Sbi Life Insurance Co. Ltd. · NSE:SBILIFE
Sbi Life Insurance — FY2026 Earnings Presentation
50 slides from Sbi Life Insurance's earnings presentation, Apr 23, 2026
Slide 1: Corrigendum cover letter to stock exchanges
April 22, 2026 SBIL/CS/NSE-BSE/2627/18 Vice President General Manager Listing Department, Listing Department, National Stock Exchange of India Limited, BSE Limited, Exchange Plaza, Phiroze Jeejeebhoy Towers, Plot No. C/1, G Block, BKC, Dalal Street, Bandra (East), Mumbai 400051 Mumbai 400001 NSE Sym
Slide 2: Performance Update | 12M FY26
Performance Update | 12M FY26
Slide 3: Contents
Contents 03 06 Key Indicators Company and Highlights Overview 18 28 Focus Areas Macro Economic Indicators and Initiatives and Industry Overview 34 Annexure Performance Update | 12M FY26
Slide 4: Key Indicators and Highlights
Performance Update | 12M FY26 Key Indicators and Highlights
Slide 5: Well positioned to maintain steady growth and long-term consistent returns
Key Indicators and Highlights Well positioned to maintain steady growth and long-term consistent returns Trained Technological Diverse Financial Customer Sustainable Human Capital Innovation Distribution Strength Centricity Value Accretion 3.6 lacs 99.7% 1,230 1.90x 99.4% ₹66.7 bn Insurance Individu
Slide 6: Key indicators: premium, APE, profit, VoNB and embedded value
Key Indicators and Highlights Well positioned to maintain steady growth and long-term consistent returns in key indicators ₹ In billion New Business Premium New Business APE Profit After Tax ₹425.5 ₹242.7 ₹24.7 16% 16% 11% 20% CAGR 13% CAGR 2% CAGR Renewal Premium Individual Rated Premium Value of N
Slide 7: Company Overview
Performance Update | 12M FY26 Company Overview
Slide 8: Delivered consistent and sustainable growth over the years
Company Overview Delivered consistent and sustainable growth over the years ₹ in billion Covid 19 Budget 2021 Budget 2023 Zero GST on Economic downturn No tax exemption on No tax exemption Surrender Value individual Life triggered high ticket size ULIPs on Non-ULIPs Regulation Insurance Growth > 11%
Slide 9: Covering lives and persistently delivering growth in Gross Written Premium
Company Overview Covering lives and persistently delivering growth in Gross Written Premium Gross Written Premium ₹ in billion Individual Sum Assured ₹ in billion 673.2 814.3 849.8 1,012.9 19% 61% 4,463 377.3 431.9 494.1 587.3 19% 2,769 39% 1,940 86.8 144.1 92.2 127.7 1,718 13% 209.1 238.3 263.6 297
Slide 10: Reaching wider, penetrating deeper across all demographics
Company Overview Reaching wider, penetrating deeper across all demographics ₹ in billion NBP Individual NBP 295.9 382.4 355.8 425.5 209.1 238.3 263.6 297.8 Banca Banca 60% 52% 54% 50% Agency Channel Mix 67% 64% 59% 56% Agency Others Others 18% 21% 20% 19% 27% 27% 23% 23% 21% 31% 24% 30% 10% 13% 14%
Slide 11: Quality and scale of multichannel distribution platforms
Company Overview Quality and scale of multichannel distribution platforms making penetration seamless Pillars of Distribution Network Bancassurance Agency Institutional Alliance Direct and Corporate 27,270+ 2,82,000+ 13,460+ Top 3 SBI and RRB Banks Branches Agents (Gross addition of +24%) Partner Br
Slide 12: Basket of products catering varied customer needs
Company Overview Basket of products catering varied customer needs ₹ in billion YoY Product Mix1 FY23 FY24 FY25 FY26 Growth Mix FY26 Individual Savings 224.2 Individual Savings 157.5 178.1 207.8 224.2 8% 53% 2x 105.7 CAGR Par 9.5 8.0 7.5 16.7 121% 4% Non-Par 36.7 32.3 38.3 42.6 11% 10% FY21 FY26 16%
Slide 13: Product portfolio suitable for a wide demographic range and income levels
Company Overview Product portfolio suitable for a wide demographic range and income levels Average Age % Share in Policies Basket of products catering different age brackets and life stage needs Child Education Care-Free Retirement Wealth Creation Family Protection Financial Security 39 12% 57 6% 40
Slide 14: Driving sustainable growth with high efficiencies to maintain profitability
Company Overview Driving sustainable growth with high levels of efficiencies to maintain profitability and creating value ₹ in billion Opex Ratio: Maintaining Cost Efficiency | Total Cost Ratio1 Profit After Tax: Consistent growth in profit 9.6% 8.9% 9.7% 10.6% 24.1 24.7 6.1% 5.1% 5.3% 18.9 4.9% 17.
