SBI Life Insurance reported a net profit of ₹7.2 billion for the quarter ended June 30, 2026, marking a 22% year-on-year increase from ₹5.9 billion in Q1FY26. The insurer’s gross written premium (GWP) rose 20% to ₹212.9 billion, supported by strong new business generation. This performance underscores the company’s ability to scale revenue while maintaining profitability, despite a slight compression in the Value of New Business (VoNB) margin.

Financial Performance

The following table outlines SBI Life Insurance’s key financial metrics for Q1FY27 compared to the previous year:

Profit after tax increased significantly, reflecting higher top-line growth. The company’s net worth also expanded by 13% to ₹201.1 billion, reinforcing its capital position. Return on equity improved to 14.8% from 13.7% in the prior year quarter.

Business Generation Metrics

New business activity remained robust. New Business Premium (NBP) jumped 23% to ₹89.1 billion, with Individual NBP rising 14% to ₹56.1 billion. The Annualised Premium Equivalent (APE) grew 36% to ₹53.8 billion.

Value of New Business (VoNB) surged 29% to ₹14.1 billion, indicating strong value creation from new policies. However, the VoNB margin declined slightly to 26.2% from 27.4% in Q1FY26. This margin compression is attributed to changes in business mix, particularly a shift towards unit-linked insurance plans (ULIPs) and variations in age and term profiles.

Operational Efficiency and Persistency

The operating expense ratio increased to 7.7% from 6.3%, while the total cost ratio rose to 12.0% from 10.8%. The commission ratio remained stable at 4.4%. Despite higher costs, persistency ratios showed improvement across most tenures:

• 13th month persistency: 87.7% (up from 87.1%)
• 25th month persistency: 78.2% (up from 77.5%)
• 37th month persistency: 72.4% (up from 72.0%)

The solvency ratio remained healthy at 1.96, unchanged from the previous quarter. The surrender ratio for individual linked products decreased to 4.5% from 5.6%, signaling better policy retention.

What the Numbers Show

The divergence between rising revenue and compressing VoNB margins highlights a strategic shift in SBI Life’s product mix. With ULIPs constituting 46% of the APE product mix (up from 57% non-par/par dominance previously), the company is prioritizing volume growth in market-linked products. While this drives significant premium inflows and APE growth, it inherently carries lower immediate margins compared to traditional participating plans. The strong growth in bancassurance channel, which contributed 61% of APE, continues to be the primary engine for this expansion.

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.