SBI Life Insurance Company (SBILIFE) Q3 25/26 earnings summary

Executive summary

• Achieved assets under management (AUM) of INR 5.1 trillion, up 16% year-over-year, reflecting strong customer confidence and disciplined execution.

• Gross premium income for the nine months ended December 31, 2025, rose to ₹72,27,213 lakh, with robust growth in first year, renewal, and single premiums.

• Profit after tax rose 4% to INR 16.7 billion for 9M FY26, maintaining consistent returns.

• Embedded value as of December 31, 2025, stood at INR 801.3 billion, up 18% year-over-year.

• Leveraged a diversified distribution network, technological innovation, and customer-centric initiatives to drive performance.

Financial highlights

• New business premium grew 19% to INR 313.3 billion; gross written premium up 20% to INR 733.5 billion.

• Value of new business (VONB) increased 17% to INR 50.4 billion; VONB margin at 27.2%.

• Solvency ratio at 1.91, well above regulatory requirement of 1.50.

• Opex ratio at 6.2% and total cost ratio at 11.2%, both higher due to product mix and regulatory changes.

• Persistency ratios remain strong: 13th month at 87.1% for 9M FY26, with Q3 FY25 at 83.99%.

Outlook and guidance

• Maintains full-year APE growth guidance of 13%-14%; expects to meet or slightly exceed this.

• VONB margin guidance remains at 27%-28% for coming quarters, with GST impact largely offset by product mix.

• Positioned for steady growth, supported by strong brand, governance, and sustainable value accretion.

• Industry tailwinds such as demographic shifts, rising insurance penetration, and increasing annuity demand expected to drive future growth.

• The company continues to monitor regulatory changes, including new Labour Codes and the transfer of Sahara India Life Insurance business.