SBI Life Q2 net up 11% at ₹549 crore due to net premium income

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The first-year premium rose 8.81 per cent to ₹5755.86 crore, whereas the renewal premium increased 12.57 per cent to ₹15,763.64 crore for the period under review

By BL Kolkata Bureau

Updated - October 27, 2026 at 10:06 PM.

SBI Life Insurance on Tuesday reported an 11.05 per cent year-on-year increase in its net profit to ₹549.23 crore in the second quarter of this fiscal year, backed by around 8 per cent y-o-y growth in net premium income during the period.

The life insurer had registered a net profit of ₹494.59 crore in the second quarter of FY26.

During Q2FY27, net premium income grew 8.17 per cent year-on-year to ₹26, 877.70 crore as against ₹24,848.31 crore in Q2FY26, according to a stock exchange filing.

The first-year premium rose 8.81 per cent to ₹5755.86 crore, whereas the renewal premium increased 12.57 per cent to ₹15,763.64 crore for the period under review. Single premium, however, de-grew by 3.38 per cent y-o-y at ₹5595.63 crore in the second quarter of this fiscal.

EoM rose

Expenses of management (EoM) rose 11.89 per cent y-o-y to Rs 3087.47 crore in the second quarter of FY27 compared with ₹2759.17 crore in the corresponding period of FY26.

Annualised Premium Equivalent (APE) grew 18 per cent y-o-y at ₹11,750 crore for the first half of the current financial year (H1FY27), while Value of New Business (VoNB) rose 19 per cent y-o-y at Rs 3270 crore during the period. For H1FY27, the VoNB margin stood at 27.9 per cent compared with 27.8 per cent for H1FY26.

The 13th-month persistency ratio rose to 87.6 per cent in H1FY27 (87.1 per cent), while the 61st-month persistency ratio fell to 58.7 per cent (60.6 per cent) during the period.

Amit Jhingran, MD & CEO, SBI Life Insurance, said during H1FY27 the insurer remained focused on delivering sustainable business growth, strengthening its distribution network and expanding insurance penetration. “Our focus on customer-centric solutions, protection-led offerings and a diversified product portfolio continues to support growth while maintaining profitability and long-term value creation,” Jhingran said.

Policyholder interest

During the earnings conference call with analysts and investors, the MD said the recent IRDAI’s consultation paper on recalibrating the economics of insurance distribution is a constructive step towards strengthening the insurance ecosystem, with a continued focus on policyholder interests, transparency, and improved customer outcomes.

“This is consistent with the broader direction of recent regulatory reforms, including the GST exemption and the revised surrender value framework, which reinforces the importance of policyholder protection. While the final guidelines are awaited, we look forward to engaging constructively with the regulators.

A balanced and sustainable distribution ecosystem remains essential for expanding insurance awareness, deepening penetration, and advancing insurance for all by 2047,” Jhingran said, adding SBI Life Insurance would be the least impacted company, and maybe this would also open up some opportunities for it in coming times.

Published on October 27, 2026

Companies to follow

• SBI Life Insurance Company Ltd

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