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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
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Revenue YoY
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reported change
EBITDA
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record provenance
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Where this quarter sits.
Quarter read
What the record says.
SBI Life delivered a strong FY26 with new business premium of INR 425.5 billion (+20% YoY) and PAT of INR 24.7 billion (+2% YoY, or +29% excluding one-time impacts). Growth was driven by balanced product mix (ULIP 65%, protection 9%, par 7%) and multi-channel distribution, with bancassurance contributing 60% of APE and agency growing 15%. VNB margin held at 27.5% (29% ex-GST), within the guided 26-28% range. Management guided for ~14% APE growth and maintained VNB margin guidance of 26-28%. Key risks include potential regulatory changes on bancassurance open architecture and cost pressures from GST and labor law impacts.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for annual APE growth of around 14% for the coming years, consistent with historical CAGR.
- Management expects VNB margin to remain in the 26-28% range, absorbing GST impact through product mix improvement.
- Company plans to launch a regular pay deferred annuity product in Q1 FY27 to complete annuity product suite.
Risks flagged
- Government/regulator may mandate open architecture for banks, potentially impacting SBI Life's bancassurance channel which contributes 60% of APE.
- OpEx ratio increased from 5.3% to 6.1% due to GST and labor code impacts; full-year GST effect may keep costs elevated.
- Recent geopolitical events and equity market volatility could dampen customer appetite for ULIPs, which constitute 65% of individual APE.
Key quotes
- We intend to maintain the growth rate at around 14%, which has been our CAGR for last three to five years.
- Our endeavor is to report the margin of also 27% kind of things.
- We are not targeting any reduction from SBI. What we are targeting is tapping additional opportunity on the agency and the emerging business channel.
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