SBILIFE Q2 FY26 earnings call.
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Where this quarter sits.
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What the record says.
SBI Life delivered Q2 FY26 results marked by resilient premium growth despite GST headwinds. New Business Premium reached ₹183.5 billion (+17% YoY), with Individual Rated NBP at ₹86.8 billion (+7%) and Value of New Business at ₹16.7 billion (+15% for Q2). VNB margin of 28.0% reflects a 120bps YoY expansion but was impacted by GST changes removing input tax credit on individual business segments; management estimates annualized margin impact at ~1.74% if current product mix persists, to be offset by product mix shifts toward higher-margin non-par and protection products. PAT grew 4% to ₹10.89 billion for H1 FY26. Protection business demonstrated exceptional momentum with individual pure protection APE growing 143% YoY, while rider attachment on eligible products reached 38%. Management maintained full-year individual APE growth guidance of 13-14% and VNB margin guidance of 26-28%. Key risks include potential margin pressure from GST changes on renewal premiums and near-term earnings drag as protection book scales with deferred profit recognition.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- 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.
- 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 has grown 29% YTD and management expects continuation at ~25% growth rate, contributing 3% to overall individual business mix.
Risks flagged
- The removal of input tax credit on individual business segments creates ~1.74% annualized margin headwind on new business written after September 22, 2025. Renewal premium business also faces GST impact as input credits are no longer available, affecting the existing book.
- Agency and bank channels delivered only 7% and 7% growth respectively versus management's expectations, requiring scheme tweaks and distributor re-engagement in September. While September recovered to 15%, sustained execution remains critical to meet full-year 13-14% growth targets.
- OPEX ratio increased to 6.2% vs 5.8% YOY due to planned expansion (44 new branches, 3,500+ employee additions). Total cost ratio rose to 10.9% from 10.6%, creating margin dilution risk if premium growth moderates.
- Protection business has longer profit recognition periods. As protection mix expands above 10% of APE, a greater portion of profits will be deferred, potentially constraining PAT growth relative to premium growth in the medium term.
Key quotes
- 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.
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