For the nine months ended December 2025, SBI Life maintained its leading position in individually assessed premiums, with revenues of Rs 16,680 crore and a market share of 25.6% in the retail market.Individual new business premiums rose 13.5% year-on-year to Rs 22,550 crore, while new business protection premiums stood at Rs 3,410 crore during the nine-month period.
Gross written premium for the nine-month period grew 20% year-on-year to Rs 73,350 crore, mainly driven by a 24% increase in single premium premiums and a 21% increase in renewal premiums. The company said this reflected improved customer retention and a balanced product mix between savings and protection offers.
The value of new business for the nine months rose 17% year-on-year to Rs 5,040 crore, while VoNB margin stood at 27.2%, underscoring a continued focus on profitability even as volumes increased.
Persistence metrics also improved, with the 13th month persistence ratio increasing by 101 basis points, supported by better business quality and greater customer engagement. SBI Life continued to leverage its broad distribution footprint to drive growth. As of December 2025, the company had a network of 3,53,506 trained insurance professionals, including agents and partners, and operated through 1,176 offices across the country.
The bancassurance channel continued to be the largest contributor, accounting for 62% of annualized premium equivalent over the nine-month period, followed by the broker channel at 27% and other channels at 11%.
The company also reported strong growth in non-traditional distribution channels. Premiums for individual new business from other channels rose 38% year-on-year to Rs 3,480 crore, reflecting increasing diversification away from core bancassurance and agency routes.
Assets under management rose 16% year-on-year to Rs 5,117 crore as on December 31, 2025, compared to Rs 4,417 crore a year earlier. The investment portfolio remained conservatively positioned, with a debt to equity ratio of 59:41, and almost 95% of debt investments were invested in AAA-rated bonds and government bonds.
SBI Life’s financial position was further strengthened at the end of December. Net assets rose 15% year-on-year to Rs 19,010 crore, while the solvency ratio stood at a healthy 1.91, well above the regulatory requirement of 1.50.
Commenting on the performance, Managing Director and CEO Amit Jhingran said growth was largely volume-driven, supported by an increase in the number of individual policies sold. He added that the company’s product mix reflected changing customer preferences, with meaningful contributions from ULIPs, participating and non-participating savings products, while the protection segment showed strong year-on-year growth in both premium and sum assured.
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