The company’s net premium income for Q3FY25 stood at Rs 24,828 crore, an 11% rise from Rs 22,316 crore in the corresponding quarter of the previous financial year.
The company reported a 13.6% growth in its first-year premium for Q3FY25, reaching Rs 6,451 crore, compared to Rs 5,677 crore in the same period last year.
Meanwhile, the renewal premium for the reported quarter stood at Rs 14,468 crore, up 23% sequentially from Rs 11,721 crore in Q2FY25, and up 14% YoY from Rs 12,720 crore in Q3FY24.
The single premium amounted to Rs 4,079 crore, compared to Rs 3,776 crore in Q2FY25 and Rs 4,062 crore in Q3FY24.The earnings were announced during market hours, leading to a 2.4% surge in SBI Life shares, which reached day’s high of Rs 1,550.95 on NSE following the announcement.
On a sequential basis, profit after tax (PAT) saw a 4% increase compared to Rs 529 crore reported in Q2FY25.
Meanwhile, net premium income rose by 22%, up from Rs 20,266 crore reported by the state life insurer in the July-September quarter.
9MFY25 stats
The company’s new business premium (NBP) saw a marginal uptick of 1% in the nine months ended December 31, 2024, at Rs 26,260 crore, compared to Rs 26,000 crore reported in 9MFY24. Meanwhile, renewal premiums jumped 15% YoY to Rs 34,730 crore, up from Rs 30,190 crore in the corresponding period of the previous financial year.
The company’s Gross Written Premium (GWP) grew by 9% to Rs 60,980 crore in 9M FY25, primarily driven by a 12% growth in New Business Regular Premium (RP) and a 15% growth in renewal premiums, as per the company’s filing.