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Informist, Friday, Jul. 24, 2026

 

--SBI Life: Healthy mix of banks, agencies business to drive growth ahead 

--CONTEXT: Comments by SBI Life's management in post-earnings analyst call 

--SBI Life: Target to keep product mix same as Q1 for FY27 

--SBI Life: See value of new business margin at upper end of 26%-28% 

 

By Pratiksha and Shweta

 

NEW DELHI – SBI Life Insurance Co. Ltd. targets to maintain its product mix in 2026-27 (Apr-Mar) similar to that in the June quarter, the company's senior management said in a post-earnings analyst call. In Apr-Jun, participating insurance formed 5%, non-participating insurance held 49% and Unit Linked Insurance Plan or ULIP formed 46% share of the country's largest private life insurer's annualized premium equivalent product mix.

 

The company is focussing on strengthening and improving sales of its product portfolio on non-participating and participating insurance segment, it said. Individual savings on participating insurance grew 44% on year to INR 2.5 billion, while individual savings on non-particiating insurance grew 27% on year to INR 9.5 billion. Individual savings in ULIP segment grew 5% on year to INR 28.6 billion. 

 

SBI Life Insurance Friday reported the fastest year-on-year growth in six quarters in its net profit during the June quarter. Its net profit was up nearly 22% on year to INR 7.25 billion in the June quarter.

 

Further, going forward, the company expects a very healthy mix of contribution from banks as well as agency to drive overall growth. Annualised premium equivalent channel mix for the June quarter comprises bancassurance channel at 47%, agency channel at 25% and other channels at 28%.

 

"The agency continues to deliver a strong number. The current quarter has been 19% plus kind of growth," the company said. "We are sure that the agency in the remaining 3 quarters will also be contributing even stronger numbers." Individual new business premium of agency channel increased 17% on year to INR 15.5 billion in the June quarter and individual new business premium of other channel increased 25% on year to INR 10.3 billion.

 

Further, going forward, the company expects value of new business margin to be at the upper range of its FY27 guidance of 26-28%. "...on the margin front, we have definitely seen the bottom in the first quarter itself and going forward, with higher focus on individual policies, the margin is going to be towards the upper range of our guidance," it said. The life insurer's value of new business margin was at 26.2% as of Jun. 30.

 

Friday, the company's shares ended at INR 1,858.60 on the National Stock Exchange, up 0.3% from the previous close.  The company announced its quarterly results during market hours. End

 

Edited by Akul Nishant Akhoury

 

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