SBI Life Insurance, India’s biggest insuraer, reported a robust 39 per cent year-on-year (YoY) jump in net profit, reaching ₹529 crore for the second quarter ending September 30, 2024. This marks a significant increase from the ₹380 crore profit recorded in the same period last year.
The total income for the quarter soared to ₹40,015 crore, up from ₹28,569 crore in Q2 FY23, reflecting strong financial growth. The insurer, promoted by State Bank of India, collected a net premium of ₹20,266 crore during the July-September period, a marginal increase from ₹20,050 crore a year ago. The first-year premium rose to ₹4,916 crore from ₹4,633 crore in the same period last fiscal.
SBI Life’s assets under management (AUM) surged by 28 per cent, reaching ₹4.4 lakh crore as of September 30, 2024, underlining the company’s expanding financial base. The solvency ratio stood at 204 per cent, comfortably above the regulatory requirement of 150 per cent, ensuring strong financial health. Additionally, the company’s net worth climbed by 16 per cent to ₹16,260 crore, compared to ₹13,970 crore a year earlier.
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These strong financial results highlight SBI Life’s resilience and growth in the Indian insurance sector, continuing its upward trajectory.
