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SBI Life Insurance on Friday reported 4 per cent rise in net profit at Rs 811 crore for the fourth quarter ended March 2024 as value of new business grew modestly.

The life insurer had posted a net profit of Rs 777 crore in the year-ago quarter.

Total income during January-March FY24 rose to Rs 37,567 crore from Rs 22,805 crore in the same period of FY23, SBI Life said in a regulatory filing.

Net premium income in Q4FY24 stood at Rs 25,116 crore as against Rs 19,897 crore in the year-ago period.

For the full year 2023-24, the company's net profit grew 10 per cent to Rs 1,890 crore from Rs 1,720 crore in the previous year.

Total income during the year rose to Rs 1,32,631 crore from Rs 81,598 crore a year ago.

SBI Life said it registered a growth of 9 per cent in the value of new business (VoNB) to Rs 5,550 crore in FY24.

VoNB is the present value of expected future earnings from new policies written during a specified period. It reflects the additional value expected to be generated through the writing of new policies during a specified period.

Assets under management (AUM) grew 27 per cent to Rs 3.8 lakh crore as of March 31, 2024, it said.

Solvency ratio declined to 196 per cent from 215 per cent in the previous fiscal.

Solvency margin represents the additional capital that an insurer must maintain to cover potential claims beyond their expected liabilities.

This serves as a financial safety net, ensuring their ability to settle all claims even in the most challenging circumstances.