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SBI Life reported a healthy Q1FY27 performance

ICICIdirect Research 27 Jul 2026 DISCLAIMER

News: SBI Life reported a healthy Q1FY27 performance, with business growth remaining strong across both individual and group segments. New business premium grew 23% YoY to ₹8,910 crore, while individual business grew 14% YoY, broadly in line with management’s full-year growth expectations. Growth was increasingly diversified, with guaranteed savings and pure protection growing 27% and 41% YoY, respectively, while dependence on market-linked ULIPs reduced, with their share declining to 61% from 65%. Agency channel continued to gain traction with 20% YoY growth, while the core SBI/RRB bancassurance channel grew 10% YoY. VNB, which reflects profitability from new policies sold, grew 29% YoY to ₹1,410 crore; however, margin moderated to 26.2% due to GST impact and a higher share of relatively lower-margin group business. PAT grew 22% YoY to ₹720 crore, though operating costs remained elevated.

View: Performance remained steady, supported by healthy premium growth, improving product mix and stronger agency traction. Going forward, management expects individual premium growth of ~14–15%, while normalisation of group business mix should support VNB margins towards the upper end of the 26–28% guided range. However, elevated cost ratios and evolving regulatory landscape around bancassurance remain key monitorables.

Impact: Neutral

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