India's No.1 private life insurer, selling protection, savings, pension & annuity plans via SBI's network
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 46,337 | +18.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 1.6 | −0.1 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 725 | +22.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 14.43 | −1.4 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 30.57 | +8.8 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | -1.30 | +7.5 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
6 of 11 judged targets kept · 8 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Deferred Annuity Product Launch | Launch a deferred annuity (limited pay) product | Q3 FY26 | The launch, previously pushed to Q1 FY27, is delayed again. Management now aims for a launch 'within next quarter' (Q2 FY27). | Delayed |
| Individual IRP/APE Growth | 13-14% | Q4 FY25 | Achieved 13% Individual APE growth for FY26, meeting the 13-14% guidance range. | Achieved |
| Agency Channel Growth | ~25% | Q4 FY25 | Achieved 15% individual APE growth in the agency channel for FY26, missing the ~25% target. | Missed |
5 of SBI Life Insurance Company Limited's 19 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 16 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹1,839.8 on 24 Oct 2025 → ₹1,643.7. High ₹2,109.6 (23 Feb 2026), low ₹1,640 (23 Oct 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
SBI Life Insurance is a private life insurer that sells protection, savings, pension, annuity and health solutions to individual and group customers, earning from insurance premiums and from investing policyholder and shareholder funds. It distributes primarily through bancassurance (SBI and regional rural bank branches), backed by a large agency force and other channels such as corporate agents, brokers and direct sales. It is the leading private player in India by Individual Rated Premium and Individual New Business Premium, covering 83.7 million lives inforce.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
6 of 11 judged targets kept · 8 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Deferred Annuity Product Launch | Launch a deferred annuity (limited pay) product | Q3 FY26 | The launch, previously pushed to Q1 FY27, is delayed again. Management now aims for a launch 'within next quarter' (Q2 FY27). | Delayed |
| Individual IRP/APE Growth | 13-14% | Q4 FY25 | Achieved 13% Individual APE growth for FY26, meeting the 13-14% guidance range. | Achieved |
| Agency Channel Growth | ~25% | Q4 FY25 | Achieved 15% individual APE growth in the agency channel for FY26, missing the ~25% target. | Missed |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 19 tracked commitments, with each call’s wording and source.
Call summaries
SBI Life Insurance Company Limited Q1 FY27
SBI Life delivered a strong Q1 FY27, with robust growth in new business premium, profit after tax, and value of new business, driven by a favorable product mix shift and strong distribution channels. While margins were impacted by a lumpy group business, management expects normalization. The company maintains a strong solvency position and continues to focus on profitable and sustainable growth.
Read the full callSBI Life Insuran Q4 FY26
SBI Life Insurance reported a strong operational performance in Q4 FY26, with robust growth in new business and gross written premiums, and a healthy VoNB margin of 27.5%. While PAT growth was modest at 2% due to GST and Labor Code impacts, the company maintained a strong solvency ratio of 1.90 and improved persistency. Management expressed confidence in maintaining a 14% growth rate and 27-28% VNB margins, driven by product mix optimization and diversified distribution channels.
