Sbi Life Insurance

SBI Life delivered a strong FY26 with new business premium of ₹425.5BCurrent ₹425.5B. Reported change: +20% YoY. (+20% YoY) and individual APE growth of 13%Current reported value: 13%. No comparable prior figure is available in the source record., outperforming industry CAGR of 8.5%. PAT stood at ₹24.7B, impacted by GST and labor law changes; excluding these, PAT would have been ₹31.2B (+29%). VNB grew 12%Current reported value: 12%. No comparable prior figure is available in the source record. to ₹66.7B with margin of 27.5%Current reported value: 27.5%. No comparable prior figure is available in the source record. (29% ex-GST). Key drivers include product mix shift towards non-ULIP (non-par savings at 19% of APE, par up 133%), strong agency channel expansion (120 new branches, 1.2L agents added), and improved persistency (13th month at 87.9%Current 87.9%. Reported change: +53bps YoY.). Management guides for ~14% APE growth and VNB margin in 26-28% range. Risk: potential regulatory open architecture in bancassurance could pressure SBI channel dominance.