SBI Life Insurance reported a 22% year-on-year increase in net profit to ₹725 crore for the quarter ended June 30, 2026. The insurer had posted a profit of ₹594 crore in the corresponding quarter of the previous year.
The growth was supported by strong demand for retail insurance policies and higher premium income from the group insurance segment. SBI Life’s net premium income increased by around 17% to ₹20,078 crore during the quarter.
Annualised premium equivalent, a measure used to assess new business generated from regular and single-premium policies, rose 36% to ₹5,380 crore. The increase was driven partly by a fourfold rise in group insurance business.
First-year premiums from new policies increased by 40%, while renewal premium income grew by 17.4%. These figures indicate healthy customer acquisition and continued premium payments from existing policyholders.
However, the value of new business margin declined to 26.2% from 27.4% a year earlier. The margin remained close to the lower end of the insurer’s guidance range of 26% to 28%.
The decline was attributed to the higher contribution of group insurance, which generally carries lower margins and may be booked in large, uneven transactions. SBI Life expects margins to improve as higher-margin individual policies account for a larger share of new business.
In the individual insurance segment, the proportion of non-participating policies increased to 49% from 38%. These policies generally provide higher margins because insurers do not share operating profits with policyholders.
Managing Director and Chief Executive Officer Amit Jhingran said the insurer believed margins had reached their lowest level and could move towards the upper end of its guidance as the company increases its focus on individual policies.
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