SBI Life Insurance will hold its 26th Annual General Meeting (AGM) on Friday, August 14, 2026, at 2:30 PM IST through Video Conference (VC) or Other Audio-Visual Means (OAVM), in compliance with the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board of Directors approved the meeting schedule at a session held on July 13, 2026. The AGM Notice and Integrated Annual Report for FY 2025-26 have been dispatched electronically to shareholders with registered email addresses, while those without registered email IDs have been sent a letter providing the web-link to access the report.

AGM and E-Voting Schedule

The following table summarises the key dates and timelines for the 26th AGM:

The AGM Notice, Integrated Annual Report, and e-voting details are available on the company's website at www.sbilife.co.in , as well as on the stock exchange websites ( www.nseindia.com and www.bseindia.com ) and the KFintech website. Members holding shares as on the cut-off date of August 07, 2026 are eligible to cast votes via remote e-voting or during the AGM. KFin Technologies Limited (KFintech) has been engaged as the authorised e-voting agency, and M/s. Mehta & Mehta, Company Secretaries, have been appointed as Scrutinisers.

Key Agenda Items

The AGM will transact the following ordinary and special business:

• Adoption of Financial Statements: Receive, consider, and adopt the Revenue Account, Profit and Loss Account, Receipts and Payments Account, and Balance Sheet for the financial year ended March 31, 2026, along with the Board's Report, Statutory Auditors' Report, and comments of the Comptroller and Auditor General of India (C&AG).
• Dividend Confirmation: Confirm the interim dividend of ₹ 2.70 per equity share (face value ₹ 10 each) declared on February 25, 2026, as the final dividend for the year ended March 31, 2026. Total interim dividend payout amounts to ₹ 2.71 billion.
• Statutory Auditor Remuneration: Authorise the Board of Directors, on the recommendation of the Board Audit Committee, to fix the remuneration of Statutory Auditors appointed by the C&AG for FY 2026-27.
• Revision in MD & CEO Remuneration: Approve the revision in remuneration of Mr. Amit Jhingran (DIN: 10255903), Managing Director & CEO, with effect from April 1, 2026, subject to prior approval of IRDAI.

MD & CEO Remuneration Revision

The Board has proposed the following revision in the remuneration of Mr. Amit Jhingran, MD & CEO, effective April 1, 2026. His remuneration is governed by SBI Officers Service Rules and is reimbursed by the Company to State Bank of India, as he is on deputation from SBI.

Note: Performance Bonus (Maximum) revised from 35% of Gross Salary to 100% of Basic Salary. The revision is subject to prior approval of IRDAI under Section 34A of the Insurance Act, 1938.

FY 2025-26 Financial Highlights

SBI Life Insurance delivered strong financial performance in FY 2025-26, crossing ₹ 1 lakh crore in Gross Written Premium for the first time. Key metrics are summarised below:

The company maintained its private market leadership with an Individual Rated Premium (IRP) market share of 22.9% and a total market share of 16.5% in FY 2025-26. The debt-equity mix of AUM stood at 62:38, with over 94% of debt investments in AAA-rated and sovereign instruments.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE123W01016/216064e0cff14bb7.pdf

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.