SSBI LifeExecutive Cockpit

SBI Life · Strategic Command Center

One executive screen — the whole insurer: GWP/NBP/APE/VNB, product & channel mix, the persistency ladder, AUM/IEV/solvency, smart alerts and what's on track. Every figure live off the governed dataset.

SBI Life Insurance Company Limited · FY26 (Mar'26, audited anchor)
India's #1 private life insurer by Individual NBP (25.5% private share) & IRP (22.9%)
29,344 employees · 1230+ own offices · 9 bancassurance partners
Executive read· the answer, then the moves

GWP ₹1,01,290 Cr (▲19%) with ₹6,670 Cr VNB at 27.5% margin and solvency 1.9× keep the profitable-growth plan on track — but the book stays ULIP-heavy and 4 of 7 product families are still maturing their VNB margin (56pts built so far). Compound the mix-shift to non-ULIP / protection and defend 13-month persistency 87.9%.

6 of 8 headline metrics improving vs prior · still off target: Gross Written Premium (GWP) ₹1,01,290 Cr vs ₹1,10,000 Cr, New Business Premium (NBP) ₹42,550 Cr vs ₹46,000 Cr, Annualized Premium Equivalent (APE) ₹24,270 Cr vs ₹27,670 Cr

Do now — ranked by urgency
  1. 1
    61-month persistency dipAct now
    Why it matters

    Targeted renewal & win-back on 2020-21 cohorts; monitor structural read-through.

    What's driving it
    • 61M persistency
    • Signal: Alert
    FYI

    61M persistency 58.1% (−550 bps) — COVID-era (2020-21) cohorts lapsing at 5 years; management flags non-structural.

  2. 2
    Shift the product mix toward non-ULIP & protectionWatch
    Why it matters

    4 of 7 families (non-par savings, annuity, protection, group) are still maturing their VNB margin; +56 margin points built so far is the prize that compounds as the mix-shift completes — the single biggest re-rating lever from 27.5% toward 29%+.

    What's driving it
    • 4 of 7 families not yet fully matured
    • +56 VNB-margin points built as families scaled
    FYI
    • GWP ₹1,01,290 Cr ▲19%; VNB margin 27.5%
    • Owner: Appointed Actuary · Product & Pricing
  3. 3
    Defend persistency and hold capital strengthWatch
    Why it matters

    13-month persistency 87.9% is best-in-class but the 61-month COVID cohort has dipped; renewal premium ₹58,740 Cr is the sticky annuity. Solvency 1.9× vs the 1.50 floor funds growth from internal surplus — protect both.

    What's driving it
    • 13M persistency 87.9% · renewal mix 58%
    • Solvency 1.9× vs 1.50 floor · 2 of 10 goals off On-track
    FYI
    • Premium collection 14d; claims settlement 99.4%
    • 8 smart alerts flagged across 4 zones
  4. 4
    ULIP concentration in the mixWatch
    Why it matters

    Accelerate Non-Par savings, annuity & protection to lift VNB margin 27.5%→29%+.

    What's driving it
    • Product mix
    • Signal: Alert
    FYI

    ULIP ~60% of APE / ₹46,000 Cr GWP — margin-diluting vs peers; deliberate shift to non-par / protection under way.

🛡 Protection & Annuity-led growthStep 3 of 7 · is the consolidated book on track?Value Creation PlanFinance 360All journeys
🌐 Enterprise 360 modules· on Enterprise 360Browse all 31 views ▾
Gross Written Premium (GWP)
₹1,01,290 Cr
▲ 19.2% vs priorTarget ₹1,10,000 Cr
New Business Premium (NBP)
₹42,550 Cr
▲ 19.6% vs priorTarget ₹46,000 Cr
Annualized Premium Equivalent (APE)
₹24,270 Cr
▲ 13.3% vs priorTarget ₹27,670 Cr
Value of New Business (VNB)
₹6,670 Cr
▲ 12.1% vs priorTarget ₹7,600 Cr
Assets under Management (AUM)
₹4,87,160 Cr
▲ 8.7% vs priorTarget ₹5,40,000 Cr
Indian Embedded Value (IEV)
₹80,790 Cr
▲ 15.0% vs priorTarget ₹92,000 Cr
VNB Margin
27.5%
▼ 1.1% vs priorTarget 29.0%
Solvency Ratio
1.9x
▼ 3.1% vs priorTarget 1.5x
Renewal Premium
₹58,740 Cr
▲ 18.9% vs priorTarget ₹68,000 Cr
13-Month Persistency
87.9%
▲ 0.6% vs priorTarget 90.0%
Operating RoEV
19.7%
▲ 6.5% vs priorTarget 20.0%
Profit After Tax (PAT)
₹2,470 Cr
▲ 2.5% vs priorTarget ₹3,200 Cr
Smart Alerts

Flagged issues that need attention

Automatically detected and persona-routed — click any alert to open the 360 that owns it and act.

