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Revenue
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Revenue YoY
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reported change
EBITDA
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record provenance
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Where this quarter sits.
Quarter read
What the record says.
SBI Life delivered a strong H1 FY24 with PAT up 19% YoY to INR 7.6B, driven by 24% growth in new business premium to INR 162.6B and private market leadership at 24.7% share. Individual APE grew 17% to INR 71.4B, aided by robust agency expansion (33% agent growth) and ULIP demand. VoNB margin held steady at 28.6% despite higher ULIP mix, supported by repricing of non-par and annuity products. Management reaffirmed 20% full-year individual APE growth guidance, with focus on maintaining a 55/45 ULIP/non-ULIP mix. Key risks include equity market volatility impacting ULIP sales and potential margin pressure from rising commission costs under new IRDAI norms.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed 20% growth guidance for FY24 individual APE, despite H1 growth of 17%.
- VoNB margin expected to remain within 28%-30% for FY24, supported by product mix and repricing actions.
- Management aims to achieve a 55/45 product mix between ULIP and non-ULIP, though market conditions may influence near-term mix.
Risks flagged
- A sharp market downturn could reduce ULIP demand, affecting growth and product mix targets.
- New commission guidelines may increase payout ratios, pressuring margins if not offset by mix changes.
- While improving, reinsurance terms remain cautious; slower normalization could cap protection growth.
Key quotes
- We stand by the growth projections given at the start of the financial year... we stand by the 20% projection, and we are working in that direction only.
- Our ULIP persistency in the agency channel is better than the banca channel. So, there is no challenge on this front.
- We always have been offering the sustainable return... we always be prudent and offer that we're always clarifying that our approach is to offer any return to the customer, which is sustainable in longer term.
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