Regulatory risk on bancassurance open architecture
Government/regulator may mandate open architecture for banks, potentially impacting SBI Life's bancassurance channel which contributes 60% of APE.
SBILIFE / Q4-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
high
Cost ratio pressure from GST and labor law
OpEx ratio increased from 5.3% to 6.1% due to GST and labor code impacts; full-year GST effect may keep costs elevated.
Equity market volatility impacting ULIP demand
Recent geopolitical events and equity market volatility could dampen customer appetite for ULIPs, which constitute 65% of individual APE.