Surrender value regulation impact
Draft regulation on surrender charges could impact VNB margins, though management expects limited effect on SBI Life due to lower non-par share and conservative pricing.
SBILIFE / Q3-FY24 / 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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Risk intelligence
Material risks this quarter
medium
Rising competitive intensity in agency channel
Competitors increasing commission payouts may pressure SBI Life's agency growth; management maintains current commission structure.
Product mix shift towards ULIPs
Higher ULIP share (57% of individual NBP) could compress VNB margins if equity markets turn unfavorable.