SBI Life Insurance Company Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript SBI Life Insurance Company Ltd filed with BSE on 30 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
SBI Life reported Q1 FY27 results with Individual Rated Premium growing 14% year-on-year, supported by growth across all product segments and distribution channels. Profit after tax grew 22% to INR7.2 billion, while Value of New Business grew 29% to INR14.1 billion, though VoNB margin declined to 26.2% due to a higher mix of group business and GST impact. Management attributed the margin compression largely to a one-off higher contribution from group term insurance business and indicated the drag from GST would continue for another quarter before normalizing.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Individual Rated Premium: INR39.7 billion (Q1 FY27)
p. 4
“Individual rated new business premium stands at INR39.7 billion with a growth of 14% and private market share of 22.2%.”
Amit Jhingran, page 4 of the filed PDF · View the filing
New business premium: INR89.1 billion (Q1 FY27)
p. 4
“New business premium stands at INR89.1 billion with a growth of 23% and private market share of 20.5%.”
Amit Jhingran, page 4 of the filed PDF · View the filing
Gross written premium: INR212.9 billion (Q1 FY27)
p. 4
“Gross written premium stands at INR212.9 billion with a growth of 20%.”
Amit Jhingran, page 4 of the filed PDF · View the filing
Profit after tax: INR7.2 billion (Q1 FY27)
p. 4
“The company's profit after tax for the quarter stood at INR7.2 billion, registering a strong growth of 22% over the corresponding quarter of previous year.”
Amit Jhingran, page 4 of the filed PDF · View the filing
Value of New Business: INR14.1 billion (Q1 FY27)
p. 4
“Value of new business stands at INR14.1 billion with a growth of 29%.”
Amit Jhingran, page 4 of the filed PDF · View the filing
VoNB margin: 26.2% (Q1 FY27)
p. 4
“VoNB margin stands at 26.2% for the period ended June 30, 2026.”
Amit Jhingran, page 4 of the filed PDF · View the filing
Indian embedded value: INR852.9 billion (as on June 30, 2026)
p. 4
“Indian embedded value for the company as on June 30, 2026, stands at INR852.9 billion.”
Amit Jhingran, page 4 of the filed PDF · View the filing
Assets under management: INR5.2 trillion (as on June 30, 2026)
p. 4
“Our assets under management stands at INR5.2 trillion with a growth of 10% over the corresponding quarter last year.”
Amit Jhingran, page 4 of the filed PDF · View the filing
Solvency ratio: 1.96 (as on June 30, 2026)
p. 4
“Solvency ratio of 1.96 is as against the regulatory requirement of 1.5.”
Amit Jhingran, page 4 of the filed PDF · View the filing
GST impact: INR2.3 billion (Q1 FY27)
p. 6
“The GST impact for the quarter is INR2.3 billion.”
Amit Jhingran, page 6 of the filed PDF · View the filing
VoNB excluding GST impact: INR14.7 billion (Q1 FY27)
p. 6
“Excluding GST impact, VoNB would have been INR14.7 billion, representing 35% growth with a VoNB margin of 27.4%.”
Amit Jhingran, page 6 of the filed PDF · View the filing
Opex ratio: 7.7% (Q1 FY27)
p. 6
“Coming to operational efficiency, opex ratio stands at 7.7% and total cost ratio stands at 12% for the quarter ended June 30, 2026, as compared to 6.3% and 10.8%, respectively, for the corresponding period ended June 30, 2025.”
Amit Jhingran, page 6 of the filed PDF · View the filing
13th month persistency: 87.7% (Q1 FY27)
p. 6
“With respect to persistency of individual regular premiums, 13th and 49th month persistency stands at 87.7% and 69.1%, showing an improvement of 61 and 68 basis points, respectively.”
Amit Jhingran, page 6 of the filed PDF · View the filing
Death claim settlement ratio: 98.8% (period ended June 30, 2026)
p. 6
“Death claim settlement ratio stands at 98.8% for the period ended June 30, 2026.”
