SBI Life Insurance Company earnings calls.

SBI Life delivered a strong Q1 FY27 with New Business Premium of Rs 8,910 crCurrent Rs 8,910 Cr. Reported change: +23% YoY.ore (+23% YoY) and Individual Rated Premium of Rs 3,970 crore (+14% YoY), maintaining leadership with 22.2% private market share in IRP. PAT grew 22% to Rs 720 croreCurrent reported value: PAT grew 22% to Rs 720 crore. No comparable prior figure is available in the source record. driven by favorable product mix shift toward protection and non-participating savings products. VNB grew 29% to Rs 1,410 croreCurrent reported value: VNB grew 29% to Rs 1,410 crore. No comparable prior figure is available in the source record. with margins at 26.2% (within 26-28% guidance), though temporarily impacted by elevated GTI group business contribution (37% vs typical 10-12%). Management indicated margins have bottomed and will trend toward upper end of guidance as product mix normalizes. Agency channel showed strong momentum with 20Current reported value: 20. No comparable prior figure is available in the source record.% growth, adding 34,000 agents. Key risks include GST drag continuing for 2.5 more months, elevated stamp duty impacting other expenses, and competitive pressure on individual protection growth despite 41% pure protection growth. Guidance maintained at 14-15% IRP growth and 26-28% VNB margin for FY27.