
- I don't see a drastic change coming up. Like I said, we will keep calibrating what constitutes good value for the customer and what constitutes good value for the distributor, and obviously like you said, the shareholder.
- Our endeavor is to deliver better than industry growth.
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