SBI Life Q1 Results: Net Profit Jumps 22%; Premium Income Grows 17%

SBI Life Insurance reported a 22.1% year-on-year increase in net profit for the quarter ended June 2026, as per exchange filings dated July 24, 2026..  

Profit stood at ₹725 crore, compared with ₹594 crore in the corresponding period last year. Profit before tax also increased to ₹750 crore from ₹610 crore a year earlier. 

Premium Growth Supports Performance 

Net premium income rose 17% year-on-year to ₹20,078 crore during the quarter. Gross written premium increased 20% to ₹21,290 crore from ₹17,810 crore. New business premium grew 22.6% to ₹8,910 crore, while renewal premium rose 17% to ₹12,380 crore.  

First-year premium collections were up 40% from the year-ago period, indicating higher issuance of new policies. 

New Business Metrics Improve 

Annualised Premium Equivalent (APE), a key measure of new business, increased 35.5% to ₹5,380 crore from ₹3,970 crore.  

Value of New Business (VNB) rose 29.4% to ₹1,410 crore from ₹1,090 crore. However, the VNB margin declined to 26.2% from 27.4%, a fall of 120 basis points compared with the same quarter last year. 

SBI Life retained its leadership among private life insurers in individual new business premium and individual rated premium, with market shares of 24.9% and 22.2%, respectively. 

Capital Position and Policy Retention 

Assets under management increased 10% year-on-year to ₹5.25 lakh crore. Embedded value rose 15% to ₹85,290 crore, while net worth grew 13% to ₹20,110 crore.  

The solvency ratio improved to 1.96 from 1.90 in the previous quarter, remaining above the regulatory requirement of 1.50. The 13th-month persistency ratio improved to 87.7% from 87.1%. The 25th, 37th and 49th-month persistency ratios also recorded gains.  

However, the 61st-month persistency ratio declined to 58.4% from 63.6% a year earlier. 

Distribution Mix and Expenses 

Bancassurance contributed 47% of APE during the quarter, followed by the agency channel at 25%. Other distribution channels accounted for the remaining 28%. 

The operating expense ratio increased to 7.7% from 6.3% a year ago. The commission ratio remained unchanged at 4.4%, while the total cost ratio rose to 12% from 10.8%. 

Read More: Tata Consumer Products Q1 FY27 Results: Revenue Rises 12%, Net Profit Jumps 29% on Strong India Business Growth! 

SBI Life Insurance Share Price Performance  

As of July 24, 2026, 3:30 pm, SBI Life Insurance Company Ltd share price closed at ₹1,851.30, down 0.12% from the previous closing price. 

Conclusion 

The June quarter saw growth across SBI Life's key operating metrics, including profit, premium income and APE. Capital adequacy remained above regulatory norms, while some persistency and margin indicators softened. 

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