Financial Performance Highlights (H1 FY27)

  • New Business Premium: ₹202.6 billion, growing 10% YoY with 20% private market share
  • Individual Rated Premium: ₹97.2 billion, growing 12% YoY with 22.6% private market share
  • Gross Written Premium: ₹484 billion, growing 13% YoY
  • Profit After Tax: ₹12.7 billion, growing 17% YoY
  • GST Impact: ₹5.3 billion; PAT excluding GST would be ₹16.9 billion (39% growth)
  • Value of New Business: ₹32.7 billion, growing 19% YoY
  • VoNB Margin: 27.9% for H1; 29.3% for Q2
  • Embedded Value: ₹873.5 billion as of September 30, 2026, growing 15% YoY
  • Assets Under Management: ₹5.3 trillion, growing 9% YoY
  • Solvency Ratio: 1.97 (regulatory requirement: 1.50)

Business Metrics

  • Individual APE: ₹97.7 billion, growing 11% YoY
  • Group New Business Premium: ₹65.3 billion, growing 6% YoY (32% of total new business)
  • Total APE: ₹117.5 billion, growing 18% YoY
  • Renewal Premium: ₹281.5 billion, growing 15% YoY (58% of gross written premium)
  • Policies Sold: 9.78 lakh new policies covering 1.43 crore lives
  • Sum Assured Growth: Individual +36% YoY, Group +78% YoY
  • Rider Attachment: 49% of eligible individual policies

Product Mix Performance

  • Participating Products: ₹5.1 billion APE, growing 9% YoY; sum assured grew 40%
  • Guaranteed Non-Par Savings: ₹24.7 billion, growing 27% YoY
  • ULIPs: ₹60.2 billion (62% of product mix vs 65% in H1 FY26)
  • Individual Protection APE: ₹4.3 billion, growing 16% YoY
  • Pure Protection: Grew 26% on individual APE basis; sum assured grew 29%
  • Group Protection APE: ₹16 billion, growing 134% YoY
  • Annuity & Pension: ₹46.2 billion new business underwritten

Distribution Channel Performance

  • Bancassurance (SBI & RRB): 53% of total APE; individual APE ₹59.9 billion (10% growth)
  • SBI Branch Productivity: ₹5 million individual APE per branch
  • Agency Channel: Individual APE ₹32 billion (12% growth); average agent productivity ~₹2 lakhs
  • Agent Additions: 72,000 agents added gross basis; 14 new branches opened
  • Other Channels: Direct, corporate agents, other banks, brokers, online - grew 67% and contributed 19% of total APE

Operational Efficiency

  • Opex Ratio: 6.9% (5.8% excluding GST impact)
  • Total Cost Ratio: 11.7%
  • Persistency Ratios: 13th month: 87.6% (+44 bps YoY), 25th month: 78.4% (+110 bps YoY), 49th month: 69.3% (+40 bps YoY)
  • Claim Settlement Ratio: 99.1% death claim settlement
  • Misselling Ratio: 0.035%
  • Digital Processing: 99.9% individual proposals submitted digitally; 71% processed through automated underwriting

Forward-looking Guidance

Management reaffirmed FY27 Individual Rated Premium growth guidance of 14-15% and VoNB margin guidance of 26-28%. The company plans to launch a deferred annuity product in Q3 FY27 with margins expected to be similar to or higher than company average.

IFRS/Ind AS Transition

The company is following regulatory mandates under IRDAI forbearance period and will finalize adoption approach by March 2027 for implementation by June 30, 2027. An investor education session is planned before adoption.

Credit Life Business

Credit life APE was approximately ₹1.4 billion for H1 FY27, relatively flat YoY. Attachment rate in bank portfolio is around 50%. Management indicated limited current impact from proposed distribution guidelines.

Management Participants

  • Amit Jhingran (MD & CEO)
  • Sangramjit Sarangi (President & CFO)
  • Subhendu Bal (President & CRO)
  • Prithesh Chaubey (President & Appointed Actuary)
  • Santosh Chacko (President, Business Strategy)
  • Smita Verma (EVP, Finance & Investor Relations)