SBI Life Q1 FY27: net profit up 22% YoY to ₹725 Cr; new business premium +23%
PAT +21.96% YoY · revenue +20.36% · margins flat
₹739.33 Cr
+20.36% YoY
₹724.93 Cr
+21.96% YoY
98.03%
+1.3pp YoY
₹7.23
SBI Life Insurance reported standalone Q1 FY27 (quarter ended June 30, 2026) net profit of ₹724.93 Cr, up 22.0% YoY from ₹594.37 Cr, on shareholders'-account income of ₹739.52 Cr (+20.4% YoY). The 9.9% sequential dip from Q4 FY26's ₹804.64 Cr is a seasonality artifact — Q4 is structurally the strongest quarter for life insurers as the surplus transferred from the policyholders' account peaks — not a slowdown; on the YoY lens that matters, this is clean double-digit growth. EPS rose to ₹7.23 from ₹5.93. The results are unaudited but limited-reviewed with an unmodified opinion by joint auditors K S Aiyar & Co. and J Singh & Associates; consolidated figures are not applicable as the company has no subsidiaries.
Q1 FY-2027 vs prior quarters
The profit rode a strong topline. Gross written premium grew 19.5% YoY to ₹21,289.65 Cr and net premium 16.9% to ₹20,078.21 Cr, with new business premium (first-year plus single) up 22.6% to ₹8,907.86 Cr — first-year premium alone jumped ~40%. Embedded value stood at ₹85,290 Cr as at 30 June 2026 with value of new business of ₹1,410 Cr for the quarter (independently reviewed by WTW); the VNB margin, reported around 28-29%, sits within-to-above management's 26-28% guide. There were no exceptional or one-off items on either side, so the ~22% reported growth is also the underlying growth.
The stock went into the print at ₹1,868.4, up 5.7% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 5 quarters.
What the summary numbers don't show
Shareholders'-account total income ₹739.52 Cr, +20.4% YoY — PBT ₹745.87 Cr; tax ₹20.94 Cr (~2.8% effective rate).
AUM ~₹5.24 lakh Cr (shareholder + policyholder investments + linked assets).
Management guides for sustained Annualized Premium Equivalent (APE) growth of around 14% annually, supported by strengthening the agency channel and a strategic shift towards a more balanced product mix. VoNB margins are expected to be maintained in a healthy 26% to 28% range, having absorbed recent GST impacts through
— This quarter: met
The print tracks management's FY27 outlook from the Q4 concall — ~14% APE growth with VNB margins held at 26-28% through a richer non-ULIP/protection mix — and Q1 new-business momentum runs comfortably ahead of that pace, though APE itself is not disclosed in this quarterly statement. No reliable street consensus for the quarter was available, and management gives no formal profit guidance. Balance-sheet strength is intact: solvency 1.96x (above the 1.50x regulatory floor and up from 1.90x in March) and 13th-month persistency steady at 84.35% on a premium basis (84.24% a year ago).
W1
APE vs management's ~14% FY27 guide — Q1 new-business momentum (FYP +40%, new business premium +22.6%) runs well ahead; confirm it sustains and that APE is disclosed.
W2
VNB margin holding in the 26-28% band (Q1 ~28-29% reported) as the product mix shifts toward non-ULIP/protection and a new deferred-annuity launch.
W3
Sahara/SILIC portfolio integration — separate books through FY 2026-27, balances to reflect in SBI Life's financials from April 1, 2027.
Life insurer (IRDAI Policyholders'+Shareholders' format), not a standard P&L. 'Revenue' here = Shareholders'-account total income (transfer from policyholders ₹457.78 Cr + investment income ₹281.55 Cr + other ₹0.19 Cr) — matches our DB revenue convention. No consolidated statement (no subsidiaries, AS-21 N/A). No exceptional/extraordinary items. Net shareholders' expenses are negative (-₹6.35 Cr) due to a ₹13.29 Cr provision write-back offsetting ₹6.94 Cr other expenses. QoQ is not meaningful — Q4's policyholder-surplus transfer is seasonally large. Current-qtr basic EPS ₹7.23 (searchable-layout OCR mis-ordered the EPS columns; per-share arithmetic confirms). Unit ₹ Lakh, converted to ₹ Crore.
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