Earnings Review
Sharp rise in net premium income lifts SBI Life's Q1 PAT
This story was originally published at 16:34 IST on 24 July 2026
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--SBI Life Apr-Jun net profit INR 7.25 bln
--SBI Life Apr-Jun net premium income INR 200.78 bln
--SBI Life Apr-Jun net profit INR 7.25 bln vs INR 5.94 bln year ago
--SBI Life Apr-Jun net premium income INR 200.78 bln vs INR 171.79 bln yr ago
--SBI Life: Solvency ratio 1.96 times on Jun 30 vs 1.90 qtr ago
--SBI Life 13th mo premium-basis persistency 84.35% Jun 30 vs 87.89% qtr ago
--SBI Life: Value of new business INR 14.1 bln Apr-Jun, up 29% on year
--SBI Life Apr-Jun value of new business margin 26.2% vs 27.4% year ago
--SBI Life AUM INR 5.25 tln as on Jun 30, up 10% on year
--SBI Life Apr-Jun annualised premium equivalent INR 53.8 bln, up 36% on year
By J. Navya Sruthi
MUMBAI – SBI Life Insurance Co. Ltd.'s net profit grew at the fastest year-on-year pace in six quarters during the June quarter, driven by a sharp rise in net premium income. However, a higher charge on account of changes in actuarial liability limited the growth in the bottom line.
The country's largest private life insurer reported a net profit of INR 7.25 billion in the June quarter, up nearly 22% on year, but down nearly 10% on quarter. The net profit was down sequentially as the insurer's net premium income fell on quarter. In the March quarter, the company had a transfer of funds from shareholders' accounts, which was included in the total income, supporting its net profit then.
The company's net income from investments was up nearly 21% on year at INR 259.77 billion in the June quarter. The company's net premium income rose nearly 17% on year to INR 200.78 billion in the June quarter, on the back of a significant rise in first-year premium and renewal premium.
The gross first-year premium rose 40% on year to INR 49.55 billion in the June quarter, while renewal premium increased over 17% to INR 123.82 billion.
The life insurer's premium income rose on the back of a favourable shift in product mix, the company said in a release. "All product segments recorded growth on an individual rated premium basis, and all key distribution channels achieved double-digit expansion," its Managing Director and Chief Executive Officer Amit Jhingram said. "The increasing contribution from protection solutions and guaranteed non-par savings products reflects evolving customer preferences and our strategic focus," he said.
The life insurer's change in actuarial liability increased to INR 298.12 billion, up over 15% on year. Its net benefits paid increased nearly 30% on year to INR 131.27 billion. The company's total expenses rose by over 19% on year at INR 455.51 billion. This was INR 5.40 billion lower than the company's total income of INR 460.91 billion.
The company's solvency ratio was 1.96 times as on Jun. 30, slightly up from 1.90 times in the previous quarter. The 13th month premium-basis persistency was 84.35% as on Jun. 30, down from 87.89% a quarter ago.
The company's total annual premium equivalent for the June quarter rose 36% on year to INR 53.8 billion. The company's share of the bancassurance channel of the annual premium equivalent for the June quarter was 47%, down from 58% a year ago.
The life insurer's value of new business was INR 14.1 billion in the June quarter, up 29% on year.
SBI Life's assets under management rose 10% on year to INR 5.25 trillion as on Jun. 30. Approximately 94% of the debt investments of the company were invested in AAA and sovereign instruments.
Friday, the company's shares ended at INR 1,858.60 on the National Stock Exchange, up 0.3% from the previous close. The companu announced its quarterly results during market hours. End
Edited by Saji George Titus
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