SSBI LifeExecutive Cockpit
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SSBI Life · Executive Cockpit

Board Pack

Value creation, performance and risk review — FY26 (Mar'26, audited anchor). ULIP (Unit-Linked) · Non-Par Savings & Annuity · Participating (Par) · Protection & Group.

₹1,01,290 Cr
GWP (FY26 actuals)
9
Bancassurance partners
29,344
Employees
India's #1 private life insurer by Individual NBP (25.5% private share) & IRP (22.9%)
Market position
Listed (NSE: SBILIFE · BSE: 540719) · State Bank of India (sole promoter, 55.32%) · Chairman C.S. Setty · Amit Jhingran (MD & CEO) · HQ Mumbai (Natraj, Andheri East)
Where we stand

Executive scorecard

SBI Life · Board Pack · 1 · Executive Summary
Gross Written Premium (GWP)
₹1,01,290 Cr
prior ₹84,980 Cr
GWP Growth (YoY)
19.0%
prior 17.0%
Value of New Business (VNB)
₹6,670 Cr
prior ₹5,950 Cr
VNB Margin
27.5%
prior 27.8%
Renewal Premium
₹58,740 Cr
prior ₹49,410 Cr
Renewal Premium Mix
58.0%
prior 58.0%
13-Month Persistency
87.9%
prior 87.4%
Growth + Margin (APE growth + VNB margin)
40
prior 41
Executive summary
Growth & profitability

GWP, VNB & product mix

SBI Life · Board Pack · 2 · Performance
GWP by segment
ULIP (Unit-Linked)45%
Non-Par Savings & Annuity30%
Participating (Par)16%
Protection & Group9%
ULIP (Unit-Linked)
₹46,000 Cr
+16% · VNB mgn 14% · Renewal 62%
Non-Par Savings & Annuity
₹30,000 Cr
+22% · VNB mgn 24% · Renewal 55%
Participating (Par)
₹16,290 Cr
+20% · VNB mgn 20% · Renewal 68%
Protection & Group
₹9,000 Cr
+12% · VNB mgn 55% · Renewal 48%
Mix-shift validation

Product-family economics & VNB-margin journey

SBI Life · Board Pack · 3 · Product Lines
Product familySinceRevenueRenewalVNB upliftRealizationStatus
Group & Credit-Life2008₹9,000 Cr₹4,200 Cr+₹10 Cr82%Integrated
Smart Bonus (Par)2010₹16,290 Cr₹10,000 Cr+₹5 Cr80%Integrated
Retire Smart (Annuity)2015₹12,000 Cr₹4,000 Cr+₹8 Cr68%In progress
Smart Wealth Plus (ULIP)2016₹34,000 Cr₹20,000 Cr+₹4 Cr78%Integrated
Smart Platina (Non-Par)2018₹18,000 Cr₹11,000 Cr+₹8 Cr72%In progress
eShield Next (Protection)2019₹5,500 Cr₹3,500 Cr+₹15 Cr66%In progress
Smart Elite (ULIP)2020₹12,000 Cr₹6,000 Cr+₹6 Cr74%In progress

Participating and group families carry the base and are fully integrated; the newer engines (Non-Par savings, annuity, eShield Next protection, premium ULIP) remain in mix-shift and VNB-margin capture. Bancassurance distribution (SBI + 9 partners) is the structural moat behind them.

Balance sheet & solvency

Solvency, free surplus & embedded value

SBI Life · Board Pack · 4 · Capital & Cash
Solvency Ratio
1.9x
target 1.5x
Solvency Buffer (vs 1.50 floor)
0.4x
target 0.4x
Price / Embedded Value (P/EV)
2.3x
target 2.5x
Indian Embedded Value (IEV)
₹80,790 Cr
target ₹92,000 Cr
Net Cash / Free Surplus
₹2,350 Cr
target ₹3,000 Cr
Policy Issuance TAT (days)
12d
target 8d
Premium Collection Days
14d
target 12d
Program / Digital Realization
74.0%
target 100.0%
Solvency 1.9x sits well above the 1.50 IRDAI floor — a ~0.40× buffer — on an effectively debt-free balance sheet, alongside Indian Embedded Value of ₹80,790 Cr. The path: free-surplus generation, premium-collection discipline (issuance TAT 12d) and VNB-margin expansion as the non-ULIP mix scales.
Governance

Watch-list & priority actions

SBI Life · Board Pack · 5 · Risk & Actions
●ULIP concentration in the mixceo
ULIP ~60% of APE / ₹46,000 Cr GWP — margin-diluting vs peers; deliberate shift to non-par / protection under way.
→ Accelerate Non-Par savings, annuity & protection to lift VNB margin 27.5%→29%+.
●Bancassurance moat compoundingceo
Banca ~60% of APE / ₹61,000 Cr GWP anchored by parent SBI's ~22,000 branches + 9 partners.
→ Deepen SBI CIF activation & other-channel growth (Direct/Online +38%).
●PAT optically flat on one-offscfo
Reported PAT ₹2,470 Cr (+2%); underlying ~₹3,120 Cr (+29%) ex GST-ITC reversal & labour-code.
→ Surface the normalized walk in investor comms; same GST-ITC drag on VNB margin.
●Capital strength well above floorcfo
Solvency 190% vs IRDAI 150% (buffer 0.40×); debt-free, strongly free-surplus generative.
→ Fund annuity/protection growth from internal surplus; sustain dividend.
●Total cost ratio up 90 bpscfo
Cost ratio 10.6% (opex 6.1% + commission 4.4%) on GST-ITC & investment — still lowest among large peers.
→ Leverage EoM headroom & digital STP; protect the cost advantage.
●61-month persistency dipboard
61M persistency 58.1% (−550 bps) — COVID-era (2020-21) cohorts lapsing at 5 years; management flags non-structural.
→ Targeted renewal & win-back on 2020-21 cohorts; monitor structural read-through.
●Profitable-growth thesis validatingboard
APE +13%, VNB ₹6,670 Cr, IEV ₹80,790 Cr (+15%), Operating RoEV 19.7%; #1 private insurer.
→ Stay the course on mix-shift + persistency + bancassurance depth.
●Regulatory reset in playboard
GST-exemption, surrender-value norms, Bima Sugam & EoM reshaping economics; composite-licence pending.
→ Re-price non-par, exploit low cost ratio, prepare for Bima Sugam & health/composite readiness.
Material external signals
[IRDAI/Exchange] GST 2.0: individual life & health premiums made GST-exempt (22 Sep 2025) · Individual Savings (Par & Non-Par)→ boosts affordability/demand but removes input-tax credit; one-off ITC reversal is why FY26 PAT looks flat & margin softened.
[IRDAI/Exchange] Revised surrender-value norms in force (1 Oct 2024) — higher early SSVs · Non-Par Savings & Annuity→ pressured non-par economics industry-wide; SBI Life absorbed & re-priced.
[IRDAI/Exchange] SBI Life FY26 results: APE +13%, VNB margin 27.5%, solvency 190% · ULIP (Unit-Linked)→ #1 private insurer; renewals ₹58,740 Cr, IEV ₹80,790 Cr; underlying PAT +29% ex one-offs.

SBI Life is listed (NSE: SBILIFE · BSE: 540719): headline financials are real FY26 anchors; granular per-segment / per-program detail is modelled. AI summary generated by Azure OpenAI (GPT-4.1).