SBI Life Insurance Co. Ltd. · NSE:SBILIFE
SBI Life Insurance — 9M FY26 Earnings Presentation
47 slides from SBI Life Insurance's earnings presentation, January 2026
Slide 1: Performance Update | 9M FY26 Investor Presentation
Performance Update | 9M FY26 Investor Presentation
Slide 2: Contents
Contents 03 06 Key Indicators Company and Highlights Overview 17 27 Focus Areas Macro Economic Indicators and Initiatives and Industry Overview 33 Annexure Performance Update | 9M FY26
Slide 3: Key Indicators and Highlights
Performance Update | 9M FY26 Key Indicators and Highlights
Slide 4: Building resilient business model
Key Indicators and Highlights Building resilient business model Well positioned to maintain steady growth and long-term consistent returns Trained Technological Diverse Financial Customer Sustainable Human Capital Innovation Distribution Strength Centricity Value Accretion 3.5 lacs 99.7% 1,176 1.91x
Slide 5: Driving growth through excellence and exuberance
Key Indicators and Highlights Driving growth through excellence and exuberance Well positioned to maintain steady growth and long-term consistent returns in key indicators ₹ In billion New Business Premium New Business APE Profit After Tax ₹313.3 ₹185.2 ₹16.7 19% 17% 20% 13% CAGR 16% CAGR 4% CAGR Re
Slide 6: Company Overview
Performance Update | 9M FY26 Company Overview
Slide 7: Consistently performing in changing environment
Company Overview Consistently performing in changing environment Delivered consistent and sustainable growth over the years ₹ in billion Covid 19 Budget 2021 Budget 2023 Surrender Value Economic downturn No tax exemption on No tax exemption Regulation triggered high ticket size ULIPs on Non-ULIPs Gr
Slide 8: Thriving in dynamic business environment
Company Overview Thriving in dynamic business environment Covering lives and persistently delivering growth in Gross Written Premium Gross Written Premium ₹ in billion Individual Sum Assured ₹ in billion 74% 673.2 814.3 849.8 609.8 733.5 20% 3,162 2,769 377.3 431.9 494.1 347.3 420.2 21% 1,940 1,815
Slide 9: Robust distribution and diversified product mix
Company Overview Robust distribution and diversified product mix Reaching wider, penetrating deeper across all demographics ₹ in billion NBP Individual NBP 295.9 382.4 355.8 262.6 313.3 209.1 238.3 263.6 198.6 225.5 Banca Banca 60% 52% 54% 56% 53% Agency Channel Mix 64% 59% 61% 60% Agency 67% Others
Slide 10: Unparalleled multi-channel distribution reach
Company Overview Unparalleled multi-channel distribution reach Quality and scale of multichannel distribution platforms making penetration seamless Pillars of Distribution Network Bancassurance Agency Institutional Alliance Direct and Corporate 27,150+ 2,78,000+ 13,400+ Top 3 SBI and RRB Banks Branc
Slide 11: Product Portfolio Mix
Company Overview Product Portfolio Mix Basket of products catering varied customer needs ₹ in billion YoY Mix 9M Product Mix1 FY23 FY24 FY25 9M FY25 9M FY26 Growth FY26 Individual Savings 172.5 Individual Savings 157.5 178.1 207.8 158.9 172.5 9% 55% 3x 68.2 CAGR Par 9.5 8.0 7.5 5.8 11.7 101% 4% Non-
Slide 12: Wide range of offerings
Company Overview Wide range of offerings Product portfolio suitable for a wide demographic range and income levels Average Age % Share in Policies Basket of products catering different age brackets and life stage needs Child Education Care-Free Retirement Wealth Creation Family Protection Financial
Slide 13: Maintaining cost efficiency, profitability and value
Company Overview Maintaining cost efficiency, profitability and value Driving sustainable growth with high levels of efficiencies to maintain profitability and creating value ₹ in billion Opex Ratio: Maintaining Cost Efficiency | Total Cost Ratio1 Profit After Tax: Consistent growth in profit 9.6% 8
Slide 14: Customer-centricity at our core
