Financial Performance Overview

SBI Life Insurance Company Limited reported its reviewed financial results for the quarter and half year ended September 30, 2026, following a Board meeting on October 27, 2026, in Mumbai.

Key Financial Metrics (H1 FY27 vs H1 FY26)

| Metric | H1 FY27 | H1 FY26 | YoY Growth |

| Profit After Tax (PAT) | ₹12.7 billion | ₹10.9 billion | 17% |

| Annualized Premium Equivalent (APE) | ₹117.5 billion | ₹99.2 billion | 18% |

| Value of New Business (VoNB) | ₹32.7 billion | ₹27.5 billion | 19% |

| VoNB Margin | 27.9% | 27.8% | - |

| Indian Embedded Value (IEV) | ₹873.5 billion | ₹760.0 billion | 15% |

| IEV per Share | ₹870.5 | ₹758.0 | - |

| Gross Written Premium (GWP) | ₹484.0 billion | ₹429.0 billion | 13% |

| New Business Premium (NBP) | ₹202.6 billion | ₹183.5 billion | 10% |

| Renewal Premium (RP) | ₹281.5 billion | ₹245.5 billion | 15% |

| Individual New Business Premium | ₹137.3 billion | ₹121.7 billion | 13% |

| Individual Rated Premium (IRP) | ₹97.2 billion | ₹86.8 billion | 12% |

| Net Worth | ₹205.3 billion | ₹182.9 billion | 12% |

| Assets under Management (AuM) | ₹5,271.2 billion | ₹4,814.6 billion | 9% |

Business Growth and Market Position

  • Maintained private market leadership in Individual New Business Premium (25.2% share) and Individual Rated Premium (22.6% share).
  • Total New Business Sum Assured stood at ₹11,927.9 billion with 68% growth.
  • Protection New Business Premium reached ₹32.4 billion in H1 FY27.

Distribution Network Performance

  • Strong distribution network of 394,574 trained insurance professionals (Agents, CIFs, SPs).
  • Widespread operations with 1,244 offices across the country.
  • APE channel mix: Bancassurance 53%, Agency 28%, Other channels 19%.
  • Individual NBP of Agency channel increased 11% to ₹37.7 billion.
  • Individual NBP of Other channel increased 28% to ₹27.1 billion.

Cost Efficiency Metrics

  • Total cost ratio: 11.7% (H1 FY27) vs 10.9% (H1 FY26)
  • Commission ratio: 4.8% (H1 FY27) vs 4.7% (H1 FY26)
  • Operating expense ratio: 6.9% (H1 FY27) vs 6.2% (H1 FY26)

Persistency Ratios (Premium Basis)

All ratios showed improvement except 61st month:

  • 13th month: 87.6% (up 44 bps from 87.1%)
  • 25th month: 78.4% (up 110 bps from 77.3%)
  • 37th month: 72.3% (up 10 bps from 72.2%)
  • 49th month: 69.3% (up 40 bps from 68.9%)
  • 61st month: 58.7% (down 190 bps from 60.6%)

Assets Under Management

  • AuM growth of 9% to ₹5,271.2 billion with debt-equity mix of 60:40.
  • Approximately 94% of debt investments in AAA and Sovereign instruments.

Solvency and Profitability Ratios

  • Solvency ratio: 1.97 (vs regulatory requirement of 1.50)
  • Return on Equity (RoE): 12.9% (vs 12.3% in H1 FY26)
  • Operating Return on Embedded Value: 18.8%

Product Mix (APE Basis)

  • Par: 4% (vs 5% in H1 FY26)
  • Non-Par: 45% (vs 38% in H1 FY26)
  • ULIP: 51% (vs 57% in H1 FY26)

Management Commentary

Amit Jhingran, MD & CEO, stated: \"During H1 FY27, SBI Life remained focused on delivering sustainable business growth, strengthening its distribution network and expanding insurance penetration. Our focus on customer-centric solutions, protection led offerings and a diversified product portfolio continues to support growth while maintaining profitability and long-term value creation.\"

Additional Business Highlights

  • The company serves 76.1 million inforce lives.
  • Overall death claim settlement ratio: 99.1%
  • 99.9% of individual applications submitted digitally
  • 99.9% business sourced digitally
  • 394,574 trained insurance professionals
  • 30,398 employees
  • 310,486 agents
  • 84 corporate agents
  • 9 bancassurance partners with over 40,000 partner branches
  • 159 brokers