Q4 2024 SBI Life Insurance Company Ltd Earnings Call Transcript

Apr 26, 2024 / 11:00AM GMT

Release Date Price: ₹1415.25 (-2.02%)

Transcript

Key Points

Positve

New business premium registered a growth of 29% over the previous year, reaching INR382.4 billion.
Gross written premium grew by 21% to INR814.3 billion.
Profit after tax increased by 10% to INR18.9 billion.
Assets under management grew by 27% to INR3,889.2 billion.
Customer satisfaction improved significantly, with the Net Promoter Score rising from 59 to 72.

Negative

Individual protection new business premium declined by 5%.
Credit life new business premium grew by only 9%, indicating slower growth in this segment.
Bancassurance channel showed muted growth, with low single-digit increases.
37th month persistency rate dropped to 71.3%, attributed to the COVID cohort.
March performance was weaker than expected, despite strong January and February numbers.

Operator

Ladies and gentlemen, good day, and welcome to the SBI Life Insurance Company Q4 FY24 earnings conference call. (Operator Instructions)

Please note that this conference is being recorded.

I now hand the conference over to Mr. Amit Jhingran, MD and CEO, SBI Life Insurance. Thank you, and over to you, sir.

Amit Jhingran

SBI Life Insurance Company Ltd - Chief Executive Officer, Managing Director

Good evening, all. We, from SBI Life Insurance Company Limited, welcome you all to the results update call of the company for year ended March 31, 2024. We appreciate and thank you wholeheartedly for your time this evening. Update on our financial results can be assessed on our website as well as on the website of both the stock exchanges.

Along with me present here today are Mr. S. Veeraraghavan, Deputy CEO; Sri Sangramjit Sarangi, President and CFO; Abhijit Gulanikar, President, Business Strategy; Subhendu Bal, Chief Actuary and Chief Risk Officer; Mr. Prithesh Chaubey, Appointed Actuary; and Ms. Smita Verma, Senior Vice President, Finance

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