- 25 Apr 2025
- ICICIdirect Research
SBI LIFE INSURANCE REPORTED MIXED PERFORMANCE IN Q4FY25 WITH IMPROVEMENT ON MARGIN FRONT
SBILIFE - 1740 Change: -11.50 (-0.66 %)News: SBI Life Insurance reported mixed performance in Q4FY25 with improvement on margin front though premium growth remained slower. New business premium (APE basis) increased 2.3% YoY, owing to slower group business, however, individual business remained healthy driven by non-par products. Agency channel remained key growth driver with individual APE up 23% YoY, though banca channel grew at a modest pace of 8% YoY, maintaining a dominant 61% share. VNB margin surged in Q4FY25 at 30.5%, aided by higher share of high-margin products and rider attachments.
View: Management reiterated confidence in sustaining 13–14% overall growth in FY26, slightly above the industry pace, led by strong agency momentum. Margins are guided to remain stable at 27–28%, supported by a favorable product mix and strategic pricing actions.
Impact: Neutral