ceo · Product mixWatch
ULIP concentration in the mix
ULIP ~60% of APE / ₹46,000 Cr GWP — margin-diluting vs peers; deliberate shift to non-par / protection under way.
Do: Accelerate Non-Par savings, annuity & protection to lift VNB margin 27.5%→29%+.
ceo · Distribution reachOpportunity
Bancassurance moat compounding
Banca ~60% of APE / ₹61,000 Cr GWP anchored by parent SBI's ~22,000 branches + 9 partners.
Do: Deepen SBI CIF activation & other-channel growth (Direct/Online +38%).
cfo · PAT normalizationWatch
PAT optically flat on one-offs
Reported PAT ₹2,470 Cr (+2%); underlying ~₹3,120 Cr (+29%) ex GST-ITC reversal & labour-code.
Do: Surface the normalized walk in investor comms; same GST-ITC drag on VNB margin.
cfo · Solvency ratioOpportunity
Capital strength well above floor
Solvency 190% vs IRDAI 150% (buffer 0.40×); debt-free, strongly free-surplus generative.
Do: Fund annuity/protection growth from internal surplus; sustain dividend.
cfo · Total cost ratioWatch
Total cost ratio up 90 bps
Cost ratio 10.6% (opex 6.1% + commission 4.4%) on GST-ITC & investment — still lowest among large peers.
Do: Leverage EoM headroom & digital STP; protect the cost advantage.
board · 61M persistencyRisk
61-month persistency dip
61M persistency 58.1% (−550 bps) — COVID-era (2020-21) cohorts lapsing at 5 years; management flags non-structural.
Do: Targeted renewal & win-back on 2020-21 cohorts; monitor structural read-through.
board · VNB / IEVOpportunity
Profitable-growth thesis validating
APE +13%, VNB ₹6,670 Cr, IEV ₹80,790 Cr (+15%), Operating RoEV 19.7%; #1 private insurer.
Do: Stay the course on mix-shift + persistency + bancassurance depth.
board · RegulationWatch
Regulatory reset in play
GST-exemption, surrender-value norms, Bima Sugam & EoM reshaping economics; composite-licence pending.
Do: Re-price non-par, exploit low cost ratio, prepare for Bima Sugam & health/composite readiness.
Exhibit 1

GWP & VNB — monthly trend

Consolidated, all segments (₹ Cr) · ₹1,01,290 Cr GWP · 27.5% VNB margin

Exhibit 2

GWP by product segment

ULIP · Non-Par Savings & Annuity · Participating (Par) · Protection & Group

ULIP (Unit-Linked)45%
Non-Par Savings & Annuity30%
Participating (Par)16%
Protection & Group9%
Exhibit 3

GWP by distribution channel

Bancassurance moat (SBI + 9 partners) · agency · direct · brokers · CSC

Channel & Customer 360 →
Exhibit 4

Persistency ladder

Premium-basis retention 13M → 61M (per IRDAI 14-Jun-2024 method); 61M = COVID-cohort watch-item

13-month Persistency87.9% · target 90%
25-month Persistency78% · target 80%
37-month Persistency72.3% · target 74%
49-month Persistency69.1% · target 71%
61-month Persistency58.1% · target 65%
Persistency & Renewals 360 →
Exhibit 5

Zone performance

Click into Distribution Roll-up 360 to drill zone → segment → office

ZoneOfficesGWPShareStatus
West India (Mumbai HQ)420₹30,000 Cr29.6%On track
North India (Delhi)360₹27,000 Cr26.7%On track
South India (Chennai–Bengaluru)320₹26,290 Cr26.0%On track
East India (Kolkata)130₹18,000 Cr17.8%Watch
Drill the roll-up →
Exhibit 6

Product families — GWP & maturity

+56 VNB-margin points built as families scaled

Green = mature · amber = still scaling. Products & Segments 360 →

Exhibit 7

KPI scorecard — actual vs target

Board-approved targets; current values auto-calculated from live data

ObjectiveKPICurrentTargetProgressStatus
Grow APE while holding VNB marginAPE24270₹Cr27670₹Cr
88%
On track
Grow value of new businessVNB6670₹Cr7600₹Cr
88%
On track
Lift VNB margin via non-ULIP mixVNB margin27.5%29%
95%
Behind
Scale protection & annuity NBPProtection & annuity NBP11650₹Cr14000₹Cr
83%
On track
Deepen bancassurance & activate CIFsBancassurance GWP61000₹Cr68000₹Cr
90%
On track
Grow agency & other-channel NBPAgency + other NBP40290₹Cr46000₹Cr
88%
On track
Lift 13-month persistency13M persistency87.9%90%
98%
On track
Grow Indian Embedded ValueIEV80790₹Cr92000₹Cr
88%
On track
Maintain solvency well above the 1.50 floorSolvency ratio1.9x1.75x
109%
On track
Recover 61-month persistency (COVID cohorts)61M persistency58.1%65%
89%
Behind
Distribution Heatmap

The footprint at a glance

Each dot is an office cluster. Colour = operational health (green = healthy · amber = watch · red = at risk). Hover for detail; open Distribution Network 360 to act on one.

India distribution network · 1250 offices
HealthyWatchAt riskHQ
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