Athira Sethu
Kochi, 23 April 2026
Shares of SBI Life Insurance were trading 3.1% down at Rs 1,826 at 1 PM (IST) on Thursday in NSE after the company posted mixed set of numbers during the fourth quarter of FY26.
While the company’s premium collections and business volumes expanded steadily, profitability indicators softened slightly, reflecting margin pressures and rising costs even as demand trends remained supportive.
Key Financial Performance (Q4 FY26 vs Q4 FY25)
| Metric | Q4 FY26 | Q4 FY25 | YoY Change |
| Net Profit | ₹804.6 crore | ₹813.5 crore | ↓ 1.09% |
| Net Premium Income | ₹27,684 crore | ₹23,860.7 crore | ↑ 16% |
| Annualised Premium Equivalent (APE) | ₹5,750 crore | — | ↑ 5.50% |
Profitability Indicators
| Metric | Q4 FY26 | Q4 FY25 | Change |
| Value of New Business (VNB) | ₹1,630 crore | ₹1,670 crore | ↓ |
| VNB Margin | 28.35% | 30.6% | ↓ |
Cost Structure
| Expense Head | Q4 FY26 | Q4 FY25 | YoY Change |
| Total Expenses | ₹2,527 crore | — | ↑ 25.42% |
| Net Commission | ₹859.1 crore | ₹776.8 crore | ↑ 10.6% |
Product Mix (APE Contribution)
| Product Type | FY26 | FY25 |
| ULIPs | 60% | 64% |
| Non-Participating Products | 33% | 33% |
| Participating Products | 7% | 3% |
Solvency & Persistency Ratios
| Metric | FY26 | FY25 |
| Solvency Ratio | 190% | 196% |
| 13th-Month Persistency | 87.9% | 87.4% |
| 61st-Month Persistency | 58.1% | 63.6% |
(This information for educational purposes only. Please consult your financial advisor before investing in stocks)
