Amit Jhingran, MD & CEO of SBI Life
SBI Life’s value of new business (VNB), which measures the expected profitability of policies sold during a period, grew 12% year-on-year to Rs 1,860 crore. Its VNB margin improved to 29.2% from 27.9% in the year-ago quarter, reflecting a favourable product mix and stronger contribution from relatively higher-margin products.
“On the regulatory front, we remain committed to adapting to the evolving regulatory framework, with policyholder interest, transparency and sustainable industry development at the centre of our approach,”Amit Jhingran, MD & CEO of SBI Life
Mumbai: SBI Life Insurance reported an 11% year-on-year increase in net profit to Rs 549 crore for the second quarter of FY27, supported by higher premium income and improved profitability from new business.
The life insurer had posted a net profit of Rs 495 crore in the corresponding quarter of FY26.
Net premium income increased 8.17% to Rs 26,877 crore during the July–September quarter, compared with Rs 24,848 crore a year earlier.
SBI Life’s value of new business (VNB), which measures the expected profitability of policies sold during a period, grew 12% year-on-year to Rs 1,860 crore. Its VNB margin improved to 29.2% from 27.9% in the year-ago quarter, reflecting a favourable product mix and stronger contribution from relatively higher-margin products.
However, new business growth moderated during the quarter. Annualised premium equivalent (APE), a measure of annualised new business sales, increased 7% to Rs 6,370 crore, compared with much stronger growth in the preceding quarter.
Individual protection, guaranteed savings and annuity products continued to record healthy demand, helping support the insurer’s profitability despite the moderation in overall business momentum.
Amit Jhingran, MD & CEO of SBI Life, stated,“ 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.On the regulatory front, we remain committed to adapting to the evolving regulatory framework, with policyholder interest, transparency and sustainable industry development at the centre of our approach.”
The insurer’s embedded value, a measure of the economic value of its existing business and shareholders’ interest in future profits, increased 15% year-on-year to Rs 87,349 crore as of September 30, 2026.
The improvement in VNB margin, alongside growth in renewal premiums and embedded value, indicates that the insurer continues to focus on profitability and long-term value creation even as the pace of new business growth fluctuates, said analysts.