Key Financial Performance Metrics (Q1 FY27 vs Q1 FY26)

Premium Metrics

  • New Business Premium (NBP): ₹89.1 billion (up 23% from ₹72.7 billion)
  • Renewal Premium (RP): ₹123.8 billion (up 17% from ₹105.5 billion)
  • Gross Written Premium (GWP): ₹212.9 billion (up 20% from ₹178.1 billion)
  • Individual New Business Premium: ₹56.1 billion (up 14% from ₹49.4 billion)
  • Individual Rated Premium: ₹39.7 billion (up 14% from ₹34.7 billion)
  • Annualized Premium Equivalent (APE): ₹53.8 billion (up 36% from ₹39.7 billion)

Profitability Metrics

  • Profit After Tax (PAT): ₹7.2 billion (up 22% from ₹5.9 billion)
  • Value of New Business (VoNB): ₹14.1 billion (up 29% from ₹10.9 billion)
  • VoNB Margin: 26.2%
  • Return on Equity (RoE): 14.8% (vs 13.7% in Q1 FY26)

Embedded Value and Solvency

  • Indian Embedded Value (IEV): ₹852.9 billion (up 15% from ₹742.6 billion)
  • IEV per Share: ₹850.2
  • VoNB per Share: ₹14.0
  • Solvency Ratio: 1.96 (vs regulatory requirement of 1.50)

Assets and Net Worth

  • Assets under Management (AuM): ₹5,248.5 billion (up 10% from ₹4,758.1 billion)
  • Debt-Equity Mix: 60:40 (94% of debt investments in AAA and Sovereign instruments)
  • Net Worth: ₹201.1 billion (up 13% from ₹178.3 billion)

Market Position and Business Metrics

Market Share

  • Private Market Share in Individual Rated Premium: 22.2% (vs 22.3% in Q1 FY26)
  • Private Market Leadership in Individual New Business Premium (24.9% share) and Individual Rated Premium (22.2% share)

Product Mix (APE Basis)

  • Participating: 5% (vs 5% in Q1 FY26)
  • Non-Participating: 49% (vs 38% in Q1 FY26)
  • ULIP: 46% (vs 57% in Q1 FY26)

Channel Mix (APE Basis)

  • Bancassurance: 47% (vs 58% in Q1 FY26)
  • Agency: 25% (vs 27% in Q1 FY26)
  • Other Channels: 28% (vs 15% in Q1 FY26)

Cost Efficiency Ratios

  • Total Cost Ratio: 12.0% (vs 10.8% in Q1 FY26)
  • Commission Ratio: 4.4% (same as Q1 FY26)
  • Operating Expense Ratio: 7.7% (vs 6.3% in Q1 FY26)

Persistency Ratios (Premium Basis)

  • 13th Month: 87.7% (improved 61 bps from 87.1%)
  • 25th Month: 78.2% (improved from 77.5%)
  • 37th Month: 72.4% (improved from 72.0%)
  • 49th Month: 69.1% (improved 68 bps from 68.4%)
  • 61st Month: 58.4% (declined from 63.6%)

Distribution Network

  • Total Insurance Professionals: 371,935 (Agents, CIFs, and SPs)
  • Office Network: 1,241 offices across India
  • Bancassurance Partners: 9 partners with over 40,000 branches
  • Agency Force: 293,443 agents
  • Corporate Agents: 81
  • Brokers: 161

Management Commentary

Amit Jhingran, MD & CEO stated that SBI Life continued its growth trajectory from FY2026 into Q1 FY2027, delivering 14% increase in Individual Rated Premium supported by favorable product mix shift. All product segments recorded growth on Individual Rated Premium basis, and all key distribution channels achieved double-digit expansion. The increasing contribution from protection solutions and guaranteed non-par savings products reflects evolving customer preferences and strategic focus.

Renewal premium growth along with improvements in 13th- and 49th-month persistency ratios underscores the strengthening of customer relationships and overall business quality.

Operational Highlights

  • Protection New Business Premium: ₹19.6 billion in Q1 FY27
  • Individual NBP of Agency Channel: ₹15.5 billion (up 17% YoY)
  • Individual NBP of Other Channels: ₹10.3 billion (up 25% YoY)
  • Death Claim Settlement Ratio: 98.8%
  • Digital Adoption: 99.9% of new business sourced digitally

Board Approval and Regulatory Compliance

The Board of Directors approved and adopted the reviewed financial results for the quarter ended June 30, 2026, following its meeting on Friday, July 24, 2026, in Mumbai. The disclosure is made pursuant to SEBI Listing Regulations.

Company Background

SBI Life Insurance Company Limited, incorporated in October 2000 and registered with IRDAI in March 2001, has authorized capital of ₹20.0 billion and paid-up capital of ₹10.0 billion. The company serves millions of families across India with diverse range of products catering to individuals and group customers through Protection, Pension, Savings and Health solutions.