SBI Life Insurance Q1 Results: Profit Up 14%, Net Premium Income Rises To Rs 17,179 crore
SBI Life Insurance Q1 Results: VNB margin expanded 81 basis points to 27.46% versus 26.65% in the year-ago period.
SBI Life Insurance Co.'s net profit rose 14.4% year-on-year in the April–June quarter.
The insurer posted a bottom-line of Rs 594 crore in the quarter ended June 30, 2025, according to an exchange filing on Thursday. In the year-ago period, the company posted a net profit of Rs 520 crore.
SBI Life Q1 FY26 Highlights (Consolidated, YoY)
Net premium income rises 13.7% at Rs 17,179 crore versus Rs 15,105 crore.
Net profit up 14.4% at Rs 594 crore versus Rs 520 crore.
13th month persistency ratio at 84.23% vs 86.64% (QoQ).
61st month persistency ratio at 59.16% vs 61.51% (QoQ).
Solvency ratio flat at 196%.
VNB margin narrows 300 basis points to 27.46% vs 30.46% (QoQ).
VNB margin expands 81 basis points to 27.46% vs 26.65% (YoY).
APE up 9% at Rs 3,970 crore vs 3,640 crore.
VNB up 12.3% at Rs 1,090 crore vs 970 crore.
Key Takeaways From The Earnings Call
The insurer's margin expansion during the quarter was supported by a combination of strategic initiatives. A key driver was the shift in product mix towards higher-margin segments such as non-participating and protection products. The company also undertook active repricing of its offerings to better align with evolving market dynamics. Additionally, the introduction of riders—achieving a healthy 40% attachment rate—helped enhance the overall profitability of its portfolio.
SBI Life has reiterated its VNB margin guidance of 26–28%, with a positive bias, reflecting confidence in its product strategy and execution capabilities.
The insurer maintains strong pricing discipline in its non-PAR savings segment by aligning product pricing with prevailing market yields. Despite persistent competition in agency recruitment, the company believes its support infrastructure and real-time monitoring systems place it in a strong position to retain and grow its agent base. As of the latest update, SBI Life commands a 21.3% share in the private market and a 7.8% share of the total market in terms of new business premium, reinforcing its leadership and execution strength in the life insurance sector.
Looking ahead to FY26, SBI Life continues to guide for mid-teen overall growth, supported by a robust distribution network and disciplined pricing strategy. The insurer will be working on increasing its agency share with the same level of product mix.