Slide 15: Deeper relationship with customers through quality underwriting
Company Overview Deeper relationship with customers through quality underwriting and strong sales ethos Persistency1 (%) FY24 FY25 FY26 13th Month 25th Month 37th Month 49th Month 61st Month 86.8 87.4 87.9 72.4 68.0 69.1 77.3 77.7 78.0 71.0 72.1 72.3 63.6 57.4 58.1 Surrender Ratio2 Unfair Business P
Slide 16: VoNB stands at ₹66.7 billion with Margin of 27.5%
Company Overview Driving profitable growth through sustained improvement in VoNB. ₹ in billion VoNB Margin % 27.8% - 1.0% (0.2%) 0.4% (1.5%) 27.5% 2.4 3.6 0.5 1.0 7.9 66.7 59.5 FY25 Impact of Business New Business Mix & Change in Operating Change in Economic GST 2.0 Impact FY26 Volume Profile * Assu
Slide 17: Steady expansion of Embedded Value
Company Overview Steady expansion of Embedded Value reflecting strong fundamentals and future earnings potential ₹ in billion EVOP ₹ 138.6 billion ROEV 19.7% 59.3 12.8 0.1 25.7 1.8 813.6 807.9 5.7 66.7 702.5 IEV as at March 2025 VoNB Unwinding Operating Experience Change in Operating Economic Capita
Slide 18: Relentless pursuit for excellence leading to robust financial position
Company Overview Relentless pursuit for excellence leading to robust financial position ₹ in billion AUM Linked | Non-Linked Linked Non-Linked > Debt:Equity Composition of Assets Under Management 4% 1% 3,889 4,480 4,872 ₹4,872 bn Assets Under Management 29% 44% >91:9 45% >90:10 47% >90:10 28% Govern
Slide 19: Focus Areas and Initiatives
Performance Update | 12M FY26 Focus Areas and Initiatives
Slide 20: Elevating the customer experience at every touchpoint
Focus Areas and Initiatives Elevating the customer experience by implementing a range of initiatives at every touchpoint Widespread distribution network and product suite to cater different needs Disciplined Customer Digital Operational Business Focus Engagement Capabilities Efficiencies • 1,230 off
Slide 21: Understanding Customer Needs
Focus Areas and Initiatives Understanding Transparent Seamless Proactive Upholding Trust Customer Communication Digital Engagement and Delivering Needs Experience and Service Long-Term Value Excellence Holistic Profiling via Digital Journey In-App Digital Purchase • Captures Life-stage, Demography,
Slide 22: Understanding Customer Needs
Focus Areas and Initiatives Understanding Transparent Seamless Proactive Upholding Trust Customer Communication Digital Engagement and Delivering Needs Experience and Service Long-Term Value Excellence Free-Look Cancellation Option Renewal Persistency • Offering the assurance of Free-Look Cancellati
Slide 23: Becoming a digital-first organisation
Focus Areas and Initiatives Streamlining processes and embracing technology to captalise on opportunities Becoming a digital-first organisation 01 02 03 04 Performance Processes Product Improvements Stakeholder-Centric • Providing insurance cover to remotest • Agility to handle high volumes • Faster
Slide 24: Leveraging the power of digital technologies to improve efficiency
Focus Areas and Initiatives Leveraging the power of digital technologies to improve efficiency Agility Flexibility Robustness • Strategic collaborations (YONO branch • 914 varied product features built • Stronger digital capabilities with 800 BitSight Score portal, KVP, India Post, etc.) • 10 produc
Slide 25: IT Enablers
Focus Areas and Initiatives Digital first to deliver convenient and hassle-free experience with one of the best infrastructure and security framework Key Metrics 100% Customer emails enquiries handled by email bot IT Service Desk and Data Loss Prevention Enterprise Service Bus Secure Code Review Cen
Slide 26: Supporting with avenues and platforms to foster growth
Focus Areas and Initiatives Supporting with avenues and platforms to foster growth and simplify processes Establishing a robust distributor ecosystem Initiatives Key Metrics 105 reports on Aaram Nxt (Anytime, 1 Anywhere reporting and more) and 96% KPI reports delivered by 77 on Aasaan BI (MIS & Busi
