SBI Life Insurance Co.'s fourth-quarter profit increased, and surpassed analysts' estimates.
The private insurer's net profit rose 4% year-on-year to Rs 811 crore in the quarter-ended March 31, 2024, according to an exchange filing on April 26. That compares with the Rs 689-crore consensus estimate of analysts tracked by Bloomberg.
Sequentially, the bottom line was up 150%.
The company earned a net premium of Rs 25,116 crore, a 26% increase over a year earlier.
SBI Life Insurance Q4 FY24 Results Highlights (YoY)
Net premium income rose 26% to Rs 811 crore (Bloomberg estimate: Rs 689 crore).
Value of new business—the present value of future profit associated with new business written during the period—rose 5% to Rs 5,550 crore.
VNB margin declined to 28.3% from 31.6%.
Annualised premium equivalent rose 17%.
The 13th month persistency ratio—or customer retention—grew 130 basis points to 86.8% in the previous financial year, and improved for the 61st month to 58.6% from 55.6%, during the same period.
Solvency ratio—which measures the extent to which assets cover commitments for future liabilities—fell to 1.96% in the previous financial year from 2.15%. The minimum regulatory requirement is 150%.
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