SBILIFE
SBI Life Insurance Company share price & financials
- Price
- ₹1,829.4
- Market cap
- ₹1.9L Cr
- Sector
- Financial Services
- Calls analysed
- 9
SBI Life Insurance Company Limited Q1 FY27
What went well
- New business premium (NBP) grew 23% to INR 89.1 billion, with individual rated new business premium (IRP) growing 14% to INR 39.7 billion, outpacing the industry CAGR of 13%.
- Profit after tax (PAT) increased by 22% to INR 7.2 billion, supported by favorable market conditions and investment performance.
- Value of new business (VoNB) saw a 29% growth, reaching INR 14.1 billion, driven by volume growth and a favorable shift in product mix.
What to watch
- VoNB margin stood at 26.2%, at the lower end of the guidance, primarily due to a higher share of lumpy group business in the overall APE mix during the quarter.
- Opex ratio increased to 7.7% from 6.3% in the corresponding period last year, and total cost ratio rose to 12% from 10.8%, partly attributed to a GST impact of INR 2.3 billion and the initial impact of the labor code.
What SBI Life Insurance Company Limited does
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
- Individual Savings
- Protection
- Annuity
- Group Savings
- Market position
- No.1 private life insurer in India (Individual Rated & New Business Premium)
- Lives inforce
- 83.7 million
- Offices across India
- 1,176 (about 40% in rural and semi-urban areas)
- Agents
- about 2,78,686
- Total distribution personnel (agents, CIFs, SPs)
- 3,53,506
- SBI and RRB bank branches in network
- 27,150+
Guidance record · Q1 FY27
what the last two calls moved 19 tracked 6 delivered 5 missed 8 open- Deferred Annuity Product Launch delayed said Q3 FY26 Promised: Launch a deferred annuity (limited pay) product Q1 FY27: The launch, previously pushed to Q1 FY27, is delayed again. Management now aims for a launch 'within next quarter' (Q2 FY27).
- Individual IRP/APE Growth delivered said Q4 FY25 Promised: 13-14% Q4 FY26: Achieved 13% Individual APE growth for FY26, meeting the 13-14% guidance range.
- Agency Channel Growth missed said Q4 FY25 Promised: ~25% Q4 FY26: Achieved 15% individual APE growth in the agency channel for FY26, missing the ~25% target.
All 19 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 18.8%, net profit up 22.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 40,302 | 18,862 | 23,071 | 38,996 | 23,115 −43% | 46,133 +145% | 4,071 −82% | 46,337 +19% |
| EBITDA | 606 | 596 | -449 | 664 | 516 −15% | 615 +3% | -1,046 −133% | 757 +14% |
| Net profit | 529 | 551 | 814 | 594 | 495 −6% | 577 +5% | 805 −1% | 725 +22% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −8.1% 1Y
1Y: ₹1,833.7 on 10 Sept 2025 → ₹1,684.7. High ₹2,109.6 (23 Feb 2026), low ₹1,684 (9 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- +0.3%
- 24 Jul
- Q4 FY26
- −1.4%
- 22 Apr
- Q3 FY26
- +0.7%
- 28 Jan
- Q2 FY26
- −0.7%
- 24 Oct
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.
Financials, as filed
Revenue grew 11.7% a year over 3 years, FY23 to FY26. Operating margin held at 0.7%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹80.6k Cr | ₹132.0k Cr | ₹116.9k Cr | ₹112.3k Cr |
| Operating profit | ₹148 Cr | ₹401 Cr | ₹1.3k Cr | ₹749 Cr |
| Operating margin | 0.2% | 0.3% | 1.2% | 0.7% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹1.7k Cr | ₹1.9k Cr | ₹2.4k Cr | ₹2.5k Cr |
| Net margin | 2.1% | 1.4% | 2.1% | 2.2% |
| ROCE | 15.0% | 15.0% | 17.0% | 15.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹1.0k Cr | ₹1.0k Cr | ₹1.0k Cr | ₹1.0k Cr | ₹1.0k Cr | ₹1.0k Cr |
| Reserves | ₹9.4k Cr | ₹10.6k Cr | ₹12.0k Cr | ₹13.9k Cr | ₹17.3k Cr | ₹18.1k Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other liabilities | ₹216.4k Cr | ₹261.7k Cr | ₹301.6k Cr | ₹383.4k Cr | ₹471.6k Cr | ₹481.0k Cr |
| Total liabilities | ₹226.8k Cr | ₹273.3k Cr | ₹314.6k Cr | ₹398.3k Cr | ₹489.9k Cr | ₹500.0k Cr |
| Fixed assets | ₹564 Cr | ₹919 Cr | ₹520 Cr | ₹551 Cr | ₹632 Cr | ₹647 Cr |
| Capital work in progress | ₹1 Cr | ₹3 Cr | ₹1 Cr | ₹6 Cr | ₹0 Cr | ₹41 Cr |
| Investments | ₹218.8k Cr | ₹264.4k Cr | ₹304.3k Cr | ₹385.6k Cr | ₹480.7k Cr | ₹486.4k Cr |
| Other assets | ₹7.5k Cr | ₹8.0k Cr | ₹9.7k Cr | ₹12.1k Cr | ₹8.6k Cr | ₹13.0k Cr |
| Total assets | ₹226.8k Cr | ₹273.3k Cr | ₹314.6k Cr | ₹398.3k Cr | ₹489.9k Cr | ₹500.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +1.43 pp while FIIs trimmed −1.39 pp.
