SBI Life Insurance Company (SBILIFE) Q2 26/27 earnings summary

Executive summary

• H1 FY27 gross written premium rose 13% to ₹484bn; PAT increased 17% to ₹12.7bn, or 39% excluding the GST impact.

• Value of new business was ₹32.7bn at a 27.9% margin; embedded value reached ₹873.5bn at September 30, 2026.

• Strategy focused on protection-led solutions, broader product mix, distribution expansion and technology-enabled efficiency.

• Solvency was 1.97x and AUM was ₹5,271bn, up 9% YoY.

Financial highlights

• H1 gross written premium was ₹484bn, up 13%; new business premium was ₹202.6bn, up 10%, and renewal premium was ₹281.5bn, up 15%.

• Q2 net premium income was ₹2,687,770 lakh versus ₹2,484,831 lakh YoY; H1 net premium income was ₹4,695,591 lakh versus ₹4,202,681 lakh.

• H1 PAT was ₹127,417 lakh versus ₹108,896 lakh; excluding the ₹5.3bn GST impact, PAT was ₹16.9bn, up 39%.

• New business APE was ₹117.5bn, up 18% YoY; total sum assured was ₹11,927.9bn.

• H1 investment income was ₹238.2bn versus ₹200.6bn; Q2 policyholders’ account net investment income was a loss of ₹261,383 lakh.

Outlook and guidance

• FY2027 individual rated premium growth guidance remained 14%-15% despite subdued Q2 growth; management expected stronger Q3 growth and agency recovery.

• VNB margin guidance remained 26%-28%; H1 margin was 27.9% and Q2 margin was 29.3%.

• Deferred annuity launch was expected in Q3; management viewed it as potentially margin-accretive and supportive of non-par growth.

• Management expected limited impact from proposed distribution rules and said it would adapt products, expenses and commissions to final guidelines.