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What the record says.
SBI Life reported a mixed H1 FY25. PAT grew 38% YoY to INR 1,050 crore, driven by strong investment income and operational efficiencies. However, new business premium growth was subdued at 7% to INR 15,730 crore, with individual APE growing 16%. The bancassurance channel, contributing 58% of APE, grew only 7% due to a high base and a strategic pivot to digital YONO platform, causing temporary slowdown. Agency channel outperformed with 36% APE growth. VNB margin stood at 26.8%, with management guiding 26-27% for FY25. Protection business remained weak but new products launched in September are expected to lift H2. Persistency improved, with 13th month at 86.4%. Key risk: slower-than-expected recovery in bancassurance growth as digital transition may take longer.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects full-year individual rated new business premium growth of 15-17%.
- VNB margin is guided in the range of 26-27% for the full year, with a long-term aspiration of 28%.
- Management expects agency channel to continue strong growth at around 30% in the second half.
- Bancassurance channel is expected to grow around 9% in Q3 FY25 due to high base.
Risks flagged
- The shift to YONO digital platform may cause temporary disruption in bancassurance sales, with growth slowing to 7% in H1.
- Unsustainable rates in group savings and slowdown in credit life due to lower loan offtake could pressure group business.
- Higher share of ULIP (61% of NBP) may cap margin expansion despite protection product launches.
- Analysts questioned the ability to sustain margins amid repricing for surrender value changes and competitive pressures.
Key quotes
- We are trying to shift the business from to the digital channel, where the customer will be initiating the journey on the YONO platform itself. And that shift is creating this temporary kind of cliff, but we are very sure that this growth will return.
- Our aim is to maintain the margin of 28%. But I'm saying, since we are sitting today at 26.8%, we have to also optimize the APE growth. In that context, there is possibility the margin will be range bound.
- We have not changed our commission structure at all, unlike many players in the industry, and in fact, on surrender value front, our surrender values earlier also were much better than the industry level.
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