Regulatory risk on Banca channel
Potential regulatory changes to the bancassurance model could impact SBI Life's dominant distribution channel, though management has not received any formal communication.
SBILIFE / Q3-FY25 / 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
high
Margin pressure from product mix shift
Increasing share of unit-linked business could pressure VNB margins if not offset by higher-margin products.
Equity market downturn impact on ULIP sales
A sustained equity market correction could reduce demand for unit-linked products, which constitute a significant portion of new business.
Agency channel cost structure
Higher fixed costs in the agency channel relative to Banca could pressure margins as agency contribution increases.