Amit Jhingran, page 6 of the filed PDF · View the filing
Misselling ratio: 0.02%
p. 6
“Our misselling ratio stands at 0.02%, which is one of the lowest in the private industry, and this is achieved through our consistent approach adopted by the company to ensure right selling to the customers.”
Amit Jhingran, page 6 of the filed PDF · View the filing
Group protection APE: INR12.3 billion (Q1 FY27)
p. 5
“Group protection APE stood at INR12.3 billion, registering a growth of 313% over the corresponding period of the previous year.”
Amit Jhingran, page 5 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the higher share of lumpy group business in Q1 dragged down overall margin, but expects margin to move toward the upper end of guidance as individual mix normalizes.
Answered by Management
Asked by Avinash Singh: Why did margins soften despite strong VNB growth, and how much is due to the GTI (group term insurance) mix shift?
p. 7
“But going forward, we are sure that this lumpy kind of business doesn't happen very frequently.”
Management, page 7 of the filed PDF · View the filing
Management said sustained investment in agency branches and productivity has driven strong growth and expects continued strong contribution in coming quarters.
Answered by Management
Asked by Avinash Singh: Is agency channel growth sustainable for the rest of the year?
p. 8
“We are sure that the agency in the remaining 3 quarters will also be contributing even a stronger number.”
Management, page 8 of the filed PDF · View the filing
Management confirmed a similar level of GST drag would persist for part of the next quarter before normalizing.
Answered by Management
Asked by Shreya Shivani: Will the GST drag on margin continue into the next quarter at a similar level?
p. 12
“So the GST was waived from 22nd of September. So there will be some impact for 2.5 months in the current quarter also. And then it will be on par-to-par basis.”
Management, page 12 of the filed PDF · View the filing
Management explained this was due to the COVID cohort now reaching the 61st month, which would normalize by year end.
Answered by Management
Asked by Supratim Datta: Why did 61st month persistency decline?
p. 10
“So this cohort will move away from the 61st month by end of third quarter.”
Management, page 10 of the filed PDF · View the filing
Management declined to break out product-level margins.
Answered by Management
Asked by Madhukar: Can management quantify the margin drag from GTI business specifically?
p. 11
“We don't generally discuss product-wise margins. We don't disclose those numbers.”
Management, page 11 of the filed PDF · View the filing
Management clarified no assumption change was made this quarter; the impact reflects the annual review done in March 2026 showing up in the year-on-year walk.
Answered by Management
Asked by Sanketh Godha: What drove the negative 40 bps assumption change in the VNB walk?
p. 13
“in this quarter, we have not made any change in assumption. And as part of annual review, we made the assumption change in March '26.”
Management, page 13 of the filed PDF · View the filing
Management said this reflects a deliberate mix shift toward lower-ticket-size pure protection products away from ROP.
Answered by Management
Asked by Sanketh Godha: Why does individual protection growth look weaker versus peers?
p. 14
“So 22% growth in Individual protection, with 52% pure protection growth, which is lower ticket size as compared to the ROP.”
Management, page 14 of the filed PDF · View the filing
Management said margin remains within the 26%-28% guided range and should move toward the upper end as product mix normalizes.
Answered by Management
Asked by Ansuman Deb: Why isn't operating leverage improving VNB margin despite strong growth?
p. 16
“As far as margin is concerned, we continue to be in the range that we guided in 26% to 28%, which is a very healthy range of margin.”
Management, page 16 of the filed PDF · View the filing
Management said they actively monitor yield movements and reprice products, which has helped sustain demand.
Answered by Management
Asked by Ansuman Deb: What is management's view on the non-par product environment?
p. 17
“If you would have noticed that in the month of June also as per the yield curve movement, we improved IRR for the customers, and that is also resulting in good traction for this kind of product in the market.”
Management, page 17 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.