Read the full callSBI Life Insurance Q3 FY26 Earnings Call
SBI Life delivered a strong Q3 with AUM crossing INR 5 trillion, marking a significant milestone. Growth was driven by volume expansion across channels and product diversification, with protection growing 24% and par products surging 116% on a new Money Back launch. The GST impact on commissions reduced reported PAT growth to 4%, but adjusted for this and labor law impact, underlying growth was 34%. VONB margin at 27.2% is within guidance of 26-28%, with management confident of limiting net GST impact to 30-40 bps by year-end through product mix optimization. Q3 is seasonally the strongest qua
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +22% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 40,302 | 18,862 | 23,071 | 38,996 | 23,115 | 46,133 | 4,071 | 46,337 |
| Expenses | 39,696 | 18,266 | 23,520 | 38,333 | 22,600 | 45,517 | 5,117 | 45,579 |
| Operating profit | 606 | 596 | -449 | 664 | 516 | 615 | -1,046 | 757 |
| Operating margin | 1.5% | 3.2% | −1.9% | 1.7% | 2.2% | 1.3% | −26.0% | 1.6% |
| Other income | -4 | -3 | 1,350 | -8 | 16 | 27 | 1,913 | 36 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 601 | 594 | 901 | 656 | 532 | 642 | 867 | 793 |
| Tax rate | 12.0% | 7.0% | 10.0% | 9.0% | 7.0% | 10.0% | 7.0% | 9.0% |
| Net profit | 529 | 551 | 814 | 594 | 495 | 577 | 805 | 725 |
| EPS (₹ per share) | 5.28 | 5.50 | 8.12 | 5.93 | 4.93 | 5.75 | 8.02 | 7.23 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 80,636 | 1,31,988 | 1,16,889 | 1,12,315 |
| Expenses | 80,488 | 1,31,587 | 1,15,542 | 1,11,567 |
| Operating profit | 148 | 401 | 1,347 | 749 |
| Other income | 1,758 | 1,678 | 1,346 | 1,948 |
| Interest | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 |
| Profit before tax | 1,906 | 2,078 | 2,693 | 2,697 |
| Net profit | 1,721 | 1,894 | 2,414 | 2,471 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 1,000 | 1,001 | 1,001 | 1,002 | 1,003 | 1,003 |
| Reserves | 10,622 | 12,017 | 13,907 | 15,983 | 17,294 | 18,083 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 |
| Other liabilities | 2,61,715 | 3,01,582 | 3,83,369 | 4,40,110 | 4,71,645 | 4,80,960 |
| Total liabilities | 2,73,337 | 3,14,599 | 3,98,277 | 4,57,095 | 4,89,941 | 5,00,046 |
| Fixed assets | 919 | 520 | 551 | 580 | 632 | 647 |
| Capital work in progress | 3 | 1 | 6 | 10 | 0 | 41 |
| Investments | 2,64,437 | 3,04,334 | 3,85,590 | 4,47,467 | 4,80,726 | 4,86,367 |
| Other assets | 7,978 | 9,743 | 12,130 | 9,038 | 8,583 | 12,991 |
| Total assets | 2,73,337 | 3,14,599 | 3,98,277 | 4,57,095 | 4,89,941 | 5,00,046 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash conversion cycle | 0 | 0 | 0 | 0 | 0 | 0 |
| Working capital days | 1 | -3 | 1 | 4 | 2 | 4 |
| Return on capital employed | 17.0% | 15.0% | 15.0% | 15.0% | 17.0% | 15.0% |
| Dividend payout | 17.0% | 13.0% | 15.0% | 14.0% | 11.0% | 11.0% |
Ownership
Promoters hold 55.31% as of Sept 2026; institutions added 0.11 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of SBI Life Insurance Company Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| Bank | 55.31% | unchanged |
| Mutual fund | 4.04% | −0.12 pp |
| Mutual fund | 4.03% | +0.07 pp |
| Sovereign | 3.27% | unchanged |
| Pension / PF | 2.18% | +0.18 pp |
| FPI fund | 1.50% | unchanged |
| Mutual fund | 1.29% | unchanged |
| 1.03% | newly disclosed | |
| Mutual fund | 1.01% | −0.09 pp |
| Mutual fund | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
2 new, 9 added, 14 trimmed, 2 sold out — net −16.27 L shares (−2.7%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹3.5k Cr | held | Dec '22 |
| SBI Nifty 50 ETF SBI Mutual Fund | ₹1.5k Cr | +0.02 L | Aug '21 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹905 Cr | held | Dec '22 |
| HDFC Focused Fund HDFC Mutual Fund | ₹802 Cr | −4.26 L | Dec '22 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹570 Cr | held | Apr '22 |
| HDFC ELSS - Tax Saver Fund HDFC Mutual Fund | ₹479 Cr | −1.64 L | Nov '23 |
| Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund | ₹475 Cr | +0.64 L | Oct '20 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹233 Cr | held | Jan '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
9 added, 14 trimmed — net −16.27 L shares (−2.7%)
Shares held by these funds +60%
Oct '23 5.90 cr shares Sep '26
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