Assets under Management grew 10 per cent to ₹5,24,850 crore
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Dragon Claws
SBI Life Insurance Company reported a 22 per cent year-on-year rise in profit after tax to ₹720 crore for the quarter ended June 30, 2026, as the private insurer’s new business momentum accelerated sharply compared to the same period last year.The company’s Annualised Premium Equivalent jumped 36 per cent to ₹5,380 crore in Q1 FY27, driven by strong growth across protection and non-par savings segments. Gross written premium rose 20 per cent to ₹21,290 crore, with new business premium growing 23 per cent to ₹8,190 crore and renewal premium up 17 per cent to ₹12,380 crore .The sharpest growth came from the protection segment, where new business premium more than doubled to ₹1,960 crore , a 100 per cent year-on-year increase. Group protection drove this, rising 116 per cent to ₹1,760 crore. Total new business sum assured grew 211 per cent to ₹8,50,030 crore , reflecting the company’s push toward higher-coverage products.Value of New Business, a key measure of profitability of new policies written, grew 29 per cent to ₹1,410 crore. The VoNB margin stood at 26.2 per cent, compared to 27.4 per cent in Q1 FY26, with the compression attributed to changes in business mix, operating assumptions, and the impact of GST 2.0. Indian Embedded Value rose 15 per cent to ₹85,290 crore.Assets under Management grew 10 per cent to ₹5,24,850 crore as of June 30, 2026, with a debt-equity mix of 60:40. Approximately 94 per cent of debt investments are held in AAA-rated or sovereign instruments. Net worth increased 13 per cent to ₹20,110 crore. The solvency ratio remained stable at 1.96, well above the regulatory minimum of 1.50.Market leadershipSBI Life retained its private market leadership with a 24.9 per cent share in Individual New Business Premium and 22.2 per cent in Individual Rated Premium. The APE channel mix shifted toward agency and other channels, with bancassurance contributing 47 per cent, agency 25 per cent, and other channels 28 per cent, the latter growing 160 per cent year-on-year as corporate agents and brokers gained traction.Persistency ratios improved at the critical 13th and 49th month marks, rising to 87.7 per cent and 69.1 per cent respectively. The 61st month persistency, however, slipped to 58.4 per cent from 63.6 per cent a year ago.The total cost ratio rose to 12.0 per cent from 10.8 per cent in Q1 FY26, with the operating expense ratio climbing to 7.7 per cent from 6.3 per cent, reflecting investments in distribution and technology. The commission ratio held flat at 4.4 per cent.Published on July 24, 2026
