Customer Experience Excellence: A Closer Look at SBI Life Insurance Remarkable 2024 Performance
SBI Life Insurance, a pioneer in India’s life insurance sector, has demonstrated its commitment to growth and customer satisfaction. The company reported a New Business Premium of ₹26,256 crores for the period ending December 31, 2024, reflecting a slight rise from ₹26,000 crores recorded in the same period in 2023. This achievement underscores SBI Life’s ability to navigate market challenges while keeping customer-centricity at its core.
Moreover, the company reported a 12% increase in regular premium collections compared to the previous year. This remarkable growth highlights SBI Life’s focus on meeting diverse customer needs through innovative and reliable insurance products.
SBI Life Insurance Building Trust through Protection-Centric Solutions
SBI Life has consistently prioritized the financial protection of its customers. For the period ending December 31, 2024, the company registered a protection new business premium of ₹2,792 crores. Within this segment, the protection individual new business premium amounted to ₹519 crores, emphasizing the company’s dedication to personalized solutions. Additionally, the individual New Business Premium showed a 12% year-on-year growth, reaching ₹19,857 crores.
Such results reflect not only SBI Life’s focus on customer protection but also its unwavering commitment to creating value through tailored insurance plans. By addressing customers’ evolving needs, SBI Life has secured its position as a trusted partner in financial security.
SBI Life Insurance: Strong Financial Performance Reinforces Customer Confidence
SBI Life’s financial strength remains a cornerstone of its success. For the period ending December 31, 2024, the company reported a profit after tax (PAT) of ₹1,600 crores, marking an impressive 48% growth compared to the previous year. This robust performance not only boosts investor confidence but also reassures customers about the company’s stability and ability to honor claims seamlessly.
Further solidifying its financial credibility, SBI Life maintains a solvency ratio of 2.04, well above the regulatory requirement of 1.50. This demonstrates the company’s preparedness to meet long-term obligations, ensuring a secure future for its policyholders.
Expanding Customer Trust with Asset Growth
SBI Life’s success also extends to its impressive growth in assets under management (AUM). As of December 31, 2024, the company’s AUM stood at ₹4,41,678 crores, a substantial 19% increase from ₹3,71,410 crores in 2023. The company’s prudent investment strategy, reflected in its 61:39 debt-equity mix, ensures maximum returns for customers while mitigating risks. Notably, 94% of its debt investments are in AAA and sovereign instruments, showcasing a strong commitment to secure financial practices.
Superior Distribution Network Strengthens Customer Accessibility
To serve customers across the country effectively, SBI Life has built a robust distribution network. With 1,086 offices, 25,949 employees, and over 241,251 agents, the company ensures its services are accessible to every corner of India. Furthermore, the bancassurance channel, strengthened by 14 partnerships and 41,000 partner branches, plays a vital role in reaching customers efficiently. This expansive network underscores SBI Life’s customer-first philosophy.
Exceptional Customer Metrics and Market Leadership
SBI Life continues to lead the private market with remarkable metrics. Its New Business Premium of ₹26,256 crores secured a 22.4% market share, while its Individual New Business Premium of ₹19,857 crores accounted for a 27.8% market share. These figures, coupled with a 33% growth in new business individual sum assured, position the company as a market leader.
SBI Life’s persistency improvements are equally commendable. The 13-month persistency improved by 83 basis points, while the 61-month persistency increased by 521 basis points. These metrics demonstrate SBI Life’s ability to foster long-term relationships with its customers, ensuring continued trust and loyalty.
Focused on Value Creation and Digital Transformation
The Value of New Business (VoNB) stood at ₹4,293 crores, with a VoNB margin of 26.9%, reflecting the company’s ability to generate significant value for stakeholders. The Indian Embedded Value (IEV) rose by 17% to ₹61,840 crores, further cementing SBI Life’s market position.
Additionally, SBI Life’s commitment to digital transformation enhances customer experience. By leveraging technology, the company simplifies processes, ensuring a seamless journey from policy purchase to claim settlement. These efforts align with SBI Life’s vision of delivering world-class services in a fast-paced digital era.
Commitment to Corporate Social Responsibility (CSR)
Beyond financial success, SBI Life emphasizes its responsibility to society. The company has positively impacted over 1.05 lakh direct beneficiaries through CSR initiatives in education, healthcare, disaster relief, and environmental sustainability. This holistic approach reflects SBI Life’s dedication to improving lives beyond insurance, creating a lasting bond with the communities it serves.
A Culture of Excellence for Employees and Customers
SBI Life’s customer-centricity extends to its employees as well. By fostering a healthy and flexible work environment, the company empowers its workforce to excel both personally and professionally. This culture of excellence directly translates to superior customer service, ensuring every interaction adds value to the customer experience.
Conclusion: SBI Life Insurance Strengthening Customer Experience, One Step at a Time
With trust as its foundation, SBI Life continues to lead the market, setting new benchmarks in customer experience and financial security. As it forges ahead, the company remains dedicated to empowering its customers with protection, savings, and health solutions that align with their diverse needs.
By prioritizing transparency, innovation, and responsibility, SBI Life proves that its success is deeply intertwined with the trust of its customers and stakeholders. Together, they move toward a future defined by financial security and shared prosperity.
