Sbi Life Insurance Co. Ltd. · NSE:SBILIFE
Sbi Life Insurance — Q1 FY2026 Earnings Presentation
55 slides from Sbi Life Insurance's earnings presentation, Jul 25, 2025
Slide 1: Cover letter to NSE and BSE
July 24, 2025 SBIL/CS/NSE-BSE/2526/59 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 Symb
Slide 2: Performance for the quarter ended June 30, 2025
News Release July 24, 2025 BSE Code: 540719 NSE Code: SBILIFE Performance for the quarter ended June 30, 2025 • Private Market leadership in IRP & Ind. NBP with market share of 22.3% & 25% respectively • Annualized Premium Equivalent (APE) stands at ` 39.7 billion with growth of 9% • Individual New
Slide 3: Key financial ratios and CEO statement
Particulars Q1-FY 2026 Q1-FY 2025 YoY Key Financial Ratios Operating expense ratio3 6.3% 6.1% - Commission ratio4 4.4% 4.4% - Total cost ratio5 10.8% 10.5% - Persistency Ratios - Premium Basis (Regular Premium/ Limited Premium payment under individual category) 6&7 13th month persistency 87.12% 86.5
Slide 4: Business growth and market share
Business growth and market share • The Company has maintained its leadership position in Individual Rated Premium of ` 34.7 billion with 22.3% private market share in Q1 FY 26. • Growth in Individual New Business Premium by 4% to ` 49.4 billion in Q1 FY 26. • Protection New Business Premium stands a
Slide 5: Persistency, AuM and financial position
Persistency • Strong growth in 13th month and 61st month persistency (based on premium considering Regular Premium/ Limited Premium payment under individual category) in Q1 FY 26 by 58 bps and 501 bps respectively due to our focus on improving the quality of business and customer retention. Assets u
Slide 6: Definitions, abbreviations and explanatory notes
• Indian Embedded Value (IEV): The measure of the consolidated value of shareholders’ interest in the covered life insurance business, which is all life insurance business written by the Company since inception and inforce as on the valuation date (including lapsed business which have the potential
Slide 7: About SBI Life and disclaimer
SBI Life strongly encourages a culture of giving back to the society and has made substantial contribution in the areas of child education, healthcare, disaster relief and environmental upgrade. In 2024-25, the Company touched over 53,000 direct beneficiaries through various CSR interventions. Liste
Slide 8: Performance Update | Q1 FY26
Performance Update | Q1 FY26 July 2025
Slide 9: Contents
Contents 03 06 Key Indicators Company and Highlights Overview 17 27 Focus Areas Macro Economic Indicators and Initiatives and Industry Overview 33 Annexure Performance Update | Q1 FY26
Slide 10: Key Indicators and Highlights
Performance Update | Q1 FY26 Key Indicators and Highlights
Slide 11: 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 3.2 lacs 99.3% 1,146 1.96x 98.4% ₹10.9 bn Insurance Individu
Slide 12: Key indicators with growth and CAGR
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 ₹72.7 ₹39.7 ₹5.9 3% 19% 26% 9% CAGR 9% CAGR 14% CAGR Renewal Premium Individual Rated Premium Value of New Bu
Slide 13: Company Overview
Performance Update | Q1 FY26 Company Overview
Slide 14: 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 Surrender Value Economic downturn No tax exemption on No tax exemption Regulation triggered high ticket size ULIPs on Non-ULIPs Growth > 11% 39% 15% 5% 18% 12% 2x 194 152 CAGR Ov
Slide 15: 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 673.2 814.3 849.8 155.7 178.1 14% 73% 2,769 377.3 431.9 494.1 85.4 105.5 24% 1,940 1,718 86.8 144.1 92.2 22.8 2% 23.3 209.1 238.3 263.6 4
Slide 16: 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 70.3 72.7 209.1 238.3 263.6 47.5 49.4 Banca Banca 60% 52% 54% 51% 48% Agency Channel Mix 64% 59% 58% 57% Agency 67% Others Others 18% 21% 19% 19% 21% 27% 27% 23% 23% 27% 21%
Slide 17: 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 27,500+ 2,50,000+ 14,000+ Top 3 SBI and RRB Banks Branches Agents (Gross addition of +27%) Partner Br
Slide 18: Basket of products catering varied customer needs
Company Overview Basket of products catering varied customer needs ₹ in billion Product Mix1 FY23 FY24 FY25 Q1 FY25 Q1 FY26 YoY Growth Mix Q1 FY26 Individual Savings 36.5 Individual Savings 157.5 178.1 207.8 35.7 36.5 2% 50% 3x CAGR 11.1 Par 9.5 8.0 7.5 1.4 1.7 19% 2% Non-Par 36.7 32.3 38.3 6.8 7.4
Slide 19: 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 36 13% 56 6% 38
Slide 20: Driving sustainable growth with high efficiencies
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% 10.5% 10.8% 24.1 6.1% 6.3% 5.1% 5.3% 18.9 4.
