News ArticleSBI Life Insurance Posts 17% Profit Rise to ₹12.7 Billion and 18% APE Growth in H1 FY 2027
Company leads private market with 22.6% share in Individual Rated Premium and maintains strong solvency of 1.97
SBI Life Insurance Company Limited posted a profit after tax of ₹12.7 billion for H1 FY 2027, representing 17% growth year-on-year. The company reported an 18% growth in Annualized Premium Equivalent (APE) to ₹117.5 billion, with strong gains in new business premium and improved persistency rates. Assets under management rose 9% to ₹5.27 trillion, and solvency ratio stood robust at 1.97 as of September 30, 2026.
SBI Life Insurance Company Limited
Investor Presentation
SBI Life Insurance Company Limited announced its financial results for the quarter and half year ended September 30, 2026, reporting a 17% increase in profit after tax to ₹12.7 billion and an 18% rise in Annualized Premium Equivalent (APE) to ₹117.5 billion. The company expanded its market leadership and improved key persistency metrics while maintaining strong financial health.
The company achieved a total new business sum assured of ₹11,927.9 billion, marking a 68% growth compared to the previous year. Individual new business premium grew by 13% to ₹137.3 billion, with individual rated premium at ₹97.2 billion representing a 22.6% private market share.
SBI Life’s value of new business (VoNB) rose 19% to ₹32.7 billion, with a VoNB margin of 27.9%. Indian Embedded Value (IEV) increased 15% to ₹873.5 billion, and operating return on embedded value reached 18.8%.
Persistency ratios improved with 13th, 25th, and 49th month persistency increasing by 44 basis points, 110 basis points, and 40 basis points respectively. The company reported a 9% growth in assets under management (AuM) to ₹5.27 trillion with a debt-equity mix of 60:40, and a robust solvency ratio of 1.97, well above regulatory requirements.
The distribution network remains strong with nearly 395,000 trained insurance professionals and 1,244 offices nationwide. The bancassurance channel contributed 53% of the APE, agency 28%, and other channels 19%. Profitability was supported by sustained growth in both new and renewal premiums, with gross written premium totaling ₹484.0 billion, a 13% increase year-on-year.
Highlights
- Profit After Tax increased by 17% to ₹12.7 billion for H1 FY 2027
- Annualized Premium Equivalent (APE) grew 18% to ₹117.5 billion
- Individual Rated Premium commanded a 22.6% private market share
- Total New Business Sum Assured surged by 68% to ₹11,927.9 billion
- Value of New Business rose 19% to ₹32.7 billion with a margin of 27.9%
- Indian Embedded Value increased 15% to ₹873.5 billion, IEV per share at ₹870.5 ₹ • Robust Solvency ratio of 1.97 against minimum 1.5 requirement • Assets under Management reached ₹5.27 trillion, up 9% year-on-year • Improved persistency at
Key Data Snapshot
What happened
- SBI Life Insurance reported a 17% increase in profit after tax (PAT) to ₹12.7 billion for H1 FY 2027.
- Annualized Premium Equivalent (APE) grew by 18% to ₹117.5 billion.
- Individual Rated Premium reached ₹97.2 billion with a 22.6% private market share.
- Total new business sum assured rose 68% to ₹11,927.9 billion.
- Value of New Business (VoNB) increased 19% to ₹32.7 billion with a stable margin of 27.9%.
- Indian Embedded Value (IEV) improved 15% to ₹873.5 billion.
- Assets under Management (AuM) grew 9% to ₹5.27 trillion.
- Solvency ratio remained strong at 1.97, well above regulatory minimum.
Key details
- Gross Written Premium (GWP) increased by 13% to ₹484.0 billion due to growth in new and renewal premiums.
- New Business Premium rose 10% to ₹202.6 billion; Renewal Premium grew 15% to ₹281.5 billion.
- Persistency ratios improved across 13th, 25th, and 49th months by 44 bps, 110 bps, and 40 bps respectively.
- Distribution network consists of 394,574 trained insurance professionals and 1,244 operational offices across India.
- Annualized Premium Equivalent product mix: 4% par, 45% non-par, 51% ULIP.
- APE channel mix: 53% bancassurance, 28% agency, 19% others including corporate agents, brokers, and direct business.
- Operating expense ratio rose slightly to 6.9% compared to 6.2% previous year.
- Commission ratio was 4.8%, total cost ratio increased to 11.7%.
Financial performance
- Profit after tax increased 17% year-on-year to ₹12.7 billion.
- Indian Embedded Value rose 15% to ₹873.5 billion with IEV per share at ₹870.5.
- Value of New Business climbed 19% to ₹32.7 billion with a steady margin of 27.9%.
- Return on Equity improved to 12.9% from 12.3% last year.
- Assets under Management reached ₹5.27 trillion, a 9% increase from previous year.
- Strong solvency ratio of 1.97 versus regulatory requirement of 1.50 implies solid financial health.
Regulatory and governance context
- Results reviewed by Independent Actuary as per industry standards.
- Persistency ratios calculated following IRDAI circular IRDAI/NL/MSTCIR/RT/93/6/2024 dated June 14, 2024.
- Company maintains compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Next milestones
- Board will review further quarterly results and operational developments for fiscal year 2027.
- Company focuses on expanding penetration through diversified distribution and customer-centric offerings.
Highlights
- Profit After Tax increased by 17% to ₹12.7 billion for H1 FY 2027
- Annualized Premium Equivalent (APE) grew 18% to ₹117.5 billion
- Individual Rated Premium commanded a 22.6% private market share
- Total New Business Sum Assured surged by 68% to ₹11,927.9 billion
- Value of New Business rose 19% to ₹32.7 billion with a margin of 27.9%
- Indian Embedded Value increased 15% to ₹873.5 billion, IEV per share at ₹870.5 ₹ • Robust Solvency ratio of 1.97 against minimum 1.5 requirement • Assets under Management reached ₹5.27 trillion, up 9% year-on-year • Improved persistency at
Disclosures
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- IRDAI/NL/MSTCIR/RT/93/6/2024 dated June 14, 2024
Source Information
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