The sticky annuity of the franchise — renewal premium on the in-force book (ULIP, non-par, par, protection & group), the renewal wall at lapse-risk, and the persistency ladder & service quality behind it.
₹7,300 Cr of the ₹58,700 Cr renewal wall (next four quarters) is flagged at lapse-risk against a ₹58,740 Cr renewal-premium book — the sticky annuity of the franchise. Defend the at-risk slice, lift 13-month persistency 87.9% toward the 90% target, and recover the 61-month COVID-cohort dip: renewal premium and persistency are the quality gauge the market values most.
5 of 6 headline metrics improving vs prior · still off target: Renewal Premium ₹58,740 Cr vs ₹68,000 Cr, Renewal Premium Mix 58.0% vs 60.0%, 13-Month Persistency 87.9% vs 90.0%
Each point of lapse on the ₹58,740 Cr renewal book is ₹587 Cr of premium gone — far cheaper to retain than to re-acquire, and it protects embedded value.
Each lapsed policy is renewal premium and embedded value that won't recur — persistency is the quality gauge.
Renewal mix 58% sits 2pts below the 60% target; Protection renewals carries the best economics in the book at 55% margin and 82% persistency.
61-month persistency 58.1% sits 6.9pts under the 65% target (COVID-era 2020-21 cohorts lapsing at 5 years); digital issuance 86% and grievance SLA 95.5% underpin retention.
Renewal premium is SBI Life's recurring core — ₹58,740 Cr across 780 lakh in-force policies, persisting at 87.9% (13-month). This view is where it's defended: which product lines carry the premium, which quarters are up for renewal and at lapse-risk, and whether persistency and service quality are holding the book together.
Protection renewals is the highest-margin, highest-persistency line — the one to grow in the mix.
Next four quarters of renewal premium due. At-risk = lapse-flagged or surrender-likely.
Defend first: the ₹7,300 Cr at-risk slice. Each point of lapse on the ₹58,740 Cr renewal book is ₹587 Cr of premium gone — far cheaper to retain than to re-acquire, and it protects embedded value.
Renewal mix is 58% vs a 60% target; the gap is retained premium not yet won back.
Protection renewals is the lever: 55% margin and 82% persistency — the best economics in the book. Growing it lifts both margin and the renewal mix.
Individual ULIP renewals is the moat: 320 lakh sticky policies — the largest renewal stream and the foot in the door for cross-sell.
Policies only renew if the book stays persistent — the 13M→61M ladder (premium basis, per IRDAI 14-Jun-2024 method) plus the service measures behind it.
Watch-item: 61-month persistency 58.1% (−550 bps) as COVID-era 2020-21 cohorts lapse at the 5-year mark — management flags it non-structural; targeted renewal & win-back is under way.