SBI Life Insurance Company

SBI Life delivered a strong FY26 with new business premium of INR 425.5 billionCurrent INR 425.5 billion. Reported change: +20% YoY. (+20% YoY) and PAT of INR 24.7 billionCurrent reported value: INR 24.7 billion. No comparable prior figure is available in the source record. (+2Current reported value: 2. No comparable prior figure is available in the source record.% YoY, or +29% excluding one-time impacts). Growth was driven by balanced product mix (ULIP 65%, protection 9%, par 7%) and multi-channel distribution, with bancassurance contributing 60% of APE and agency growing 15%. VNB margin held at 27.5%Current 27.5%. Reported change: -150bps YoY (ex-GST: +150bps). (29% ex-GST), within the guided 26-28% range. Management guided for ~14% APE growth and maintained VNB margin guidance of 26-28%. Key risks include potential regulatory changes on bancassurance open architecture and cost pressures from GST and labor law impacts.