SBI Life Insurance Company (SBILIFE) Q1 25/26 earnings summary

Executive summary

• Achieved robust growth in Q1 FY26, with strong financial and operational performance, celebrating 25 years of operations and emphasizing resilience, innovation, and customer trust.

• Maintained a resilient business model, leveraging digital transformation and a diversified distribution network, with 99% of individual proposals submitted digitally.

• Focused on customer-centricity, cost efficiency, and sustainable value creation, with strong employee productivity and operational efficiency.

• Continued leadership in the private life insurance market, expanding reach, product offerings, and distribution channels including agency, bancassurance, brokers, and online.

• Significant traction in protection plans, with protection APE up 53% and contributing 11.7% of total APE.

Financial highlights

• Gross premium income for Q1 FY26 was ₹1,780,389 lakh, up from ₹1,557,210 lakh in Q1 FY25, with net premium income up 13.8% year-over-year.

• New business premium reached INR 72.7 billion, private market share at 21.3%; individual rated new business premium grew 8% to INR 34.7 billion.

• Gross rated premium rose 14% to INR 178.14 billion; renewal premium up 24% to INR 105.5 billion.

• Profit after tax increased 14.4% to ₹59,437 lakh year-over-year; earnings per share at ₹5.93.

• Value of New Business (VoNB) grew 12% to INR 10.9 billion; VoNB margin at 27.4%, up 62 bps.

• Embedded value at ₹742.6 billion as of June 30, 2025, up 20% year-over-year.

• Assets Under Management (AUM) at INR 4.76 trillion, up 15% year-over-year.

• Interim dividend of ₹2.70 per share declared.

Outlook and guidance

• Maintains mid-teens growth guidance for the year, expecting to outperform or match private industry growth.

• VoNB margin guidance remains at 26-28% with a positive bias.

• Positioned for steady growth, supported by strong brand, governance, and digital initiatives.

• Industry tailwinds, including demographic shifts and underpenetration, expected to drive future expansion.

• Management notes seasonality in the industry and cautions that quarterly results may not be indicative of full-year performance.