SBI Life Insurance announced a robust performance for the fiscal year 2025-26. The company reported a new business premium of INR 425.5 billion, reflecting a 20% growth. Despite a dynamic environment and GST impact, the insurer maintained a healthy VoNB margin of 27.5% and a strong solvency ratio of 1.90, signaling sustained profitability and capital stability as it continues to focus on a diversified product mix and expanding its distribution reach.
Financial Performance Highlights
SBI Life Insurance delivered consistent results for the year ended March 31, 2026. The company achieved a gross written premium of INR 1,012.9 billion, representing a 19% growth over the previous year. Profit after tax stood at INR 24.7 billion. Notably, the Value of New Business (VoNB) reached INR 66.7 billion, marking a 12% increase, supported by a healthy VoNB margin of 27.5%.
Product Strategy and Market Position
The company maintains its leadership position with a 22.9% private market share in individual rated new business premium. During the year, SBI Life successfully balanced its product mix across protection, savings, and retirement segments. The non-par guaranteed savings segment saw encouraging traction, garnering INR 42.7 billion in business. Protection business continues to be a strategic pillar, with the pure protection category witnessing a 122% growth on an individual APE basis.
Distribution and Operational Growth
SBI Life continues to strengthen its multi-channel distribution network. The company added over 120,000 agents on a gross basis and expanded its physical footprint by opening 120 new branches. The bancassurance channel remains a significant contributor, accounting for 60% of total APE business. Concurrently, the agency channel has shown strong improvement, with a 15% growth in individual APE. Looking ahead, the company aims to maintain an annual growth rate of approximately 14%, leveraging its digital platforms and deep market penetration.
Commitment to Digitalization and Resilience
Operational efficiency remains a priority, with 99.7% of individual proposals submitted digitally. The company’s focus on automated underwriting, which now processes 57% of individual policies, underscores its commitment to seamless customer service. With a strong solvency ratio of 1.90, significantly above the 1.50 regulatory requirement, SBI Life is well-positioned to navigate future industry transitions and maintain sustainable, profitable growth.
Source: BSE
