SBI Life Q4 Results: At Rs 805 crore, PAT beats expectations; gross premium income jumps 16%

SBI Life Insurance Q4 FY26 Results Preview: Mumbai-headquartered SBI Life Insurance Company on Wednesday reported a net profit of Rs 804.6 crore for the quarter ended March 31, better than Street estimates. The quarterly net profit was down 1.1 per cent on a year-on-year basis.

The private sector insurer's net interest income -- a key measure of revenue for insurance providers -- came in at Rs 27,683.8 crore, as against Rs 23,860.7 crore a year ago, according to a regulatory filing.

According to Zee Business research, the insurer was estimated to register a net profit of Rs 790 crore for the final quarter of FY26.

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Its gross premium income stood at Rs 27,939 crore versus Rs 24,001 crore a year ago. Zee Business analysts had pegged the gross premium income at Rs 26,900 crore.

The company's new business annualised premium equivalent (APE) grew 5.5 per cent to Rs 5,750 crore, according to the filing.

Its value of new business (VNB) increased 5.5 per cent to Rs 5,450 crore. Zee Business analysts had pegged the insurer's VNB at Rs 5,880 crore.

The company's VNB margin -- a key measure of profitability -- stood at 28.4 per cent, in line with expectations.

Solvency ratio

The insurance company's solvency ratio was at 1.90 for the quarter ended March 2026, versus 1.91 for the previous three months and 1.96 for the quarter ended March 2025. This is a key metric that determines an insurance company’s financial ability to meet its long-term obligations.

SBI Life Insurance a joint venture between SBI and France's BNP Paribas Cardif.

Management commentary

SBI Life MD and CEO Amit Jhingran said that the life insurance industry witnessed improved momentum during FY26, aided by recent regulatory measures and a gradual shift in customer preference towards protection-oriented products. The exemption of GST on individual policies, he said, enhanced affordability and supported demand during the period.

He said that SBI Life's product mix reflected evolving customer preferences, with balanced contributions from ULIPs, participating and non-participating savings products, while the Par and retail protection segments recorded strong year-on-year premium growth. The company reported stable value of new business (VNB) margins along with steady VNB growth during FY26, he noted.

Jhingran also said SBI Life Insurance remains focused on maintaining a balanced approach to growth and profitability. "The Company continues to strengthen its product portfolio, distribution capabilities and operational efficiencies, while adhering to prudent risk management practices. As one of the leading private life insurers in India, SBI Life remains committed to enhancing insurance penetration and delivering long-term value to all stakeholders," he added.

FY26 performance

For the year ended March 31, the insurer's net profit grew 2 per cent to Rs 2,470 crore, while its value of new business (VNB) increased 12 per cent to Rs 6,670 crore.

The company's VNB margin stood at 27.5 per cent for FY26.

SBI Life shares

Earlier on Wednesday, SBI Life Insurance shares (SBILIFE) shares declined 1.5 per cent to close at Rs 1,884.1 apiece on BSE.

At this level, the SBI Life stock has lost 7.6 per cent of its value so far this year, while the Nifty50 and Nifty Financial Services indices fell 6.8 per cent and 3.6 per cent, respectively.