Slide 21: Deeper relationship with customers through quality underwriting
Company Overview Deeper relationship with customers through quality underwriting and strong sales ethos Persistency1 (%) FY24 FY25 Q1 FY25 Q1 FY26 13th Month 25th Month 37th Month 49th Month 61st Month 86.8 87.4 86.5 87.1 77.3 77.7 77.4 77.4 72.4 72.7 71.0 72.1 71.5 72.0 68.0 68.4 62.7 62.8 57.4 57.
Slide 22: VoNB grew by 12% from ₹9.7 billion to ₹10.9 billion
Company Overview ₹ in billion VoNB Margin % 26.8% - 0.6% 0.3% (0.3%) 27.4% 0.9 0.1 (0.1) 0.3 10.9 9.7 Q1 FY25 Impact of Business New Business Mix & Change in Operating Change in Economic Q1 FY26 Volume Profile * Assumptions Assumptions # VoNB grew by 12% from ₹9.7 billion to ₹10.9 billion Performanc
Slide 23: 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 Asset Under Management 4% 2% 3,889 4,480 4,148 4,758 ₹4,758 bn Asset Under Management 29% 44% >91:9 45% >90:10 44% >90:10 44% >9
Slide 24: Focus Areas and Initiatives
Performance Update | Q1 FY26 Focus Areas and Initiatives
Slide 25: 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 • 1,146 off
Slide 26: 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 27: 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 28: 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 29: 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.) • 8 product
Slide 30: 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 31: 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 135 reports on Aaram Nxt (Anytime, 1 Anywhere reporting and more) and 95% KPI reports delivered by 40 on Aasaan BI (MIS & Busi
Slide 32: 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 33: Seamless experience throughout the customer life cycle
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, whilst utilising data and Accelerating claims settlements, enhancing while also streamli
Slide 34: Macro Economic Indicators and Industry Overview
Performance Update | Q1 FY26 Macro Economic Indicators and Industry Overview
Slide 35: 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) 6.9 8.8 11.6 15.0 6,264 7 49.8 52.7 54.4 54.0 18.0 4 3 16.2 14.0 3 13.0 2 25.3 22.
