GST impact on margins
The GST reform has created a 1.74% headwind on VNB margins if product mix remains unchanged. Management expects offset via mix improvement, but failure could compress margins.
SBILIFE / Q2-FY26 / risks
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SBI Life Insurance Company · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Competitive pricing in non-par savings
Aggressive pricing trends in the industry could pressure margins on non-par guaranteed products, despite disciplined repricing.
Slower growth in bancassurance and agency channels
H1 growth in these channels was muted at 7% individual APE, though September saw a rebound. Sustained recovery is needed to meet full-year guidance.