Amit Jhingran, Managing Director and Chief Executive Officer, said the life insurance industry witnessed improved momentum during FY26, supported by recent regulatory measures and a shift in customer preference towards protection-oriented products.
He added that the exemption of GST on individual policies enhanced affordability during the year.
Mumbai: SBI Life Insurance, the largest private sector life insurer, on Wednesday, reported a marginal 1 per cent decline in its net profit for the fourth quarter of FY26, even as premium income showed strong growth.
During the quarter, the insurer’s profit after tax (PAT) stood at Rs 804.64 crore, compared with Rs 813.5 crore in the same quarter last year.
For the full year 2025-26, the company’s net profit also rose marginally by 2 per cent to Rs 2,470 crore as against Rs 2,413 crore in the previous fiscal.
The insurer’s net premium income rose 16 per cent in Q4FY26 to Rs 27,684 crore as against Rs 23,861 crore a year ago,indicating healthy business momentum.
SBI Life said it registered a growth of 12 per cent in the value of new business (VoNB) to Rs 6,667 crore in FY26.
VoNB is the present value of expected future earnings from new policies written during a specified period. It reflects the additional value expected to be generated through the writing of new policies during a specified period.
Amit Jhingran, Managing Director and Chief Executive Officer, said the life insurance industry witnessed improved momentum during FY26, supported by recent regulatory measures and a shift in customer preference towards protection-oriented products.
He added that the exemption of GST on individual policies enhanced affordability during the year.
However, the life insurer’s solvency ratio decreased to 190 per cent from 196 per cent a year ago.
On operational metrics, persistency showed improvement across key buckets.
The transfer to shareholders’ account also rose significantly to Rs 2.36 lakh crore in Q4, from Rs 1.94 lakh crore in the previous quarter, reflecting improved operating performance.
The insurer’s new business premium grew by 20 per cent to Rs 42,500 crore, while renewal premium rose 19 per cent to Rs 58,700 crore in FY 26.
The solvency ratio edged down marginally to 190 per cent from 191 per cent a year earlier, though it remained well above regulatory requirements.
In addition, the annualised premium equivalent (APE) expanded 13 per cent to Rs 24,270 crore.
In terms of network, SBI Life operates through 1,230 offices and a distribution force of 358,506 trained insurance professionals across the country.