SBI Life Insurance Company Limited (SBILIFE) — Announcement

📢 Key Event
SBI Life reports 20% new business premium growth and 19% gross written premium growth in Q4 FY2026

🔄 What Changed
20% new business premium growth, 19% gross written premium growth, 2% profit after tax growth, solvency ratio improved to 190%

🔮 What's Next
Target 14% APE growth, deferred annuity product launch by June 2026, 26-28% VNB margin range guidance

💡 Investor Takeaway
Shareholders should note the company is successfully shifting toward higher-margin protection and non-ULIP products while maintaining strong solvency, with growth expected to come from agency and emerging channels rather than traditional bancassurance.

SBI Life Insurance reported Q4 FY2026 results on April 22, 2026, showing 20% growth in new business premium to ₹425.5 crores and 19% growth in gross written premium to ₹1,012.9 crores, driving a 2% rise in profit after tax to ₹24.7 crores. The company maintained a solvency ratio of 190%, exceeding the 150% regulatory requirement, while achieving a value of new business margin of 27.5% within its 26%-28% target range. Management highlighted strategic shifts toward non-ULIP and protection products, with protection policies now representing 4% of total policies but driving significantly higher sum assured growth. Operating expenses rose to 6.1% from 5.3% due to GST and one-time labor costs, though GST impacts are being offset by cost rationalization. The firm plans to launch a deferred annuity product by June 2026 and target 14% APE growth through agency and emerging channel expansion, with no major capital requirements anticipated.

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