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  1. Home
  2. Reports SBI Life Insurance: Q4FY26 Result Update
1805.55 -21.80 (-1.19%)

SBI Life Insurance: Q4FY26 Result Update
11-06-2026

Financial Highlights 

  • Quarterly APE grew by 6% YoY to Rs. 5,740 Cr. Growth was led by Group Savings, which increased by 82% YoY, Annuity by 33% YoY and Individual Savings by 5% YoY. Going forward, the management will focus on growing the non-ULIP segment.

  • The management has guided for APE growth of 14% in the next financial year.

  • The absolute Value of New Business declined by 2% YoY to Rs. 1,630 Cr., while the VNB margin contracted by 200 bps to 28%.

  • Growth and margins were affected by the one-time GST impact. Although GST on life insurance products was reduced to zero, the company can no longer claim input tax credit on expenses such as commissions, advertising and other operating expenses. This increased the company’s costs and consequently reduced its margins.

  • Despite the 200-bps decline, the company maintained its VNB margin within the guided range of 26–28%. The management has retained the same margin guidance going forward.

  • The total expense ratio increased by 60 bps to 9%, mainly due to the one-time GST impact. While the commission ratio declined by 100 bps, the operating expense ratio increased by approximately 170 bps, resulting in an overall increase in the expense ratio.

  • PAT declined by 1% YoY to Rs. 805 Cr. due to higher operating expenses and lower investment income. Market volatility affected returns from the equity portion of the investment portfolio, which accounts for approximately 38% of total investments.

Operational Highlights

  • As of Q4FY26, channel mix stood at 52.3%/34.7%/13.1% for Bancassurance, Agency and other channels, respectively. 

  • The agency channel APE grew by 28% with bancassurance other channels de-growing by 4% and 1% respectively. The growth in Agency channel was mainly due to management’s focus on expanding to tier 3 and tier 4 cities. The management plans to continue expanding this channel, which is expected to contribute more meaningfully to growth going forward.

  • The 13th-month persistency ratio improved by 125 bps to 87.9%. However, the 61st-month persistency ratio declined by 481 bps to 56.7%.

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1805.55 -21.80 (-1.19%)
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