SBI Life Insurance reported a strong financial performance for the first quarter of FY2026-27, with net profit rising 22% year-on-year to ₹720 crore, supported by healthy growth in premium income and new business. Net premium income increased 16.88% to ₹20,078.2 crore, while the insurer’s annualised premium equivalent (APE) surged 36% to ₹5,380 crore, reflecting strong demand for its insurance products. Investment income also recorded solid growth, rising 20.7% year-on-year to ₹25,977 crore.
The company’s value of new business (VNB), a key profitability indicator for life insurers, increased 29% year-on-year to ₹1,410 crore. However, the VNB margin moderated slightly to 26.2% from 27.4% in the corresponding quarter last year. Operating expenses rose 34% year-on-year to ₹2,565.02 crore, while net commission expenses increased 18.3% to ₹930 crore.
SBI Life maintained a strong financial position, with its solvency ratio remaining stable at 196%. The 13th-month persistency ratio improved to 87.7% as of June 30, 2026, compared with 87.1% a year earlier, indicating better policy retention. However, the 61st-month persistency ratio declined to 58.4% from 63.6%. The company also witnessed a shift in its distribution mix, with the contribution from bancassurance declining to 47% of APE, while the share of other distribution channels increased to 28%, reflecting a more diversified business model.
