SBI Life Insurance Company (SBILIFE) Q2 25/26 earnings summary

Executive summary

• Achieved highest new business premium in the private industry, with robust growth in both individual and group protection segments, and strong performance across key financial and operational metrics.

• Launched new products (Smart Shield Plus and Smart Money Back Plus) with strong early customer uptake and digital adoption, with 99.6% of individual applications submitted digitally.

• Embedded value and value of new business both showed double-digit growth, reflecting sustainable value creation.

• Maintained a resilient business model, leveraging technological innovation, diverse distribution, and customer-centricity.

• Passed on GST benefits to customers and enhanced returns in non-participating guaranteed products.

Financial highlights

• New business premium reached ₹183.5 billion, up 17% year-over-year, with a private market share of 22.2%.

• Gross written premium rose 19% year-over-year to ₹429.0 billion in H1 FY26.

• Profit after tax for H1 FY26 was ₹10.89 billion, up 4% year-over-year.

• Value of new business (VNB) at ₹27.5 billion, up 14%; VNB margin at 27.8%, a 98 bps increase.

• Embedded value as of September 30, 2025, was ₹760 billion, up 15% year-over-year.

Outlook and guidance

• Optimistic about H2 growth, expecting improved customer sentiment and continued margin resilience.

• Margin guidance maintained at 26%-28% despite GST headwinds.

• Individual APE growth guidance for FY2026 at 13%-14%.

• Focus on digitalisation, customer engagement, and operational efficiency to drive future performance.

• Embedded value methodology and assumptions independently reviewed and found compliant with Indian Embedded Value Principles.