- Promoters
- 55.3%
- FIIs
- 20.9%
- DIIs
- 19.7%
- Public
- 4.1%
Since Jun 2025
- DIIs +1.43 pp
- FIIs −1.39 pp
- Promoters −0.05 pp
How it drifted, 12 quarters
Over this window DIIs went from 14.3% to 19.7% — +5.4 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 55.4%, FIIs 26.2%, DIIs 14.3%, Public 4.1%.Dec '23: Promoters 55.4%, FIIs 25.9%, DIIs 14.6%, Public 4.0%.Mar '24: Promoters 55.4%, FIIs 25.2%, DIIs 15.4%, Public 4.0%.Jun '24: Promoters 55.4%, FIIs 24.7%, DIIs 15.9%, Public 4.0%.Sep '24: Promoters 55.4%, FIIs 25.2%, DIIs 15.3%, Public 4.1%.Dec '24: Promoters 55.4%, FIIs 22.5%, DIIs 17.9%, Public 4.2%.Mar '25: Promoters 55.4%, FIIs 21.9%, DIIs 18.7%, Public 4.1%.Jun '25: Promoters 55.4%, FIIs 22.3%, DIIs 18.2%, Public 4.0%.Sep '25: Promoters 55.4%, FIIs 21.9%, DIIs 18.7%, Public 4.1%.Dec '25: Promoters 55.3%, FIIs 21.9%, DIIs 18.7%, Public 4.0%.Mar '26: Promoters 55.3%, FIIs 21.5%, DIIs 19.1%, Public 4.0%.Jun '26: Promoters 55.3%, FIIs 20.9%, DIIs 19.7%, Public 4.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Mirae Asset Mutual Fund Schemes Mutual fund newly disclosed 1.29% held
- HDFC Mutual Fund Schemes Mutual fund +0.23 pp 4.16% held
- NPS Trust Schemes Pension / PF +0.12 pp 2.00% held
- Government Of Singapore - E Sovereign +0.06 pp 3.32% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of SBI Life Insurance Company Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| State Bank Of India Bank | 55.32% | unchanged |
| HDFC Mutual Fund Schemes Mutual fund | 4.16% | +0.23 pp |
| ICICI Prudential Mutual Fund Schemes Mutual fund | 3.96% | unchanged |
| Government Of Singapore - E Sovereign | 3.32% | +0.06 pp |
| NPS Trust Schemes Pension / PF | 2.00% | +0.12 pp |
| Macritchie Investments Pte Ltd FPI fund | 1.51% | unchanged |
| Mirae Asset Mutual Fund Schemes Mutual fund | 1.29% | newly disclosed |
| Nippon Life India Mutual Fund Schemes Mutual fund | 1.10% | unchanged |
| SBI Mutual Fund Schemes Mutual fund | 1.07% | −0.35 pp |
| Uttarakhand Gramin Bank | 0.00% | unchanged |
| State Bank of India (California) | 0.00% | unchanged |
| SBI Canada Bank | 0.00% | unchanged |
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.
Mutual funds in SBILIFE
Filings to Aug 2026
0 new, 14 added, 9 trimmed, 2 sold out — net −12.61 L shares (−2.3%).
- Held by funds
- ₹9.9k Cr
- 39 schemes
- Biggest holder
- HDFC Flexi Cap Fund
- ₹3.9k Cr · 3.6% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹3.9k Cr | held | Dec '22 |
| SBI Nifty 50 ETF SBI Mutual Fund | ₹1.5k Cr | +0.46 L | Aug '21 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹1.0k Cr | held | Dec '22 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹585 Cr | held | Apr '22 |
| HDFC ELSS Tax saver HDFC Mutual Fund | ₹562 Cr | held | Nov '23 |
| Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund | ₹476 Cr | +0.55 L | Oct '20 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹239 Cr | held | Jan '25 |
| HDFC Hybrid Equity Fund HDFC Mutual Fund | ₹207 Cr | +1.00 L | Apr '26 |
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 Aug 2026
14 added, 9 trimmed — net −12.61 L shares (−2.3%)
- Funds are sitting on
- +31%
- vs est. average cost
- Held by funds
- ₹9.9k Cr
- 39 schemes · ≈ 5.3% of the company
- Biggest holder
- HDFC Flexi Cap Fund
- ₹3.9k Cr · 3.6% of that fund
- Longest holder
- Nippon India ETF Nifty 100
- 8y 6m · since Mar '18
Shares held by these funds +52%
Aug '23 5.55 cr shares Jul '26
All earnings calls (8)
Read the Q1 FY27 call →Learn to analyse SBI Life Insurance Company Limited
Guides on how to read this kind of business and the numbers that matter.