SBI Life Insurance Reports Q2 FY2026 Financial Results: Profit Declines but Premium Income Surges

The Board of Directors at SBI Life Insurance Company Limited has released its audited financial results for the quarter and half-year ending on September 30, 2025. The life insurer's net profit for Q2 decreased by 6.6% year-on-year to Rs 494.6 crore. Despite this, the net premium income saw a significant rise of 22.6% year-on-year, reaching approximately Rs 24,848.3 crore.

In the first half of FY2026, SBI Life Insurance demonstrated strong financial performance. The Gross Written Premium (GWP) increased by 19% from Rs 35,990 crore in H1 FY2025 to Rs 42,900 crore. The Renewal Premium (RP) also saw a notable rise of 21%, amounting to Rs 24,550 crore. Meanwhile, the New Business Premium (NBP) grew by 17% year-on-year to Rs 18,350 crore.

The Annualized Premium Equivalent (APE) experienced a growth of 10%, moving from Rs 9,030 crore to Rs 9,920 crore. Additionally, the Individual Rated Premium (IRP) increased by 7% to Rs 8,680 crore. These figures indicate a robust performance in the company's financial metrics during this period.

Profit After Tax (PAT) for H1 FY2026 rose by 4% to Rs 1,090 crore compared to Rs 1,050 crore in H1 FY2025. Assets under management (AuM) grew by 10%, reaching Rs 4,81,460 crore. The company's net worth also saw an increase of 13%, amounting to Rs 18,290 crore.

SBI Life maintained a healthy product mix with a composition of 5% participating, 38% non-participating, and 57% ULIP business. This allowed the company to retain a stable private market share of 22.6% based on IRP. The Value of New Business (VoNB) climbed by 14% to Rs 2,750 crore, while the Indian Embedded Value (IEV) surged by 15% to Rs 76,000 crore.

Amit Jhingran, MD & CEO of SBI Life stated: "We welcome the Indian Government's GST reforms, a key step toward insurance coverage for all by 2047, improving affordability and accessibility. These reforms will drive broader adoption, financial security and sustainable sector growth."

Commitment to Customer Trust and Innovation

Jhingran further added: "Q2 FY26 saw growth along with strategic product mix shifts and strong performance in Individual and group protection segments. Individual New Business Premiums gained momentum, shifting towards guaranteed nonpar savings and protection solutions. 13th month persistency improved, reflecting strong customer relationships. Distribution channels including agency, bancassurance, brokers and digital platforms expanded market reach. We remain committed to customer trust, product innovation and disciplined execution for sustained growth and long-term value creation."

SBI Life operates with an extensive network comprising of over 1,154 offices nationwide and employs around 28,534 individuals. The company boasts a vast distribution network that includes approximately 268,792 agents and partnerships with nine bancassurance partners having over 40,000 branches.

The company is dedicated to making insurance accessible across India through its robust network of skilled insurance professionals which includes agents, CIFs, SPs along with support from corporate agents and brokers.