SBI Life Insurance Reports Strong FY26 Results with 19% Premium Growth
SBI Life Insurance delivered robust FY26 performance with net profit increasing to ₹2,470 crore and gross written premium growing 19% to ₹1,012.90 billion. The company maintained strong operational metrics with embedded value at ₹807.90 billion, solvency ratio of 1.90, and excellent persistency rates across all periods.
*this image is generated using AI for illustrative purposes only.
SBI Life Insurance Company Limited announced its audited financial results for FY26, reporting a net profit after tax of ₹2,470 crore compared to ₹2,413 crore in the previous year. The Board of Directors approved these results at their meeting held on April 22, 2026, following comprehensive audit by joint statutory auditors M/s. K S Aiyar & Co. and M/s. J Singh & Associates. Company Secretary Girish Manik communicated the performance details to stock exchanges pursuant to Regulation 30(6) read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Financial Performance Overview
The company demonstrated strong financial performance across key metrics during FY26. Net premium income reached ₹99,95,592 lakh, representing significant growth from ₹84,05,983 lakh in FY25. Total assets expanded to ₹4,92,05,337 lakh from ₹4,50,92,319 lakh in the previous year. Assets under Management stood at ₹4,871.60 billion in FY26 compared to ₹4,480.40 billion in FY25.
| Key Financial Metrics (₹ in Lakhs) | FY26 | FY25 | Growth (%) |
|---|---|---|---|
| Net Premium Income | 99,95,592 | 84,05,983 | +18.95% |
| Net Profit After Tax | 2,47,030 | 2,41,330 | +2.36% |
| Total Assets | 4,92,05,337 | 4,50,92,319 | +9.26% |
| Shareholders' Funds | 19,08,600 | 16,98,535 | +12.37% |
| Basic Earnings Per Share (₹) | 24.64 | 24.09 | +2.28% |
Premium Growth and Business Performance
The company achieved remarkable growth in gross written premium, reaching ₹1,012.90 billion in FY26 compared to ₹849.80 billion in FY25, marking a 19% year-on-year increase. New business premium grew 20% to ₹425.50 billion, while renewal premium increased 19% to ₹587.30 billion. Individual new business premium reached ₹297.80 billion, and Annualized Premium Equivalent stood at ₹242.70 billion.
| Premium Performance (₹ in Billion) | FY26 | FY25 | Growth (%) |
|---|---|---|---|
| Gross Written Premium | 1,012.90 | 849.80 | +19% |
| New Business Premium | 425.50 | 355.80 | +20% |
| Renewal Premium | 587.30 | 494.10 | +19% |
| Individual New Business Premium | 297.80 | 263.60 | +13% |
| Annualized Premium Equivalent | 242.70 | 214.20 | +13% |
Value Creation and Market Position
The embedded value as at March 31, 2026 reached ₹807.90 billion, with the value of one year's new business during FY26 at ₹66.70 billion, as confirmed by Willis Towers Watson Actuarial Advisory LLP. The company maintained its strong market position with 22.90% private market share based on individual rated premium. IEV per share stood at ₹805.40, while VoNB per share was ₹66.50. The new business margin was 27.50%.
For the quarter ended March 31, 2026, the company recorded a net profit of ₹80,464 lakh compared to ₹81,351 lakh in the corresponding quarter of the previous year. The solvency ratio remained robust at 1.90, while the total cost ratio stood at 10.60% compared to 9.70% in FY25. Return on Equity was 13.70% in FY26.
Operational Excellence and Customer Metrics
The company maintained strong persistency ratios across all periods. The 13th month persistency on premium basis stood at 87.94% for FY26 compared to 87.41% in FY25. The 25th month persistency was 78.00%, 37th month at 72.30%, 49th month at 69.10%, and 61st month at 58.10%. The overall death claim settlement ratio reached 99.40%, demonstrating strong customer-centricity.
| Persistency Metrics | FY26 | FY25 |
|---|---|---|
| 13th Month | 87.94% | 87.41% |
| 25th Month | 78.00% | 77.70% |
| 37th Month | 72.30% | 72.10% |
| 49th Month | 69.10% | 68.02% |
| 61st Month | 58.10% | 63.56% |
The Board declared an interim dividend of ₹2.70 per equity share with face value of ₹10 each. All investor complaints received during FY26 were resolved, with no pending complaints at year-end. The company's digital initiatives showed impressive results with 99.70% of individual applications submitted digitally and 99.90% of business sourced digitally through bancassurance and agency channels.
Historical Stock Returns for SBI Life Insurance
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -3.24% | -10.42% | -3.46% | -4.52% | +9.50% | +91.68% |
How will SBI Life's 19% premium growth trajectory be sustained amid increasing competition from new-age insurtech players and traditional competitors?
What impact could potential regulatory changes in insurance sector capital requirements have on SBI Life's robust 1.90 solvency ratio?
Will SBI Life's strong bancassurance partnership with SBI continue to drive growth as digital-first competitors expand their distribution networks?
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