News Earnings SBI Life Q3 FY26 Results: Net Profit Grows 4% to ₹16.7 Billion, AUM Crosses ₹5 TrillionSBI Life Q3 FY26 Results: Net Profit Grows 4% to ₹16.7 Billion, AUM Crosses ₹5 Trillion
SBI Life Insurance delivered steady financial performance in Q3 FY26 with profit after tax growing 4% to ₹16.7 billion for nine months, while achieving significant business milestones including ₹5 trillion AUM and maintaining market leadership with 19% new business premium growth to ₹313.3 billion despite regulatory headwinds.
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SBI Life Insurance Company Limited announced its comprehensive financial results for the nine months ended December 31, 2025, during its earnings conference call held on January 28, 2026. The insurance major demonstrated resilient performance despite facing headwinds from GST implementation and revised labor laws, achieving significant business milestones including crossing the ₹5 trillion assets under management threshold.
Financial Performance Overview
The company's financial metrics for the nine-month period reflect steady growth trajectory with strategic adjustments to regulatory changes. SBI Life's profit after tax stood at ₹16.7 billion, representing a 4% growth over the corresponding period last year, though this includes the impact of GST and revised labor law provisions.
| Financial Metric | Nine Months FY26 | Nine Months FY25 | Growth |
|---|---|---|---|
| Profit After Tax | ₹16.7 billion | ₹16.0 billion | 4% |
| Adjusted PAT (excluding GST/Labor impact) | ₹21.5 billion | ₹16.0 billion | 34% |
| New Business Premium | ₹313.3 billion | ₹263.2 billion | 19% |
| Gross Written Premium | ₹733.5 billion | ₹611.3 billion | 20% |
| Assets Under Management | ₹5.12 trillion | ₹4.42 trillion | 16% |
Business Growth and Market Position
SBI Life maintained its leadership position in the private life insurance segment with strong market share gains. The company's Individual Rated Premium (IRP) reached ₹166.8 billion with 15% growth, securing a 25.6% private market share and 18.6% total market share. The Annual Premium Equivalent (APE) stood at ₹185.2 billion, registering 16% growth, with individual APE contributing ₹168.8 billion.
Value Creation Metrics
The Value of New Business (VNB) demonstrated robust performance at ₹50.4 billion, marking 17% growth with a margin of 27.2% for the period. The VNB margin improved by 34 basis points compared to the previous year, despite GST impact. Excluding GST effects, the VNB margin would have been 28.3% with a gain of 140 basis points.
| Value Metrics | Nine Months FY26 | Nine Months FY25 | Change |
|---|---|---|---|
| Value of New Business | ₹50.4 billion | ₹43.1 billion | 17% |
| VNB Margin | 27.2% | 26.9% | +34 bps |
| Embedded Value | ₹801.3 billion | ₹679.2 billion | 18% |
| Solvency Ratio | 1.91 | 2.02 | -11 bps |
Product Mix and Distribution Performance
The company's product portfolio showed strategic diversification with ULIPs contributing 68% of individual APE at ₹114.3 billion, while guaranteed non-par savings contributed 18%. Protection business maintained strong momentum with 24% year-on-year growth, contributing 9% of APE at ₹16.6 billion. The recently launched Smart Money Back Plus product garnered ₹5.6 billion in premium.
Bancassurance through SBI and Regional Rural Banks continued as the primary distribution channel, contributing 62% of total APE with individual APE of ₹112.3 billion reflecting 16% growth. SBI branch productivity reached ₹6.4 million on individual APE terms with 15% growth. The agency channel added over 94,000 agents on gross basis, with individual APE of ₹48.8 billion showing 11% growth.
Historical Stock Returns for SBI Life Insurance
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.81% | +2.86% | +0.30% | +12.18% | +40.96% | +135.96% |
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