Risks
3 risks
Risk Intelligence
Regulatory open architecture in bancassurance
View Risks →Sbi Life Insurance Company Ltd — Q4 FY26
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%.
bullish
high
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
Risks3 trackedTranscriptfull text
Research workspace
Focused Modules
Transcript
Full text
Call Transcript
Full transcript text is available on this route.
Read Transcript →Quarter Snapshot
New Business Premium
₹425.5B
+20% YoY
Total new business premium for FY26, reflecting strong broad-based growth.
Individual APE Market Share (Private)
22.9%
+?pp YoY
Retained leadership in private individual APE market share.
13th Month Persistency
87.9%
+53bps YoY
Improved policy retention, supporting long-term profitability.
Solvency Ratio
1.90x
flat vs regulatory 1.50x
Strong capital position well above regulatory minimum.
Fast read
Guidance and risk preview
Management expects to maintain APE growth around 14% CAGR, consistent with last 3-5 year trend.
Government/regulator may mandate banks to offer products from multiple insurers, potentially impacting SBI Life's bancassurance dominance.
View Risks →