SBI Life Insurance Company has recorded 14% increase in net profit to Rs 594.4 crore in the quarter ended June 2025 (Q1FY2026). The total premium income has increased 14% to Rs 17,810 crore in Q1FY2026, driven by 24% jump in the renewal premium collection to Rs 10,550 crore. The new business premium rose 3% to Rs 7,270 crore. APE moved up 9% to Rs 3,970 crore in Q1FY2026. The company has exhibited an improvement in the persistency level with 13th month persistency stable at 84% in Q1FY2026 from 84% in Q1FY2025, while 61st month persistency also rose to 59% from 58%. The value of new business (VNB) galloped 12% to Rs 1,090 crore in Q1FY2026. New business margin for Q1FY2026 stood at 27.40% showing improvement from 26.80% in Q1FY2025. The embedded value surged 20% Rs 74260 crore end June 2025. AUM of the company increased 15% to Rs 475810 crore end June 2025 from Rs 414,770 crore end June 2024 crore and also moved up from Rs 448,040 crore a quarter ago. Debt-equity mix was 60:40. Approx. about 94% of the debt investments are in AAA and Sovereign instruments. The consolidated Networth stood at Rs 17,838 crore end June 2025, while the solvency ratio of the company was at 196% end June 2025. Embedded Value per share stood at Rs 740.9 per share at end June 2025. The Company has strong distribution network of 323,838 trained insurance professionals consisting of Agents, CIFs and SPs along with widespread operations with 1,146 offices across country. The Company has diversified distribution network comprising of strong bancassurance channel, agency channel and others comprising of corporate agents, brokers, micro agents, common service centers, insurance marketing firms, web aggregators and direct business. APE channel mix for Q1FY26 is bancassurance channel 58%, agency channel 27% & other channels 15%. Individual NBP of Agency channel has increased by 4% to Rs 13.3 billion in Q1FY26 and Individual NBP of Other channel has increased by 16% to Rs 8.2 billion in Q1FY26 as compared to same period last year. Total Cost ratio for Q1FY26 is 10.8% against 10.5% for Q1FY25. Commission ratio for Q1FY26 and Q1FY25 is 4.4%. Operating Expense ratio for Q1FY26 is 6.3% against 6.1% in Q1FY25. Amit Jhingran, MD & CEO of SBI Life stated: In Q1 FY 2026, the Company is able to achieve favorable shift in our product mix towards protection solutions and guaranteed non-par savings, reflecting evolving customer preferences and our strategic focus. There has been remarkable growth in New Business Sum Assured mainly due to growing awareness of customer towards financial security and fulling dreams of their loved ones. The growth in renewal premium along with improvement in our 13th and 61st month persistency ratios reflects strengthening of our customer relationships and the overall quality of our business.'
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Financial Performance FY2025
Profit after Tax (PAT) grew by 27% to Rs 2413.30 crore for FY25. VoNB increased by 7% to Rs 5950 crore for FY25. VoNB margin stands at 27.8% in FY25. The Company has maintained its leadership position in Individual Rated Premium of Rs 19350 crore with 22.8% private market share in FY25. Individual New Business Premium increased 11% to Rs 26360 crore in FY25. Protection New Business Premium stands at Rs 4100 crore in FY25. Gross Written Premium (GWP) has grew by 4% to Rs 84980 crore in FY25 mainly due to 11% growth in New Business Regular Premium (RP) and 14% growth in Renewal Premium (RP) in FY25. APE channel mix for FY25 is bancassurance channel 61%, agency channel 28% & other channels 11%. Individual NBP of Agency channel has increased by 28% to Rs 7080 crore in FY25 and Individual NBP of Other channel has increased by 22% to Rs 3670 crore in FY25 as compared to same period last year. Total Cost ratio for FY25 is 9.7% against 8.9% for FY24. Commission ratio for FY25 is 4.4% against 4.0% for FY24. Operating Expense ratio for FY25 is 5.3% against 4.9% in FY24. Strong growth in 13th month and 61st month persistency (based on premium considering Regular Premium/ Limited Premium payment under individual category) in FY 25 by 63 bps and 528 bps respectively due to our focus on improving the quality of business and customer retention.| SBI Life Insurance: Results Policyholders Account | ||||||
| ' | 2506 (3) | 2406 (3) | Var % | 2503 (12) | 2403 (12) | Var % |
| Premium earned (net) | 17178.50 | 15105.48 | 14 | 84059.83 | 80587.10 | 4 |
| Income from Investments | 21525.14 | 19283.50 | 12 | 31714.09 | 50366.63 | -37 |
| Other income | -7.73 | 3.07 | -352 | -1.16 | 50.10 | -102 |
| Contribution from the Shareholders` account | 0.00 | 0.00 | - | 1345.91 | 1627.58 | -17 |
| Total Income | 38695.91 | 34392.05 | 13 | 117118.67 | 132631.41 | -12 |
| Commission | 666.03 | 568.91 | 17 | 3418.21 | 3105.10 | 10 |
| Op. expenses related to Insurance business | 1249.14 | 1071.45 | 17 | 4811.34 | 4132.11 | 16 |
| Others | 249.03 | 210.33 | 18 | 1094.77 | 928.29 | 18 |
| Benefits paid (Net) | 10118.37 | 9829.23 | 3 | 48901.83 | 43107.43 | 13 |
| Change in valuation of policy liabilities | 25899.94 | 22032.53 | 18 | 55700.13 | 78431.33 | -29 |
| Provision for taxation | 45.25 | 61.49 | -26 | 197.93 | 135.68 | 46 |
| Total Expense | 38227.76 | 33773.94 | 13 | 114124.21 | 129839.94 | -12 |
| PAT | 468.15 | 618.11 | -24 | 2994.46 | 2791.47 | 7 |
| Transfer to Shareholders` account | 321.55 | 275.16 | 17 | 2739.65 | 2597.65 | 5 |
| SBI Life Insurance: Results Shareholders Account | ||||||
| ' | 2506 (3) | 2406 (3) | Var % | 2503 (12) | 2403 (12) | Var % |
| Amounts transferred from Policyholders` account | 321.55 | 275.16 | 17 | 2739.65 | 2597.65 | 5 |
| Income from investments | 292.86 | 264.92 | 11 | 1115.88 | 1034.06 | 8 |
| Total Income | 614.41 | 540.08 | 14 | 3855.53 | 3631.71 | 6 |
| Expenses (apart from Insurance) | 7.55 | 8.39 | -10 | 34.19 | 51.45 | -34 |
| Contribution to policyholders account | 0.00 | 0.00 | - | 1345.91 | 1627.58 | -17 |
| Others | -4.09 | -3.80 | 8 | -19.24 | 10.57 | -282 |
| Total Expenses | 3.46 | 4.59 | -25 | 1360.86 | 1689.60 | -19 |
| PBT | 610.95 | 535.49 | 14 | 2494.67 | 1942.11 | 28 |
| Tax | 16.58 | 15.97 | 4 | 81.37 | 48.33 | 68 |
| PAT | 594.37 | 519.52 | 14 | 2413.30 | 1893.78 | 27 |
| EPS (Rs)* | 23.7 | 20.7 | ' | 24.1 | 18.9 | ' |
| Equity | 1002.4 | 1001.6 | ' | 1002.1 | 1001.5 | ' |
| Embedded Value (Rs) per share | 740.9 | 617.6 | ' | 701.0 | 581.7 | ' |
| * EPS and EV are calculated on diluted equity as given for each year. Face value of Rs 10 each, PL: Profit to Loss, LP: Loss to Profit | ||||||
| Figures in crore, Source: Capitaline Corporate Database | ||||||