SBI Life Insurance Company

Stable performance

SBI Life Insurance Company has recorded 1% decline in net profit to Rs 804.6 crore in the quarter ended March 2026 (Q4FY2026). The total premium income has increased 16% to Rs 27,940 crore in Q4FY2026, driven by 14% jump in the renewal premium collection to Rs 16,710 crore. Further, the new business premium increased 20% to Rs 11,220 crore. APE moved up 6% to Rs 5,750 crore in Q4FY2026.

The company has exhibited an improvement in the persistency level with 13th month persistency rising to 88% in Q4FY2026 from 87% in Q4FY2025, while 61st month persistency declined to 57% from 62%. Growth in 13th month and 49th month persistency (based on premium considering Regular Premium/ Limited Premium payment under individual category) in FY26 by 53 bps and 107 bps respectively due to focus on improving the quality of business and customer retention.

The value of new business (VNB) declined 2% to Rs 1,630 crore in Q4FY2026. New business margin for Q4FY2026 stood at 27.50% showing increase on sequential basis from 27.20% for 9MFY2025, while declined slightly from 27.80% in FY2025. An impact of GST input tax credit losses on VNB margins was at 150 bps and VNB at Rs 360 crore for FY26.

The embedded value surged 15% Rs 80790 crore end March 2026.

AUM of the company increased 9% to Rs 487,160 crore end March 2026 from Rs 448,040 crore end March 2025 crore, while declined from Rs 511,710 crore a quarter ago. Debt-equity mix was 62:38. 94% of the debt investments are in AAA and Sovereign instruments.

The consolidated Networth stood at Rs 19,085 crore end March 2026, while the solvency ratio of the company was at 190% end March 2026.

Embedded Value per share stood at Rs 805.4 per share at end March 2026.

The Company has strong distribution network of 358,506 trained insurance professionals consisting of Agents, CIFs and SPs along with widespread operations with 1,230 offices across country. The Company has diversified distribution network comprising of strong bancassurance channel, agency channel and others comprising of corporate agents, brokers, micro agents, common service centers, insurance marketing firms, web aggregators and direct business.

Amit Jhingran, MD & CEO of SBI Life stated: The life insurance industry witnessed improved momentum during FY26, supported by recent regulatory measures and a gradual shift in customer preference towards protection-oriented products. The exemption of GST on individual policies enhanced affordability and supported demand during the period.

The Company?s product mix reflected evolving customer preferences, with balanced contributions from ULIPs, participating and non-participating savings products, while the Par and retail protection segments recorded strong year-on-year premium growth. The Company reported stable Value of New Business (VNB) margins along with steady VNB growth during FY26.

SBI Life Insurance remains focused on maintaining a balanced approach to growth and profitability. The Company continues to strengthen its product portfolio, distribution capabilities and operational efficiencies, while adhering to prudent risk management practices. As one of the leading private life insurers in India, SBI Life remains committed to enhancing insurance penetration and delivering long-term value to all stakeholders.

Financial Performance FY2026

The Company has maintained its leadership position in Individual Rated Premium of Rs 21900 crore with 22.9% private market share in FY26. Growth in Individual New Business Premium by 13% to Rs 29780 crore in FY26. Protection New Business Premium stands at Rs 4622 crore in FY26.

Gross Written Premium (GWP) has grew by 19% to Rs 101290 crore in FY26 mainly due to 20% growth in New Business Regular Premium (NBP) and 19% growth in Renewal Premium (RP) in FY26.

APE channel mix for FY26 is bancassurance channel 60%, agency channel 29% & other channels 11%. Individual NBP of Other channel has increased by 38% to Rs 5070 crore in FY26 as compared to last year.

VoNB increased by 12% to Rs 6670 crore for FY26. VoNB margin stands at 27.5% in FY26.

Total Cost ratio for FY26 is 10.6% compared with 9.7% for FY25. Commission ratio for FY26 & FY25 is 4.4%. Operating Expense ratio for FY26 is 6.1% compared with 5.3% in FY25.

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SBI Life Insurance: Results Policyholders Account
?	2603 (3)	2503 (3)	Var %	2603 (12)	2503 (12)	Var %
Premium earned (net)	27683.79	23860.71	16	99955.92	84059.83	19
Income from Investments	-23938.72	-1040.83	2200	11062.11	31714.09	-65
Other income	38.75	3.62	970	73.92	-1.16	PL
Contribution from the Shareholders` account	1873.93	1345.91	39	1873.93	1345.91	39
Total Income	5657.75	24169.41	-77	112965.88	117118.67	-4
Commission	859.11	776.77	11	4495.71	3738.75	20
Op. expenses related to Insurance business	1668.25	1238.34	35	6225.46	4490.80	39
Others	-20.87	296.75	LP	534.24	1094.77	-51
Benefits paid (Net)	16254.62	12528.30	30	54323.49	48901.83	11
Change in valuation of policy liabilities	-15348.36	7706.00	LP	43938.16	55700.13	-21
Provision for taxation	51.21	60.02	-15	159.45	197.93	-19
Total Expense	3463.96	22606.18	-85	109676.51	114124.21	-4
PAT	2193.79	1563.23	40	3289.37	2994.46	10
Transfer to Shareholders` account	2363.62	1947.69	21	3160.09	2739.65	15

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SBI Life Insurance: Results Shareholders Account
?	2603 (3)	2503 (3)	Var %	2603 (12)	2503 (12)	Var %
Amounts transferred from Policyholders` account	2363.62	1947.69	21	3160.09	2739.65	15
Income from investments	325.96	251.32	30	1297.43	1115.88	16
Total Income	2689.58	2199.01	22	4457.52	3855.53	16
Expenses (apart from Insurance)	2.70	10.40	-74	29.74	34.19	-13
Contribution to policyholders account	1873.93	1345.91	39	1873.93	1345.91	39
Others	-2.83	2.09	LP	16.45	-19.24	PL
Total Expenses	1873.80	1358.40	38	1920.12	1360.86	41
PBT	815.78	840.61	-3	2537.40	2494.67	2
Tax	11.14	27.10	-59	67.10	81.37	-18
PAT	804.64	813.51	-1	2470.30	2413.30	2
EPS (Rs)*	32.1	32.5	?	24.6	24.1	?
Equity	1003.1	1002.1	?	1003.1	1002.1	?
Embedded Value (Rs) per share	805.4	699.5	?	805.4	699.5	?
* EPS and EV are calculated on diluted equity as given for each year. Face value of Rs 10 each, PL: Profit to Loss, LP: Loss to Profit
Figures in crore, Source: Capitaline Corporate Database

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