SBI Life Net Profit Up 14% On Year; Investment Income, Premiums Support Growth

SBI Life Insurance Co. posted a net profit of ₹5.94 billion in April–June, up 14.4% from a year ago, supported by higher investment and net premium income. However, net profit declined 26.9% from the March quarter due to a steep sequential drop in premium inflows.

Net income from investments rose nearly 12% on year to ₹215.25 billion, while net premium income rose 14% to ₹171.79 billion. Compared to the March quarter, net premium income fell 28%.

First year premium: ₹35.39 billion, up from ₹31.46 billion a year ago, but lower than ₹48.59 billion in January-March

Renewal premium: ₹105.46 billion vs ₹85.39 billion YoY; down from ₹146.80 billion QoQ

Single premium: ₹37.28 billion vs ₹38.87 billion YoY; lower than ₹44.63 billion QoQ

Gross written premium: Up 14% YoY to ₹178.1 billion

Assets under management: ₹4.76 trillion, up 15% YoY

Value of new business: ₹10.9 billion, up 12% YoY; margin improved to 27.4% from 26.8%

The annualised premium equivalent rose 9% to ₹39.7 billion. Individual new business premium was up 4% at ₹49.4 billion, while total new business premium rose 3% to ₹72.7 billion. Protection new business premium stood at ₹9.8 billion.

The 13th-month persistency ratio was 84.23%, compared with 86.64% a quarter ago. Solvency ratio stood at 1.96 versus a regulatory requirement of 1.50, indicating a strong financial buffer.

SBI Life’s cost ratios remained steady—total cost ratio rose to 10.8%, commission ratio was flat at 4.4%, and operating expense ratio increased slightly to 6.3%. The surrender ratio improved to 5.6% from 6.3% a year ago.

The company said bancassurance made up 58% of its annualised premium equivalent mix, followed by the agency channel at 27%.
Separately, the board reappointed Amit Jhingran as MD and CEO from October 1 to January 31, 2027.