SBI Life Insurance Company / Q3-FY24

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Positive2024-01-24Back to SBILIFE

Revenue

Pending

verification pending

Revenue YoY

—

reported change

EBITDA

Pending

latest reported figure

Source

bse pending

record provenance

Actual signal trajectory

Where this quarter sits.

source records only
PAT (₹ Cr)PositiveWatchNegative
12 actual records
Actual quarterly PAT (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY24: 380 · Watch source sentiment · 2023-07-20Q1 FY24Q2 FY24: 760 · Positive source sentiment · 2023-10-27Q2 FY24Q3 FY24: 1,080 · Positive source sentiment · 2024-01-24Q3 FY24Q4 FY24: 1,890 · Positive source sentiment · 2024-04-30Q4 FY24Q1 FY25: 520 · Positive source sentiment · 2024-07-31Q1 FY25Q2 FY25: 1,050 · Watch source sentiment · 2024-10-22Q2 FY25Q3 FY25: 1,600 · Positive source sentiment · 2025-01-20Q3 FY25Q4 FY25: 2,413 · Positive source sentiment · 2025-04-01Q4 FY25Q1 FY26: 594 · Positive source sentiment · 2025-07-30Q1 FY26Q2 FY26: 1,089 · Positive source sentiment · 2025-10-23Q2 FY26Q3 FY26: 1,670 · Positive source sentiment · 2026-01-23Q3 FY26Q4 FY26: 2,470 · Positive source sentiment · 2026-04-30Q4 FY262,470380
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

SBI Life delivered a solid Q3 FY24 with PAT of INR 10.8 billion (+15% YoY) and VNB of INR 40.4 billion (+11% YoY). Individual NBP grew 17% to INR 177.6 billion, with private market share expanding 184 bps to 29.1%. Growth was driven by ULIPs (57% of individual NBP) and strong group business (+31%). The VNB margin held at 28.1%, supported by repricing actions in non-par and protection segments. Management guided for ~15% APE growth in FY25 and maintained a 28% VNB margin target. Key risks include potential margin compression from surrender value regulation and rising competitive intensity in agency and banca channels.

Colored figures show movement against the previous available record.

Guidance to track

  • Management guided for APE growth of around 15% in the next financial year, consistent with current trends.
  • Management reiterated guidance of VNB margin in the range of 28% for the coming quarters, despite product mix shifts.
  • Management expects growth in individual protection in Q4, aided by new product launches and digital channels.

Risks flagged

  • Draft regulation on surrender charges could impact VNB margins, though management expects limited effect on SBI Life due to lower non-par share and conservative pricing.
  • Competitors increasing commission payouts may pressure SBI Life's agency growth; management maintains current commission structure.
  • Higher ULIP share (57% of individual NBP) could compress VNB margins if equity markets turn unfavorable.

Key quotes

  • We continue to be the lowest cost player in the industry, and our cost of acquisition, we don't want to increase as of now.
  • Our penetration in the Banca channel, in State Bank customers group is less than 2%. So, there is a huge opportunity out there.
  • We stick to our guidance of, say, 20, around 28% of VNB margin in the coming quarter, this quarter also.

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