SBI Life Insurance Company Ltd.Strong Growth Despite GST Headwinds

SBI Life Insurance delivered robust performance in Q4 FY26, with new business premium growing 20% year-on-year to ₹425.5 billion and capturing 21.4% private market share.

The company maintained a healthy VoNB margin of 27.5% despite absorbing a 150 basis point GST impact, which would have resulted in a 29% margin excluding the regulatory headwind. Management reaffirmed guidance of 26-28% VoNB margin going forward, endeavoring to report above 27%. Product diversification gained momentum with participating products surging 133% and pure protection growing 122%, while ULIP share was deliberately reduced from 70% to 65% of individual APE.

The agency channel drove growth with 120 new branches and 120,000 agents added, contributing 15% APE growth. Profit after tax stood at ₹24.7 billion, up 29% excluding one-time impacts. Embedded value reached ₹807.9 billion with 19.7% return on embedded value. Management targets sustained 14% APE growth through channel diversification while maintaining profitable margins through improved product mix offsetting regulatory headwinds.