THEBUSINESSBYTES BUREAU
MUMBAI, APRIL 23, 2026
SBI Life Insurance, one of India’s leading
private life insurers, has reported a robust financial performance for the year
ended March 31, 2026, with its New Business Premium (NBP) rising to ₹42,551
crore, up significantly
from ₹35,577 crore in the previous fiscal. The company also
recorded a healthy 28 per cent growth in single premium during the period.
Demonstrating its continued
focus on protection, SBI Life's protection new business premium stood at ₹4,622 crore, registering a growth of
13 per cent over the previous year. Protection Individual New Business Premium
grew even faster, rising 23 per cent to ₹973 crore. Individual New Business
Premium increased by 13 per cent to ₹29,783 crore, reinforcing the company's strong position in the
retail insurance market.
SBI Life retained its
leadership among private life insurers in both Individual New Business Premium
and Individual Rated Premium, with market shares of 25.5 per cent and 22.9 per
cent, respectively. Its Annualized Premium Equivalent (APE) grew 13 per cent to
₹24,266 crore.
The insurer reported a Profit
After Tax (PAT) of ₹2,470 crore for FY26, reflecting a
growth of 2 per cent over the previous year. The Value of New Business (VoNB)
rose 12 per cent to
₹6,667 crore, while the VoNB margin stood at a healthy
27.5 per cent.
SBI Life also witnessed a
remarkable 61 per cent surge in Individual New Business Sum Assured, which
reached ₹4,46,337 crore during the year. The company's Indian
Embedded Value (IEV) expanded
by 15 per cent to ₹80,791 crore, with Operating Return
on Embedded Value at an impressive 19.7 per cent.
The company's financial
strength remained solid, with a solvency ratio of 1.90 as of March 31, 2026,
well above the regulatory requirement of 1.50. Assets Under Management (AUM)
grew 9 per cent year-on-year to ₹4,87,163 crore. SBI Life maintained
a prudent investment strategy, with 94 per cent of its debt portfolio invested
in AAA-rated and sovereign instruments, and an overall debt-equity mix of 62:38.
Further strengthening its nationwide reach, SBI Life now operates through an extensive distribution network of 3,58,506 trained insurance professionals and 1,230 offices across India. Its multi-channel distribution model includes bancassurance, agency, corporate agents, brokers, point-of-sale persons, insurance marketing firms, web aggregators, and direct business.
The company also reported continued improvement in policy persistency, with 13-month and 49-month persistency ratios improving by 53 basis points and 107 basis points, respectively, underlining strong customer retention and service excellence.
