Check out SBI Life Insurance’s Q4 Net Profit, which increased by 4% to Rs 811 crore

For the fourth quarter that ended in March 2024, SBI Life Insurance recorded a 4% increase in net profit at Rs 811 crore on Friday because of a moderate growth in the value of new business.

In the same quarter last year, life insurance reported a net profit of Rs 777 crore.

According to SBI Life’s regulatory filing, total income for the January–March FY24 period increased to Rs 37,567 crore from Rs 22,805 crore during the same period in FY23.

Compared to the same quarter last year, when net premium income was Rs 19,897 crore, it was Rs 25,116 crore in Q4FY24.

The company’s net profit for the whole fiscal year 2023–24 increased by 10% to Rs 1,890 crore from Rs 1,720 crore the year before.

From Rs 81,598 crore to Rs 1,32,631 crore throughout the year, total income increased.

According to SBI Life, its value of new business (VoNB) increased by 9% to Rs 5,550 crore in FY24.

The present value of anticipated future benefits from new policies produced within a certain time frame is known as VoNB. It represents the added value anticipated for a certain time frame from the creation of new policies.

As of March 31, 2024, assets under management (AUM) had increased by 27% to Rs 3.8 lakh crore.

The solvency ratio decreased from 215% to 196% in the preceding fiscal year.

The extra cash an insurer has to have on hand to pay future claims that exceed their projected obligations is known as solvency margin.

This acts as a safety net for their finances, guaranteeing that they can resolve any claim, even under the most difficult conditions.