IRP Growth Target: 14-15% for FY27
Individual rated premium growth guidance maintained at 14-15% for full year, consistent with 14% growth delivered in Q1. 3-year CAGR of 14% outpacing industry CAGR of 13%.
SBILIFE / guidance tracker
Keep management guidance in view.
SBI Life Insurance Company · forward-looking guidance across the available source record.
Research layer active
Guidance tracker
What management said would happen.
growth
VNB Margin Guidance: 26-28% band
Margin guidance of 26-28% maintained. Q1 at lower end due to elevated GTI contribution; management expects margins to move toward upper end as product mix normalizes in remaining quarters.
Agency channel sustaining momentum
Agency 20% YoY growth expected to continue in remaining three quarters. Added 34,000 agents (gross) and 11 new branches in Q1. Agent productivity at Rs 2 lakh. Agency 2.0 and Agency Next programs driving growth.
Non-ULIP mix target: 38-40%
Non-ULIP contribution on IRP basis targeted at 38-40% for the year, up from 35% in Q1 FY26. ULIP contribution reduced from 65% to 62% as non-par and protection segments expand.
FY26 Individual APE Growth: 13-14%
Management reaffirmed full-year individual APE growth guidance of 13-14%, supported by September recovery (15% growth) in bank and agency channels and continued momentum in other channels.
VNB Margin Range: 26-28%
Full-year VNB margin guidance remains at 26-28% range despite GST headwinds; H2 may see 20-30bps marginal impact as product mix optimization offsets the ~1.74% annualized GST margin drag.
Protection to exceed 10% of Total APE
Individual protection APE is expected to increase above 10% of total APE, driven by competitive Smart Shield product suite and rider attachment rates of 38% on eligible products.
Non-SBI Bank Channel: 25%+ Growth
Non-SBI bank channel has grown 29% YTD and management expects continuation at ~25% growth rate, contributing 3% to overall individual business mix.
FY26 Annual Premium Growth: 13-14%
Management maintained full-year AP growth guidance of 13-14% for FY26, having already achieved 16% growth in 9MFY26 with positive bias expected in Q4.
VNB Margin Range: 26-28%
Company reaffirmed its VNB margin guidance of 26-28%, with expectations that GST impact (150bps annualized) will be largely offset by favorable product mix, leaving net impact of 30-40bps by year-end.
FY27 Growth Not Lower Than Current Trajectory
Management stated FY27 growth guidance will not be lower than current growth levels, though formal budget numbers are still being finalized with close monitoring of Q4 trends.
Deferred Annuity Product Launch in Q4/FY27
Company is working on launching limited pay deferred annuity product in Q4 FY26 or early Q1 FY27 to capture market opportunity in the annuity segment.