SBI Life Insurance reported a 22% year-on-year increase in net profit after tax to ₹724.93 crore for the quarter ended June 30, 2026 (Q1FY26), reflecting robust premium growth and favorable investment income. The Mumbai-based life insurer also disclosed an embedded value of ₹85,290 crore as of June 30, 2026, underscoring its long-term value creation amidst a competitive market landscape.

The Board of Directors approved the unaudited financial results on July 24, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Joint statutory auditors K S Aiyar & Co and J Singh & Associates issued limited review reports with unmodified opinions. The trading window for designated persons re-opened on July 27, 2026.

Financial Performance

Net premium income rose 17% year-on-year to ₹20,078.21 crore, supported by growth in first-year premiums to ₹4,954.93 crore from ₹3,539.47 crore in Q1FY25. Renewal premiums increased to ₹12,381.79 crore, while single premiums stood at ₹3,952.93 crore. Investment income surged to ₹25,977.02 crore, a significant improvement from a negative ₹23,938.72 crore in the previous quarter, contributing materially to the bottom line.

Expenses of management remained stable at ₹2,565.02 crore compared to ₹1,915.17 crore in the prior year period, though operational efficiency metrics require monitoring given the scale of operations. The surplus transferred to shareholders’ account was ₹457.78 crore.

Key Ratios and Metrics

The insurer’s solvency ratio improved to 1.96 from 1.90 in March 2026, maintaining a comfortable buffer above regulatory requirements. The expense management ratio stood at 12.05%, up from 10.75% in Q1FY25, indicating slight pressure on cost efficiency relative to premium volume. Persistency ratios showed mixed trends, with the 13th-month premium basis persistency at 84.35% compared to 84.24% in the same quarter last year.

What the Numbers Show

A notable divergence exists between the top-line premium growth and the volatility in investment income. While net premiums grew steadily by 17%, investment income swung from a negative position in Q4FY26 to a positive ₹25,977.02 crore in Q1FY26. This suggests that quarterly profitability remains sensitive to market movements and unrealized gains/losses, rather than being driven purely by underwriting performance. Investors should monitor whether this investment tailwind is sustainable or cyclical.

Regulatory and Strategic Updates

The Insurance Regulatory and Development Authority of India (IRDAI) granted SBI Life a one-year forbearance for adopting Indian Accounting Standards (Ind AS), deferring implementation to FY2027-28. Consequently, these results are prepared under Indian GAAP. Additionally, the Securities Appellate Tribunal dismissed Sahara India Life Insurance Company Limited’s appeal against the IRDAI order directing the transfer of its business to SBI Life. The company will maintain separate books for the acquired portfolio during FY2026-27, with full integration reflected from April 1, 2027.

SBI Life Insurance Company Limited has filed its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 with the stock exchanges, pursuant to Regulation 34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report, which forms an integral part of the company's Integrated Annual Report for FY 2025-26, has been prepared on a standalone basis and accompanied by a Reasonable Assurance Report from S K Patodia & Associates LLP.

Company Overview and Financial Highlights

Incorporated on October 11, 2000, SBI Life Insurance is primarily engaged in the business of life insurance, offering a wide range of products including individual life insurance, group insurance, pension plans, savings plans, protection plans and health-related insurance solutions. The company operates across 1,230 offices nationally, spanning 28 States and 7 Union Territories, with no international operations.

Workforce and Diversity

As at the end of FY 2025-26, the company employed a total of 29,344 employees, comprising 27,653 permanent and 1,691 other-than-permanent employees. Women constitute 23.97% of the total workforce. The company achieved its target of approximately 24% women in the workforce during the year. Among permanent employees, 20 are differently abled, of whom 18 are male and 2 are female.

The Board of Directors comprises 8 members, of whom 1 (12.50%) is female. The company's Key Management Personnel (KMP), as defined under Section 203 of the Companies Act, 2013, number 3, with no female representation. The turnover rate for Non-FLS employees stood at 7.23% in FY 2025-26, compared to 7.20% in FY 2024-25 and 9.81% in FY 2023-24.

ESG Performance and Targets

The company's ESG framework is anchored on four strategic pillars under the C.A.R.E model — Customer, Community & Contributors; Accountability & Ethics; Responsible Governance; and Environmental Stewardship. The Managing Director & CEO, Mr. Amit Jhingran, holds the highest authority for implementation and oversight of the Business Responsibility policies, while the Stakeholders Relationship & Sustainability Committee oversees the ESG framework.

Key performance achievements against FY 2025-26 targets are summarized below:

During FY 2025-26, the company impacted over 22.69 million new lives through its products and services. As on March 31, 2026, 52.30 million lives were covered under PMJJBY and 4.69 million lives under microinsurance.

Governance, Ethics, and Compliance

The company reported nil penalties, fines, or compounding fees during the financial year. No disciplinary actions were taken against any Directors, KMPs, or employees for bribery or corruption. The number of days of accounts payables stood at 5.54 in FY 2025-26, compared to 4.01 in FY 2024-25. The company is affiliated with 5 trade and industry chambers and associations at the national level, including the Life Insurance Council, Data Security Council of India, and Insurance Information Bureau of India.

On data security, the company reported zero instances of data breaches in FY 2025-26, with 0% of data breaches involving personally identifiable information of customers. The company holds ISO 27001:2022 certification for information security and ISO 22301:2019 certification for business continuity management.

Value Chain ESG Assessment

In compliance with SEBI requirements, the company assessed its value chain partners across nine BRSR Core attributes. A total of 45 value chain partners were identified — 9 upstream and 36 downstream — with 6 partners holding a share equal to or greater than 2% of purchases and sales by value.

The assessment covered partners accounting for 75.17% of upstream and downstream activities by value, with the top 2% partners representing 40.36% of total purchase and sales values. The lowest disclosure levels were recorded for Openness of Business and Embracing Circularity and Waste Management, identified as key areas for improvement.

CSR Initiatives and Community Impact

The company undertook CSR projects in designated aspirational districts across multiple states during FY 2025-26. Initiatives spanned education, healthcare, livelihood and environmental sustainability, implemented through NGO partners.

In alignment with IRDAI Vision 2047, multiple initiatives were undertaken across Chhattisgarh to promote insurance awareness and strengthen the broader insurance ecosystem, including financial literacy sessions, mall activities, outreach with ASHA workers and collaborative sessions with the National Centre for Financial Education.