Slide 36: 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 (%) 83
Slide 37: Annuity demands 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 38: 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 Economy3 Householding Savings Composition Share of Life Insurance in Average Annu
Slide 39: 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 27 28 29 32 33 33 Others 87 89 90 89 90 87 62 60 58 55 53 51 13 11 10 11 10 13 11 12 13 13 14 16 FY19 FY20 FY21 FY22 FY23 FY24 FY19
Slide 40: Annexure
Performance Update | Q1 FY26 Annexure
Slide 41: APE Product Mix and Channel Mix
Annexure APE Product Mix and Channel Mix ₹ in billion Segment FY24 FY25 Q1 FY25 Q1 FY26 Y-o-Y Growth Mix Q1 FY26 Individual Savings 159.6 182.8 30.6 32.3 6% 81% Par 7.8 7.4 1.4 1.8 28% 5% Non-Par 32.4 39.1 7.0 7.7 10% 19% ULIP 119.3 136.2 22.2 22.8 3% 58% Protection 21.0 20.5 3.0 4.6 53% 12% Individ
Slide 42: Channel Mix – Segment Wise
Annexure Channel Mix – Segment Wise ₹ in billion Channel Segment FY24 FY25 Q1 FY25 Q1 FY26 Y-o-Y Growth Mix Q1 FY26 Participating 2.8 2.9 0.5 0.8 39% 2% Non-Participating 28.7 30.0 5.7 5.5 (5%) 16% Bancassurance Unit Linked 85.6 94.6 14.4 16.2 12% 46% Total 117.2 127.4 20.7 22.4 8% 64% Participating
Slide 43: VoNB sensitivity scenarios
Annexure Scenario Change in VoNB Reference Rate +100 bps (0.8%) Reference Rate –100 bps 0.7% Decrease in Equity Value 10% (0.4%) Proportionate Change in Lapse Rate +10% (4.7%) Proportionate Change in Lapse Rate –10% 5.0% Mortality / Morbidity +10% (6.6%) Mortality / Morbidity –10% 6.6% Maintenance E
Slide 44: Average customer age and policy term
Annexure Average customer age in years Average policy term in years 40 40 22 38 36 33 19 17 16 16 Par Protection ULIP Non-Par Overall Par Protection ULIP Non-Par Overall Performance Update | Q1 FY26 Age and term for Individual products for June 2025 37
Slide 45: Policyholders' and shareholders' account summary
Annexure ₹ in billion Particulars FY24 FY25 Q1 FY25 Q1 FY26 Premium Earned 814.3 849.8 155.7 178.1 Premium on Reinsurance Ceded (8.4) (9.2) (4.7) (6.4) Net Premium Earned 805.9 840.6 151.1 171.8 Investment Income1 514.1 328.6 195.7 218.3 Other Income 0.5 0.002 0.032 (0.08) Total Income (A) 1,320.5 1
Slide 46: Balance sheet
Annexure ₹ in billion Particulars FY24 FY25 Q1 FY26 Source of Funds Share Capital 10.0 10.0 10.0 Reserves and Surplus 135.9 157.9 164.1 Credit / (Debit) Fair Value Change Account 3.2 1.9 4.3 Sub Total 149.1 169.9 178.4 Credit / (Debit) Fair Value Change Account 47.2 48.3 51.9 Policy Liabilities 1,55
Slide 47: Committed to sustainability and minimising carbon footprint
Annexure Committed to sustainability and minimising carbon footprint • 100% paperless onboarding for advisors and CIFs • LED Lights installed at all offices where interiors or ambience work was undertaken • 99% new business proposals logged digitally • Procurement of 4 star and above rating applianc
Slide 48: Empowering communities around us, enabling an inclusive world
Annexure Empowering communities around us, enabling an inclusive world • Life Insurance and Accidental Insurance coverage for all employees • Customer satisfaction at core – Net Promoter Score – 82 • Maternity leaves for female employees • Robust Grievance Redressal Mechanism – • Paternity leaves fo
Slide 49: Empowering communities around us, enabling an inclusive world
Annexure Empowering communities around us, enabling an inclusive world • ₹36 mn spent towards wellbeing and healthcare • Imparted training to 99% of Employees, 97% of CIFs of community through CSR and more than 82% of Agents • ₹146 mn spent towards education, nutrition and • Average ~49 hours of cla
Slide 50: Integrity, Excellence and Ethics – corporate governance
Annexure Integrity, Excellence and Ethics – Three pillars of our Corporate Governance philosophy • 62.5% Independent Directors on Board ensuring Independence in governance • Information Security Management System (ISMS) - • Women Director on Board ISO 27001:2022 (Certified) • 8 committees chaired by
Slide 51: Awards and recognition
Annexure Best Life Insurance Best AI-Powered Best Life Insurance (Large Category) Conversational Company – India Analytics Platform Data Analytics and ICC Emerging Asia Conclave Mint BFSI Summit 2024 AI Show 2025 (2nd Edition) and Awards 2025 Best Risk Management India’s Top 500 Value CSR Award Stra
Slide 52: Abbreviations and 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 53: Definitions
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 54: 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 55: 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