SBI Life Insurance Company · tone and specificity signals across the available quarters.
Language signals
We are sure that this lumpy kind of business doesn't happen very frequently and our growth projections for the year on AP basis remains at 14-15% and on the margin front we have definitely seen the bottom in the first quarter itself and going forward with higher focus on individual policies the margin is going to be towards the upper range.
Pure protection within the individual protection has actually significantly improved by 52%. So non-ROP is improving as compared to the ROP.
The product mix improvement has resulted in higher sales of these products while ULIP continues to sell normally. This has resulted in higher contribution coming from non-par and par products and as at end of quarter on IRP basis ULIP contribution has come down to 62% and non-ULIP contributing 38%.
The company's profit after tax for the half year ended September 30th, 2025 stands at rupees 10.89 billion with a growth of 4% as compared to corresponding period last year.
The VNB margin is 27.8% for the period ended September 30th 2025 a gain of 98 basis points.
Without the GST impact, the H1 V growth is at 17% and margin would stand at 28.5%.
Our expectation is going forward the growth in protection segment will be even higher. It also gels with the increasing financial awareness amongst the young population of India.
We continue to stick to our guidance of between 26 and 28% in the coming quarter also. The GST payment on that commission will continue to be there but by our internal processes by strengthening our product mix, our distribution mix and having leverage on our other operational expenses etc. we have been able to maintain the margin as per our guidance.
Excluding this impact, the profit after tax for the period ended 31st December 2025 would have been rupees 21.5 billion with a growth of 34%. Excluding this impact, the VNB margin would have stood at 28.3% with a gain of 140 bips.
As far as the solvency is concerned, I think if you see it hovers between the 192 to 202. So we are pretty comfortable on this range and as far as the business the way we have been doing and the product mix is shifting. There was anticipated that there would be some kind of pressure on the solvency but we are quite confident that our backbook as well as our business growth which we're anticipating in the next quarter we don't see any pressure on the solvency.