SBI Life Insurance Company Ltd(SBILIFE)

NSE: SBILIFEBSE: 540719

₹ 1,645-0.78%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1.65 L crNext results: 27 Oct 2026Website: www.sbilife.co.inUpdated: 24 Oct 2026

About

SBI Life Insurance Company Ltd is India's largest private life insurer by Individual Rated Premium, offering 26 individual and 9 group products across protection, savings, wealth, retirement and child plans. It holds a 22.2% private market share and 15.2% total market share in Individual Rated Premium as of Q1 FY27, with State Bank of India as the majority shareholder at 55.33%. Reported revenue was 101286.1 Cr in FY26.^[1][2]

Market position

Ranked #1 in the private life insurance market in New Business Premium, Individual New Business Premium, Individual Rated Premium and Total Rated Premium as of FY26.^[1]
Private market share in Individual Rated Premium was 22.9% in FY26 and 22.2% in Q1 FY27; total market share was 16.5% in FY26 and 15.2% in Q1 FY27.^[1]
Private market share in Individual New Business Premium was 25.5% and in Total New Business Premium was 21.4% in FY26.^[1]

Products and product mix

Offers 26 individual and 9 group products covering protection, savings, wealth, retirement and child plans.^[1]
ULIP contributed 61% of individual APE in Q1 FY27, down from 65% in Q1 FY26; on IRP basis ULIP was 62% and non-ULIP 38%.^[3]
Participating business grew 121.1% in new business premium in FY26; individual pure protection grew 89.3% on an NBP basis in FY26.^[1]
Pure protection grew 41% YoY on individual APE basis in Q1 FY27; non-ROP mix in individual protection improved to 32% from 27%.^[3]
Annuity and pension business grew 34.1% to ₹70.3 billion in FY26; individual annuity grew 33.5%.^[1]
Stated plan in FY26: reduce concentration on ULIPs while raising the share of Non-Par and Protection products.^[1]

Key operating numbers

Individual Rated Premium was INR39.7 billion in Q1 FY27, +14% YoY; full-year IRP was INR219 billion in FY26, +13% YoY.^[3]
Total APE was INR53.8 billion in Q1 FY27 (+36% YoY); individual APE was INR39.9 billion (+14% YoY). FY26 APE was ₹242.66 bn, up 13.3%.^[3][1]
VoNB was INR14.1 billion in Q1 FY27 (+29% YoY) at a 26.2% margin; FY26 VoNB was ₹66.67 bn (+12.0%) at a 27.5% margin, down 30 bps.^[3][1]
Embedded Value was ₹807.91 bn in FY26 vs ₹702.50 bn in FY25, up 15.0%; Indian Embedded Value reached INR852.9 billion in Q1 FY27, +15% YoY.^[1][3]
Solvency ratio was 1.90 as of March 31, 2026 vs 1.96 a year earlier, against a 1.50 requirement; 1.96x in Q1 FY27. Economic-basis solvency was 3.20.^[1][3]
13th month persistency was 87.94% in FY26 vs 87.41% in FY25, and 87.7% in Q1 FY27; 49th month was 69.1% in Q1 FY27; 61st month was 58.1% in FY26.^[1][3]
Gross Written Premium was INR212.9 billion in Q1 FY27, +20% YoY; New Business Premium was INR89.1 billion, +23% YoY.^[3]
Total Sum Assured reached ₹13,795.5 billion in FY26, with individual sum assured growing 61.2% YoY.^[1]

Distribution and reach

Bancassurance through SBI and RRBs contributed 60.0% of total APE in FY26 via 40,500+ partner branches; the FY26 report names reliance on one channel as a material risk.^[1]
Agency force reached 2,82,001 agents in FY26 after adding 1,20,000+ agents gross; agency individual APE was ₹68.6 billion, +15.3% YoY.^[1]
120 new branches were added in FY26 as part of agency expansion in Tier 2/3 and rural markets; 11 more opened in Q1 FY27.^[1][3]
Agency individual APE grew 20% YoY to INR13.1 billion in Q1 FY27, with agent productivity at INR2 lakh and 34,000+ agents added gross.^[3]
Other channels grew 21.9% and contributed 11.5% of total APE in FY26; in Q1 FY27 they grew 160% and contributed 28% of total APE.^[1]
Network includes 76,500+ Certified Insurance Facilitators and Specified Persons, 160 brokers and 84 corporate agents as of FY26.^[1]
97.6% of renewal premiums collected digitally and 99.7% of individual business sourced digitally as of FY26.^[1]
Serves customers across 28 states and 7 union territories in India, with no international operations.^[1]

Customers and service quality

Overall claim settlement ratio was 99.4% in FY26; mis-selling ratio was 0.02%.^[1]
Net Promoter Score was 86 in FY26 vs 82 in FY25.^[1]

Costs and expenses

Opex ratio was 7.7% in Q1 FY27 vs 6.3% in Q1 FY26; total cost ratio was 12% vs 10.8%, driven by higher stamp duty and first-quarter labour code impact.^[3]
Q1 FY27 VoNB margin of 26.2% includes a ~120 bps GST drag; excluding GST, VoNB would have been INR14.7 billion at a 27.4% margin.^[3]

Capital and accounting

No capital infusion since FY2007-08, as stated in the FY26 annual report.^[1]
Ind AS gap and impact assessment completed; implementation under way through a steering committee and knowledge partner, targeting compliance within the proposed timeline.^[1]
SILIC policy-liability transactions will be reflected under Ind AS from FY2027-28.^[1]

Recent developments

25 Sep 2026: received a tax demand of Rs 1,12,99,508 from Rajasthan authorities over ITC claimed in GSTR-3B vs GSTR-2B for April-August 2025; the company plans to appeal.^[4]
Q1 FY27: new corporate agency agreement with J&K Bank, with business expected to start in Q2 FY27.^[3]
Group protection APE rose 313% YoY to INR12.3 billion in Q1 FY27 on a large group term contract, lifting group business to ~25% of total APE vs a typical 10-12%.^[3]
A regular pay deferred annuity product launch was planned for Q2 FY27.^[3]

Market Cap

₹1,65,060 Cr

High / Low

₹2,133 / 1,635

Stock P/E

64.3

Price / Book

8.8

Book Value

₹190

EPS

₹24.6

No. of Shares

100.31 Cr

ROE

13.7%

Sales

₹1,01,286 Cr

Net Profit

₹2,470 Cr

Promoter holding

55.3%

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SBI Life Insurance Company Ltd(SBILIFE)

About

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Products and product mix

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Distribution and reach

Customers and service quality

Costs and expenses

Capital and accounting

Recent developments

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