According to latest financial results, SBI Life Insurance Company delivered robust first quarter FY27 performance with net profit rising 22% year-on-year to ₹725 crore compared with ₹594.37 crore in the corresponding quarter last year. However, on a sequential basis, the insurer's profit after tax declined 9.91% from ₹804.64 crore reported in the March 2026 quarter. Profit before tax stood at ₹750 crore, up 22.08% from ₹610.95 crore a year ago, though it declined 8.57% from ₹815.78 crore in the preceding quarter. Earnings per share (EPS) increased to ₹74.57 in the June quarter from ₹61.64 in the year-ago period, registering a 20.98% increase, while compared with ₹82.35 in the March quarter, EPS declined 9.45%. The strong performance was driven by first-year premiums from new policies increasing 40% from a year ago, while renewal premiums rose 17.4%, indicating continued traction in new business as well as persistency in existing policies.
The company's net premium income rose 16.87% year-on-year to ₹20,078.21 crore from ₹17,178.50 crore in the same period last year, while gross written premium (GWP) increased 20% to ₹21,290 crore from ₹17,810 crore in the same period last year, driven by a 23% growth in new business premium and 17% rise in renewal premium. Individual new business premium grew 14% YoY to ₹5,610 crore from ₹4,940 crore, and individual rated premium also grew 14% to ₹3,970 crore. The company's Annualised Premium Equivalent (APE) rose 36% to ₹5,380 crore from ₹3,970 crore, with the insurer retaining private market leadership in individual new business premium with a 24.9% market share and individual rated premium with 22.2% market share. Value of new business increased 29% year-on-year to ₹1,410 crore from ₹1,090 crore, with the value of new business margin at 26.2% compared with 27.4% a year earlier. The company's assets under management (AuM) grew 10% to ₹5.25 lakh crore as of June 30, 2026, from ₹4.76 lakh crore a year earlier, with the debt-equity mix at 60:40 and around 94% of debt investments in AAA-rated and sovereign instruments.
The sharpest growth came from the protection segment, where new business premium more than doubled to ₹1,960 crore, representing a 100% year-on-year increase. Group protection drove this surge, rising 116% to ₹1,760 crore, while total new business sum assured grew 211% to ₹8,50,030 crore, reflecting the company's push toward higher-coverage products. Individual new business premium from the agency channel rose 17% year-on-year to ₹1,550 crore, while individual NBP from other channels increased 25% to ₹1,030 crore. The APE channel mix shifted toward agency and other channels, with bancassurance contributing 47%, agency 25%, and other channels 28%, the latter growing 160% year-on-year as corporate agents and brokers gained traction. Persistency ratios improved at the critical 13th and 49th month marks, rising to 87.7% and 69.1% respectively, with the 13th-month persistency increasing by 61 basis points and 49th-month persistency rising by 68 basis points, supported by better business quality and customer retention.
Total income for the quarter stood at ₹46,090.70 crore, registering a 19.10% increase from ₹38,699.91 crore in the year-ago period, though it declined 18.54% sequentially from ₹56,577.75 crore. Net income from investments increased 2.85% year-on-year to ₹2,597.02 crore from ₹2,525.14 crore, while compared with ₹2,393.82 crore in the March quarter, investment income rose 8.49%. Benefits paid (net) increased 29.73% year-on-year to ₹13,126.72 crore from ₹10,118.37 crore in the June quarter of the previous year, though it declined 19.24% from ₹16,254.26 crore in the March quarter. Operating expenses related to the insurance business stood at ₹6,354.56 crore, down 10.61% from ₹7,109.12 crore a year ago, while net commission expense increased 18.26% year-on-year to ₹929.56 crore. Investment income grew 20.7% year-on-year to ₹25,977 crore, with the total cost ratio rising to 12% from 10.8% in the year-ago period, reflecting investments in distribution and technology. Indian Embedded Value rose 15% to ₹85,290 crore, with the solvency ratio remaining stable at 196% compared with the year-ago period.
The company's product mix continued to shift significantly toward non-participating products, with unit-linked insurance plans (ULIPs) share in total APE dropping to 46% from 57%, while non-participating products increased to 49% from 38%. Bancassurance contribution in APE declined to 47% from 58%, while other channels improved to 28% from 15%, reflecting the company's strategic focus on diversifying distribution channels. The 13th-month persistency ratio improved to 87.7% as of June 30, 2026, compared with 87.1% as of June 30, 2025, while the 61st-month persistency ratio slipped to 58.4% from 63.6% during the period. Expenses grew 34% year-on-year to ₹2,565.02 crore, of which net commission rose 18.3% year-on-year to ₹930 crore. Amit Jhingran, MD & CEO of SBI Life, noted that the company continued its growth trajectory with a 14% increase in Individual Rated Premium, supported by favorable product mix shifts and double-digit expansion across all key distribution channels. Nomura highlighted the company's agency business as a key positive, noting that the agency APE growth momentum since Q3FY26 has remained healthy at 24-28%, with the company adding 34,000 agents in Q1FY27 and 11 new branches.
