The company reported stable performance for the first half of the fiscal year, driven by broad-based growth in the premium segments, improvement in persistence and robust distribution expansion.
For H1FY26, the insurer’s profit after tax (PAT) rose 4% year-on-year to Rs 1,090 crore, supported by higher renewals, cost discipline and a balanced product mix.
The company’s Value of New Business (VoNB) – a key measure of profitability – rose 14% to Rs 2,750 crore, with VoNB margin improving to 27.8% from 27% last year.
SBI Life maintained its leadership in the personal insurance market and had a market share of 22.6% in individually assessed premiums, which stood at Rs 8,680 crore in the first half of FY26.
Strong premium growth
The company’s gross written premium (GWP) rose 19% year-on-year to Rs 42,900 crore in the first half of FY26, driven by a 24% increase in single premium premiums and a 21% growth in renewal premiums. Individual new business premiums rose 6% to Rs 12,170 crore, reflecting continued demand for non-participating savings and protection plans. New business protection premiums stood at Rs 2,210 crore, underscoring SBI Life’s strong retail protection franchise. The company’s total expense ratio stood at 10.9% for the first half of FY26, compared to 10.6% in the same period last year. The commission ratio remained stable at 4.7%, while the operating expense ratio increased slightly from 5.8% to 6.2% due to higher marketing and technology expenses.
The insurer continues to benefit from its extensive distribution network of 3.43 lakh insurance professionals and 1,154 offices across India. The bancassurance channel contributed 57% of the annualized premium equivalent (APE), followed by the broker channel with 29% and other channels with 14%.
Notably, premiums for individual new business from the ‘other’ channels rose 36% year-on-year to Rs 2,110 crore, highlighting improved traction on alternative and digital platforms.
Perseverance and customer retention
Persistence, a measure of policy innovation, improved significantly, with the 13th month persistence ratio increasing by 70 basis points in the first half of FY26.
SBI Life’s assets under management (AUM) grew 10% year-on-year to Rs 4.81 lakh crore as on September 30, 2025, from Rs 4.39 lakh crore a year earlier.
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