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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
Pending
verification pending
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
SBI Life delivered a strong FY26 with new business premium of ₹425.5B (+20% YoY) and individual APE growth of 13%, 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% to ₹66.7B with margin of 27.5% (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%). 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.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to maintain APE growth around 14% CAGR, consistent with last 3-5 year trend.
- VNB margin expected to remain in 26-28% range, with aspiration to stay above 27%.
- Company plans to launch a regular pay deferred annuity product by June 2026, else next quarter.
Risks flagged
- Government/regulator may mandate banks to offer products from multiple insurers, potentially impacting SBI Life's bancassurance dominance.
- OPEX ratio rose to 6.1% (from 5.3%) due to GST and labor code; full-year GST impact may keep costs elevated.
- Recent geopolitical events and market volatility could dampen ULIP sales, which still form 65% of individual APE.
Key quotes
- We intend to maintain the growth rate at around 14% which has been our CAGR for last 3 to 5 years.
- Despite the GST impact and other one-time impacts, we have been able to report VNB margin at the higher end of the range of 26 to 28%.
- 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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