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Revenue
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verification pending
Revenue YoY
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reported change
EBITDA
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latest reported figure
Source
bse pending
record provenance
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Where this quarter sits.
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What the record says.
SBI Life delivered a strong FY24 with new business premium growing 29% to INR 382.4 billion, maintaining private market leadership at 24.6% share. PAT grew 10% to INR 18.9 billion, while VNB margins held at 28.1% despite a product mix shift toward ULIP. Growth was driven by robust ULIP demand, strong group business (up 66%), and agency expansion (18% agent growth). Management expects to improve product mix toward protection and non-PAR savings, which could lift margins. Key risks include competitive pressure in bancassurance and potential slowdown in ULIP demand if equity markets cool.
Colored figures show movement against the previous available record.
Guidance to track
- Management aims to grow protection and non-PAR savings business to achieve a healthier product mix, which could positively impact VNB margins.
- 2-3 new protection products are in the pipeline for launch in the coming quarters to boost individual protection growth.
- The company expects to continue growing ahead of the industry and maintain its leadership position in the private life insurance market.
Risks flagged
- Bancassurance growth was muted in Q4, with low single-digit growth, raising concerns about channel momentum.
- Strong ULIP growth was driven by favorable equity markets; a market downturn could shift customer preferences and impact product mix.
- Individual protection new business premium declined 5% in FY24, and management's efforts to revive it face competitive and demand challenges.
- Increased competition from other private players expanding into Tier 2/3 cities could pressure commission costs and margins.
Key quotes
- We don't play the commission game to increase the top line, and we will, going forward also, stick to that.
- Our penetration in the overall customer base of SBI is only around 2%... that leaves still a very, very large population of customers of 96%.
- We will definitely like to grow our protection and Non-PAR business also in the coming year for a healthier product mix.
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