SBILIFE Q3 FY26 earnings call.
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SBI Life delivered a solid Q3 FY26 with AUM crossing ₹5.1 trillion for the first time, driven by strong 20% growth in gross written premium to ₹733.5 billion. Individual new business premium grew 15% with private market share expanding to 25.6%. VNB grew 17% to ₹50.4 billion with margins at 27.2% (34bps gain YoY). PAT of ₹16.7 billion was impacted by GST exemption removal (₹48 crore annualized) and new labor code costs (₹135 crore one-time), though ex-impact PAT grew 34%. The company maintained its 13-14% AP growth guidance for FY26, having already achieved 16% growth in 9 months. Management confirmed VNB margin guidance of 26-28% range for the full year, expecting net GST impact of 30-40bps after product mix benefits. Protection segment showed robust momentum with 98% growth in pure protection. Risks include potential persistency pressure from the COVID cohort (61st month) and margin headwinds from ULIP mix increase.
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Guidance to track
- Management maintained full-year AP growth guidance of 13-14% for FY26, having already achieved 16% growth in 9MFY26 with positive bias expected in Q4.
- Company reaffirmed its VNB margin guidance of 26-28%, with expectations that GST impact (150bps annualized) will be largely offset by favorable product mix, leaving net impact of 30-40bps by year-end.
- Management stated FY27 growth guidance will not be lower than current growth levels, though formal budget numbers are still being finalized with close monitoring of Q4 trends.
- Company is working on launching limited pay deferred annuity product in Q4 FY26 or early Q1 FY27 to capture market opportunity in the annuity segment.
Risks flagged
- The 61st month persistency cohort (COVID-affected policies) declined as expected, though management termed it the 'last cohort' to impact results. Other cohorts (25th, 37th, 49th month) showed marginal or expected performance.
- ULIP mix increased from 72% to 68% year-over-year which partially offsets GST impact but represents unfavorable mix shift. Management expects this to normalize as PAR/non-PAR products gain traction.
- Solvency ratio at 1.91x (vs regulatory minimum of 1.50x) has declined from historical levels due to protection mix and VNB growth. While management remains comfortable, dividend payout in Q4 could add 10-15 percentage point pressure.
- Agency productivity at ₹3 lakh per agent lags SBI bank productivity of ₹6.4 million by significant margin. Despite adding 94,000 agents, productivity improvement is gradual, creating opex pressure as evidenced by 90bps rise in opex ratio.
Key quotes
- 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.
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