NE ECONOMIC BUREAU
CHENNAI, JULY 27
India’s life insurance story is increasingly shifting from mere savings to a deeper conversation around protection—and SBI Life Insurance’s latest numbers underline that transition with striking force.
SBI Life Insurance reported a New Business Premium (NBP) of ₹8,908 crore for the quarter ended June 30, 2026, up from ₹7,268 crore in the corresponding period last year, even as its protection business doubled and profitability continued to strengthen.
- Regular premium jumps 40% while individual new business premium rises 14% to ₹5,613 crore in Q1 FY27
- Protection new business premium doubles to ₹1,958 crore as insurer sharpens focus on risk cover
- PAT climbs 22% to ₹725 crore; APE rises 36% to ₹5,379 crore and VoNB grows 29% to ₹1,408 crore
- AUM expands 10% to ₹5.25 lakh crore with a robust solvency ratio of 1.96, well above the regulatory minimum of 1.50
Regular premium grew 40% year-on-year, signalling sustained momentum in the insurer’s core business and continued demand for long-term insurance products.
Protection business takes centre stage
SBI Life’s sharper focus on protection products delivered a significant payoff during the period.
Protection New Business Premium doubled 100% to ₹1,958 crore.
Protection Individual New Business Premium grew 22% to ₹202 crore, while Individual New Business Premium rose 14% to ₹5,613 crore.
The performance points to an expanding role for protection-led insurance in the company’s growth strategy as households increasingly seek financial security against life and health-related risks.
Profitability gains momentum
The insurer’s Profit After Tax (PAT) rose 22% to ₹725 crore for the period ended June 30, 2026.
Annualized Premium Equivalent (APE) increased 36% to ₹5,379 crore, while Value of New Business (VoNB) climbed 29% to ₹1,408 crore.
The VoNB margin stood at 26.2%, reflecting the continued focus on profitable business growth.
The insurer’s Total New Business Sum Assured surged 211% to ₹8,50,025 crore, while 13-month and 49-month persistency improved by 61 basis points and 68 basis points, respectively.
Capital strength remains robust
SBI Life’s solvency ratio stood at a robust 1.96 as on June 30, 2026, comfortably above the regulatory requirement of 1.50.
The company’s Indian Embedded Value (IEV) grew 15% to ₹85,293 crore.
Assets under Management also expanded 10% to ₹5,24,850 crore, compared with ₹4,75,813 crore a year earlier.
The company maintained a 60:40 debt-equity mix, with 94% of its debt investments held in AAA-rated and sovereign instruments, highlighting the conservative quality of its fixed-income portfolio.
Scale meets distribution reach
SBI Life’s distribution network continues to provide a broad platform for growth.
The insurer has 3,71,935 trained insurance professionals and a nationwide presence through 1,241 offices.
Its distribution architecture comprises a strong bancassurance channel, agency network and other channels including corporate agents, brokers, Point of Sale Persons (POS), insurance marketing firms, web aggregators and direct business.
The company maintained its private-market leadership in Individual New Business Premium with a 24.9% market share and in Individual Rated Premium with a 22.2% market share.
Performance snapshot: Period ended June 30, 2026
- New Business Premium: ₹8,908 crore
- Regular Premium growth: 40%
- Protection New Business Premium: ₹1,958 crore; 100% growth
- Protection Individual New Business Premium: ₹202 crore; 22% growth
- Individual New Business Premium: ₹5,613 crore; 14% growth
- Annualized Premium Equivalent: ₹5,379 crore; 36% growth
- Total New Business Sum Assured: ₹8,50,025 crore; 211% growth
- Value of New Business: ₹1,408 crore; 29% growth
- VoNB Margin: 26.2%
- Indian Embedded Value: ₹85,293 crore; 15% growth
- Profit After Tax: ₹725 crore; 22% growth
- Solvency Ratio: 1.96
- Assets Under Management: ₹5,24,850 crore; 10% growth
With premium growth accelerating, protection business doubling, profitability strengthening and capital buffers remaining robust, SBI Life is increasingly positioning itself not merely as a life insurer—but as a long-term financial security engine for a rapidly evolving India.