Slide 27: Seamless experience throughout the customer life cycle
Focus Areas and Initiatives Ensuring seamless and hassle-free experience throughout the customer life cycle Prospecting Onboarding Underwriting and Issuance Executing a focused strategy to evolve it into Enhancing the process for greater efficiency, Improving accuracy and efficiency of a need-based
Slide 28: Seamless experience: servicing, renewals, claims
Focus Areas and Initiatives Ensuring seamless and hassle-free experience throughout the customer life cycle Policy Serving Renewals Claim Payouts Dual benefits of offering personalised services Automating tasks, while utilising data and Accelerating claims settlements, enhancing while also streamlin
Slide 29: Macro Economic Indicators and Industry Overview
Performance Update | 12M FY26 Macro Economic Indicators and Industry Overview
Slide 30: Strong demographic tailwinds supporting India growth story
Macro Economic Indicators and Industry Overview Strong demographic tailwinds supporting India growth story Composition of Population1 (%) Life Insurance Penetration2 Life Insurance Density2 (US$) (Premium as % of GDP) 6,264 8.0 10.0 13.0 17.0 7 51.0 54.0 55.0 54.0 4 3 3 17.0 15.0 2 13.0 12.0 1 24.0
Slide 31: Unexplored Indian markets paving way for high insurance growth
Macro Economic Indicators and Industry Overview Unexplored Indian markets paving way for high insurance growth Share of life insurance in savings expected to rise Underpenetrated Insurance Market Protection gap highest amongst Sum Assured as % of GDP2,3 (%) Retail Loans (₹ in trillion) peers1 (%) 33
Slide 32: Annuity demand to soar with increasing life expectancy
Macro Economic Indicators and Industry Overview Annuity demands to soar with increasing life expectancy and higher income levels Scope of Annuities Business Pension Assets / GDP Ratio1 (2022) (%) Ageing Population (60+)2 (%) Life Expectancy at 603 Male Female 131.4 22 22 20.8 19 20 17 18 78.7 16.4 1
Slide 33: India expected to be the fastest growing economy
Macro Economic Indicators and Industry Overview India expected to be the fastest growing economy with higher need for financial planning Share of Life Insurance in Household Savings expected to rise Fastest Growing G20 Economy1 Householding Savings Share of Life Insurance in Average Annual Real GDP
Slide 34: Industry channel and segment mix
Macro Economic Indicators and Industry Overview Industry channel and segment mix Product Portfolio1 Channel Mix2 Industry (%) ULIP Industry (%) Banca Traditional Agency 29 32 33 33 33 Others 90 89 90 87 81 58 55 53 51 49 13 19 10 11 10 13 13 14 16 18 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25
Slide 35: Annexure
Performance Update | 12M FY26 Annexure
Slide 36: APE Product Mix and Channel Mix
Annexure APE Product Mix and Channel Mix ₹ in billion Segment FY24 FY25 FY26 Y-o-Y Growth Mix FY26 Individual Savings 159.6 182.8 204.3 12% 84% Par 7.8 7.4 17.3 133% 7% Non-Par 32.4 39.1 42.7 9% 18% ULIP 119.3 136.2 144.2 6% 59% Protection 21.0 20.5 22.4 10% 9% Individual 9.4 8.3 10.3 24% 4% Group 1
Slide 37: Channel Mix – Segment Wise
Annexure Channel Mix – Segment Wise ₹ in billion Channel Segment FY24 FY25 FY26 Y-o-Y Growth Mix FY26 Participating 2.8 2.9 8.4 188% 4% Non-Participating 28.7 30.0 32.9 10% 15% Bancassurance Unit Linked 85.6 94.6 99.9 6% 45% Total 117.2 127.4 141.2 11% 64% Participating 3.9 3.7 7.5 100% 3% Non-Parti
Slide 38: Sensitivity analysis
Annexure % Change in % Change in Scenario VoNB IEV Reference Rate +100 bps (0.4%) (2.4%) Reference Rate –100 bps 0.1% 2.6% Decrease in Equity Value 10% (0.5%) (2.3%) Proportionate Change in Lapse Rate +10% (5.2%) (1.2%) Proportionate Change in Lapse Rate –10% 5.5% 1.3% Mortality / Morbidity +10% (5.
