SBI Life Insurance Company Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript SBI Life Insurance Company Ltd filed with BSE on 28 Apr 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 new business premium of INR425.5 billion, up 20%, with individual rated new business premium at INR219 billion, up 13%. Profit after tax grew 2% to INR24.7 billion, impacted by GST and revised Labour Law changes, while VoNB margin stood at 27.5% and value of new business rose 12% to INR66.7 billion. Management said that excluding the GST and one-time impacts, profit after tax would have grown 29% and VoNB margin would have been 29%.
Numbers mentioned
New business premium: INR425.5 billion (FY26)
p. 4
“New business premium stands at INR425.5 billion with a growth of 20% and private market share of 21.4%.”
Amit Jhingran, page 4 of the filed PDF · View the filing
Individual rated new business premium: INR219 billion (FY26)
p. 4
“Individual rated new business premium stands at INR219 billion, with a growth of 13% and private market share of 22.9%.”
Amit Jhingran, page 4 of the filed PDF · View the filing
Gross written premium: INR1,012.9 billion (FY26)
p. 4
“Gross written premium stands at INR1,012.9 billion, with a growth of 19%.”
Amit Jhingran, page 4 of the filed PDF · View the filing
Profit after tax: INR24.7 billion (FY26)
p. 4
“Profit after tax for the current year grew by 2%, standing at INR24.7 billion as compared to the previous year.”
Amit Jhingran, page 4 of the filed PDF · View the filing
Value of new business: INR66.7 billion (FY26)
p. 4
“Value of new business stands at INR66.7 billion with a growth of 12%.”
Amit Jhingran, page 4 of the filed PDF · View the filing
VoNB margin: 27.5% (FY26)
p. 4
“VoNB margin stands at 27.5% for the year ended March 31, 2026.”
Amit Jhingran, page 4 of the filed PDF · View the filing
Indian embedded value: INR807.9 billion (as on March 31, 2026)
p. 4
“Indian embedded value for the company as on March 31, 2026, stands at INR807.9 billion.”
Amit Jhingran, page 4 of the filed PDF · View the filing
Assets under management: INR4.9 trillion (as on March 31, 2026)
p. 4
“Our assets under management stands at INR4.9 trillion with a growth of 9% over last year.”
Amit Jhingran, page 4 of the filed PDF · View the filing
Solvency ratio: 1.90 (as on March 31, 2026)
p. 4
“Solvency ratio of 1.90 as against the regulatory requirement of 1.50.”
Amit Jhingran, page 4 of the filed PDF · View the filing
Profit after tax excluding GST/Labour Law impact: INR31.2 billion (FY26)
p. 6
“Excluding this impact, profit after tax for the year ended 31st March 2026 would have stood at INR31.2 billion with a growth of 29%.”
Amit Jhingran, page 6 of the filed PDF · View the filing
VoNB excluding GST impact: INR70.3 billion (FY26)
p. 6
“Excluding GST impact, VoNB would have been INR70.3 billion, representing 18% growth with a VoNB margin of 29%, an improvement of 150 basis points.”
Amit Jhingran, page 6 of the filed PDF · View the filing
Opex ratio: 6.1% (FY26)
p. 6
“Our opex ratio stands at 6.1%, and total cost ratio stands at 10.6% for the year ended March 31, 2026, as compared to 5.3% and 9.7%, respectively, for the year ended March 31, 2025.”
Amit Jhingran, page 6 of the filed PDF · View the filing
13th month persistency: 87.9% (FY26)
p. 6
“With respect to persistency of individual regular premium, 13th and 49th month persistency stands at 87.9% and 69.1%, showing an improvement of 53 and 107 basis points, respectively.”
Amit Jhingran, page 6 of the filed PDF · View the filing
Death claim settlement ratio: 99.4% (FY26)
p. 6
“Death claim settlement ratio stands at 99.4% for the year ended March 31, 2026.”
Amit Jhingran, page 6 of the filed PDF · View the filing
Misselling ratio: 0.02% (FY26)
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 at the company to ensure right selling to the customers.”
Amit Jhingran, page 6 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 it was a minor combined refinement across mortality, persistency and other assumptions, not a significant change.
Answered by Management
Asked by Avinash Singh: Does the 50 bps negative operating assumption change reflect a reset in persistency assumptions?
p. 8
“So that does reflect in the VNB assumption. But in this 50-basis point is not a significant point. So, I will say there's no significant change in assumption.”
Management, page 8 of the filed PDF · View the filing
Management said growth remained decent in February and March despite volatility and they expect sales growth to continue.
Answered by Management
Asked by Supratim Datta: How has recent equity market volatility affected ULIP demand and customer behavior?
p. 9
“Our growth in February and March has been decent enough and we have been able to meet our guidance for the year despite these events.”
Management, page 9 of the filed PDF · View the filing
Management attributed the Q4 slowdown to industry-wide sluggishness and said they were unaware of specific open-architecture plans but confident of adapting to regulatory change.
Answered by Management
Asked by Shreya Shivani: Why did banca channel sales decline in Q4 and is open architecture a risk to the distribution mix?
p. 11
“We are not aware about this particular topic as of now. But we are very sure that any regulatory changes, we will be able to meet with a robust response.”
Management, page 11 of the filed PDF · View the filing
Management said GST impact was already built into the 10.6% cost ratio and no major additional expenses are planned besides IT.
Answered by Management
Asked by Prayesh Jain: Will the cost ratio keep rising given GST is permanent, and what is the margin trajectory?
p. 12
“But going forward, I think these things have already panned out. And other than strengthening IT, there is no other major expense planned in the near future.”
Management, page 12 of the filed PDF · View the filing
Management said most of the positive variance came from mortality and persistency, and it may not be fair to directly correlate EV variance with VNB assumptions since the business mix differs.
Answered by Management
Asked by Madhukar Ladha: What explains the divergence between the strong positive EV operating variance and the VNB assumption strengthening?
p. 14
“So it may not be fair to correlate the assumptions in the VNB with that of operating variance in EV, generally reflective.”
Management, page 14 of the filed PDF · View the filing
Management said the range gives flexibility to balance 14% growth with margin improvement through product mix, not conservatism.
Answered by Management
Asked by Sanketh Godha: Is 26-28% margin guidance conservative given FY26 ex-GST margin was already 29%?
p. 16
“So making a combination that product mix would give a better margin and a better value, as well as maintain that 14% growth is such a high value, it's not a very easier task, and that's the range what we give, it gives us some flexibility to play around, to maintain the good growth rate as well as maintain the margin.”
Management, page 16 of the filed PDF · View the filing
Management said most of the GST-related commission and expense impact was already incorporated and the estimated full-year impact would be around 1.8-1.9%, not double the reported figure.
Answered by Management
Asked by Nidhesh Jain: Will the full-year GST impact on margin be about 300 bps versus the 150 bps seen this year?
p. 23
“We're expecting the annual impact, maybe around 1.8, 1.9 kind of things, if GST would have been implemented from the beginning itself.”
Management, page 23 of the filed PDF · View the filing
Management quantified that without GST and the Labour Code, the opex ratio would have been about 5.5% instead of 6.1%.
Answered by Management
Asked by Gaurav: How much of the opex ratio increase from 5.3% to 6.1% is due to GST versus the new Labour Code?
p. 26
“Yes, I can just tell you that if the Labor Code or the GST would have not been there, then the opex ratio would have been around 5.5 against 5.3.”
Management, page 26 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.