The shareholder-value view — start → today → target, the P/EV re-rating that protection, mix-shift & persistency earn, plus embedded-value growth and the programs behind it.
Appraisal value (market cap) has gone from ₹102.60k Cr at the start of the journey to ₹185.82k Cr today; ₹100.18k Cr of the plan remains to the ₹286.00k Cr target. The prize is embedded-value growth + multiple re-rating — push VNB margin from 27.5% toward 30% and bank the ₹770 Cr of open program run-rate.
3 of 4 headline metrics improving vs prior · still off target: Gross Written Premium (GWP) ₹1,01,290 Cr vs ₹1,10,000 Cr, Value of New Business (VNB) ₹6,670 Cr vs ₹7,600 Cr, VNB Margin 27.5% vs 29.0%
₹100.18k Cr of shareholder value stands between today's ₹185.82k Cr and the ₹286.00k Cr target plan — the swing that compounds market cap.
₹770 Cr of ₹1.09k Cr run-rate program benefit is still to capture — the same work that lifts persistency, shifts the mix and digitises issuance.
Persistency, VNB-margin / mix-shift, digital STP, bancassurance CRM & Bima Sugam
Climbing toward the premium-franchise tier is worth ~0.5 of a P/EV turn — on ₹80.79k Cr of embedded value that is ₹40.40k Cr from re-rating alone.
SBI Life runs a Value Creation Plan from start to target. Embedded value has grown to ₹80.79k Cr; the prize from here is embedded-value growth + P/EV re-rating — shifting the mix beyond ULIP re-rates the franchise, and higher-margin protection, non-par & annuity new business is valued at a premium. This is the screen that tracks it.
Each lever shown start → today → target, with progress through the plan.
| Workstream | Lever | Start | Today | Target | Progress | Status |
|---|---|---|---|---|---|---|
| Scale new business | APE across banca, agency & digital | ₹18,000 Cr | ₹24,270 Cr | ₹32,000 Cr | On track | |
| Shift the product mix | Non-Par savings, annuity & protection | 24% | 27.5% | 30% | Behind | |
| Compound value of new business | APE × margin | ₹4,600 Cr | ₹6,670 Cr | ₹9,500 Cr | On track | |
| Grow embedded value | Unwind + VNB + persistency | ₹54,000 Cr | ₹80,790 Cr | ₹1,10,000 Cr | On track | |
| Hold capital strength | Free-surplus generation, debt-free | 2.05× | 1.9× | 1.85× | On track | |
| Sustain the re-rating | Mix-shift & franchise premium | 1.9× | 2.3× | 2.6× | On track |
VNB margin moves the Price/EV multiple. At 27.5%, SBI Life sits in the balanced book tier — every point toward 30% pulls it up.
Climbing toward the premium-franchise tier is worth ~0.5 of a P/EV turn — on ₹80.79k Cr of embedded value, that's ₹40.40k Cr of market cap from re-rating alone.
Higher-margin protection, non-par & annuity new business (VNB) is valued at ~10–16× — on top of, and separate from, the in-force embedded value.
So what: scaling protection, annuity & non-par grows the value of new business and compounds above the 2.3× embedded value the market pays today. It's the single highest-return rupee in the plan.
The concrete programs behind the plan — not a slogan, a checklist.
SBI Life's value playbook in action: persistency improvement, VNB-margin / product-mix shift, digital / phygital STP issuance, bancassurance CRM deepening, and Bima Sugam & expenses-of-management discipline. ₹770 Cr of run-rate is still to capture — the same work behind the VNB-margin (27.5%→30%) thesis.