Slide 39: Average customer age and policy term
Annexure Average customer age Average policy term 42 20 20 40 18 18 39 16 37 36 Par Protection ULIP Non-Par Overall Par Protection ULIP Non-Par Overall Performance Update | 12M FY26 Age and term for Individual products as on March 2026, in years 38
Slide 40: Policyholders' and shareholders' account summary
Annexure ₹ in billion Particulars FY24 FY25 FY26 Premium Earned 814.3 849.8 1012.9 Premium on Reinsurance Ceded (8.4) (9.2) (13.3) Net Premium Earned 805.9 840.6 999.6 Investment Income1 514.1 328.6 123.4 Other Income 0.5 0.002 0.7 Total Income (A) 1,320.5 1,169.2 1,123.7 Commission Paid 32.6 37.4 4
Slide 41: Balance sheet summary
Annexure ₹ in billion Particulars FY24 FY25 FY26 Source of Funds Share Capital 10.0 10.0 10.0 Reserves and Surplus 135.9 157.9 180.8 Credit / (Debit) Fair Value Change Account 3.2 1.9 (0.01) Sub Total 149.1 169.9 190.9 Credit / (Debit) Fair Value Change Account 47.2 48.3 (2.1) Policy Liabilities 1,5
Slide 42: Transitioning from Foundation to Advancement – C.A.R.E.
Annexure Transitioning from Foundation to Advancement With strong ESG foundation in place, transformation is anchored across 4 strategic pillars – C.A.R.E. Waste Management WM Embedding inclusivity, accessibility Customer, Community Climate C & Contributors and best practices across the Risk CC Chan
Slide 43: Committed to sustainability and minimising carbon footprint
Annexure Committed to sustainability and minimising carbon footprint • 100% paperless onboarding for distributors • LED lights were installed in all offices where interior or ambience work was undertaken • 99.7% new business proposals logged digitally Digital • Procurement of energy-efficient applia
Slide 44: Empowering communities around us, enabling an inclusive world
Annexure Empowering communities around us, enabling an inclusive world • Maternity & Paternity leaves for employees • Customer satisfaction at core – Net Promoter Score – 86 • Annual event Sangam, for employees and their families • Robust Grievance Redressal Mechanism – 8 per 10,000 policies • Emplo
Slide 45: Empowering communities around us, enabling an inclusive world
Annexure Empowering communities around us, enabling an inclusive world • ₹9.9 mn spent towards wellbeing and healthcare of community through CSR • ₹67 mn spent towards education, nutrition and overall development of under-privileged community through CSR • Imparted training to 99% of Employees and 9
Slide 46: Three pillars of our Corporate Governance philosophy
Annexure Integrity, Excellence and Ethics – Three pillars of our Corporate Governance philosophy • 62.5% Independent Directors on Board ensuring Independence in governance • Women Director on Board • 9 committees chaired by Independent Director • Information Security Management System (ISMS) - • Boa
Slide 47: Glossary of terms
Annexure Term Description Term Description GWP Gross Written Premium Opex Operating Expenses (excluding commission) NBP New Business Premium CAGR Compounded Annual Growth Rate NOP Number of Policies GDP Gross Domestic Product APE Annualised Premium Equivalent INR (₹) Indian Rupee IRP Individual Rate
Slide 48: Definitions of key terms
Annexure New Business APE New Business Premium (NBP) Bancassurance Solvency Ratio The sum of annualized first year premiums Insurance premium that is due in the first Bancassurance includes SBI & RRB’s Solvency ratio means ratio of the amount on regular premium policies, and 10.00% policy year of a
Slide 49: Disclaimer
Annexure The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or purchase any securities of SBI Life Insurance Company Limited in India or in any other jurisdiction. This presentation is not intended to be a prospectus
Slide 50: Thank You
Thank You Investor Relations SBI Life Insurance Co. Ltd, Fifth Floor, Natraj, M. V. Road, Western Express Highway Junction, Andheri (E), Mumbai – 400 069. Dial: +91 22 6191 0281 / 0399 Email: investorrelations@sbilife.co.in Website: www.sbilife.co.in