SBI Life Insurance Company / Q3-FY25

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Positive2025-01-20Back 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 strong Q3 FY25 with PAT surging 48% YoY to INR 16 billion, driven by robust investment income and a growing backbook. Individual new business premium grew 10% (vs industry 6%), with agency channel APE up 31% and Banca at 8%. VNB margin held at 26.9% despite a shift towards unit-linked business, aided by product repricing and protection rider attachments. Management reiterated medium-term individual APE growth guidance of 15-17% and VNB margin target of 27-29%. The new non-par product Smart Platina Supreme collected INR 250 crore in 20 days, with margins above company average. Key risk: potential regulatory changes to the Banca model could pressure the dominant distribution channel.

Colored figures show movement against the previous available record.

Guidance to track

  • Management expects individual APE to grow at 15-17% over the medium term, with agency channel growing faster than Banca.
  • Management aims to maintain VNB margin in the range of 27-29% over the long term, with a floor of 27%.
  • For FY25, individual APE growth is expected to be around 14-15%, with total APE growth of 10-11%.
  • Company plans to add 40 more branches by end of FY25, focusing on Tier 3 and Tier 4 cities to support agency channel growth.

Risks flagged

  • Potential regulatory changes to the bancassurance model could impact SBI Life's dominant distribution channel, though management has not received any formal communication.
  • Increasing share of unit-linked business could pressure VNB margins if not offset by higher-margin products.
  • A sustained equity market correction could reduce demand for unit-linked products, which constitute a significant portion of new business.
  • Higher fixed costs in the agency channel relative to Banca could pressure margins as agency contribution increases.

Key quotes

  • We stand by our overall growth forecast in the medium term of 15%-17%.
  • Our objective is to maintain the margin in range of 27%-29% kind of thing.
  • We have not heard anything from the regulator on this particular subject.

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