Total income was at Rs 28,816.16 crore in Q2 FY24, up 3.9% from Rs 27,728.46 crore in Q2 FY23.

Net premium income jumped 21.68% year on year to Rs 20,049.66 crore in the quarter ended 30 September 2023.

Net income from investment stood at Rs 8,507.40 crore in Q2 FY24, registering a de-growth of 22.92% on YoY basis.

The company's profit before tax stood at Rs 386.98 crore in Q2 FY24 from Rs 386.64 crore posted in Q2 FY23.

On half yearly basis, the company's net profit rose 19.02% to Rs 761.23 crore on 20.5% increase in net premium income to Rs 33,154.16 crore in H1 FY24 over H1 FY23.

New business premium (NBP) has grew by 24% to Rs 16,260 crore in H1 FY 24 aided by growth in single premium business by 28%. the company has reported strong growth in individual NBP by 20% to Rs 10,170 crore in H1 FY24.

During H1 FY24, the company registered 21% YoY growth in annual premium equivalent (APE) to Rs 8,260 crore, and 12% YoY increase in value of new business to Rs 2,360 crore. value of new business margin was at 28.6% in H1 FY24 as compared to 31% registerted in H1 FY23.

Gross written premium (GWP) has grew by 21% to Rs 33,730 crore in H1 FY24 mainly due to 28% growth in single premium (SP) and 17% growth in renewal premium (RP) in H1 FY24.

Assets under management (AuM) grew by 22% to Rs 3,45,150 crore as on 30 September 2023 from Rs 2,82,630 crore as on 30 September 2022 with debt-equity mix of 68:32.

The company's Indian embedded value (IEV), as on 30 September 2023, was Rs 51,260 crore with an operating return on embedded value of 20.2% for H1 FY24.

SBI Life recorded strong growth in 49th month and 61st month persistency (based on premium considering regular premium/ limited premium payment under individual category) in H1 FY 24 by 92 bps and 509 bps respectively due to our focus on improving the quality of business and customer retention.

The company's net worth increased by 14% to Rs 13,970 crore as on 30 September 2023 from Rs 12,210 crore as on 30 September 2022 .

The life insurer recorded robust solvency ratio of 2.12 as on 30 September 2023 as against the regulatory requirement of 1.50 indicating strong financial position of the company.

Return on equity (RoE) improved to 11.3% in H1 FY24 as compared to 10.7% registered in H1 FY23.

SBI Life is one of the leading life Insurance companies in India. SBI Life Insurance Company has a strong distribution network of 1,011 offices, 23,998 employees, a large and productive network of about 236,978 agents, 73 corporate agents and 14 bancassurance partners with more than 41,000 partner branches, 148 brokers and other insurance marketing firms.

Shares of SBI Life Insurance Company declined 0.28% to settle at Rs 1,302.55 on the BSE.