Company Overview Customer-centricity at our core Deeper relationship with customers through quality underwriting and strong sales ethos Persistency1 (%) FY24 FY25 9M FY25 9M FY26 13th Month 25th Month 37th Month 49th Month 61st Month 86.8 87.4 86.1 87.1 72.4 68.0 69.8 69.1 77.3 77.7 77.6 77.1 71.0 7
Slide 15: Value of New Business Movement (VoNB)
Company Overview Value of New Business Movement (VoNB) ₹ in billion VoNB Margin % 26.9% - 0.9% 0.3% 0.2% (1.1%) 27.2% 1.6 0.6 0.5 (2.1) 50.4 6.9 42.9 9M FY25 Impact of Business Volume New Business Mix & Change in Operating Change in Economic GST 2.0 Impact 9M FY26 Profile * Assumptions Assumptions #
Slide 16: Nurturing financial wellbeing via healthy AUM growth
Company Overview Nurturing financial wellbeing via healthy AUM growth Relentless pursuit for excellence leading to robust financial position ₹ in billion AUM Linked | Non-Linked Linked Non-Linked > Debt:Equity Composition of Asset Under Management 4% 3% 3,889 4,480 4,417 5,117 ₹5,117 bn Asset Under
Slide 17: Focus Areas and Initiatives
Performance Update | 9M FY26 Focus Areas and Initiatives
Slide 18: Focus on key areas keeping customer at core
Focus Areas and Initiatives Focus on key areas keeping customer at core Elevating the customer experience by implementing a range of initiatives at every touchpoint Widespread distribution network and product suite to cater different needs Disciplined Customer Digital Operational Business Focus Enga
Slide 19: Five Core Pillars of Customer Centricity
Focus Areas and Initiatives Five Core Pillars of Customer Centricity Understanding Transparent Seamless Proactive Upholding Trust Customer Communication Digital Engagement and Delivering Needs Experience and Service Long-Term Value Excellence Holistic Profiling via Digital Journey In-App Digital Pur
Slide 20: Five Core Pillars of Customer Centricity
Focus Areas and Initiatives Five Core Pillars of Customer Centricity Understanding Transparent Seamless Proactive Upholding Trust Customer Communication Digital Engagement and Delivering Needs Experience and Service Long-Term Value Excellence Free-Look Cancellation Option Renewal Persistency • Offer
Slide 21: Accelerating Digitalisation at SBI Life
Focus Areas and Initiatives Accelerating Digitalisation at SBI Life Streamlining processes and embracing technology to captalise on opportunities Digital and Simplified Digital Distributor Customer Ecosystem Enablers Journey Becoming a digital-first organisation 01 02 03 04 Performance Processes Pro
Slide 22: Future-Led Digital Ecosystem
Focus Areas and Initiatives Future-Led Digital Ecosystem Leveraging the power of digital technologies to improve efficiency Agility Flexibility Robustness • Strategic collaborations (YONO, KVP, • 914 varied product features built • Stronger digital capabilities with 800 BitSight Score India Post, et
Slide 23: Integrating digitalisation with our enablers
Focus Areas and Initiatives Integrating digitalisation with our enablers Digital first to deliver convenient and hassle-free experience with one of the best infrastructure and security framework Key Metrics 100% Customer emails enquiries handled IT Service Desk and Data Loss Prevention Enterprise Se
Slide 24: Empowering distributors with cutting-edge technologies
Focus Areas and Initiatives Empowering distributors with cutting-edge technologies Supporting with avenues and platforms to foster growth and simplify processes Establishing a robust distributor ecosystem Initiatives Key Metrics 64 reports on Aaram Nxt (Anytime, 1 Anywhere reporting and more) and 96
Slide 25: End-to-end digital journey for customers
Focus Areas and Initiatives End-to-end digital journey for customers Ensuring seamless and hassle-free experience throughout the customer life cycle Prospecting Onboarding Underwriting and Issuance Executing a focused strategy to evolve it into Enhancing the process for greater efficiency, Improving
Slide 26: End-to-end digital journey for customers
Focus Areas and Initiatives End-to-end digital journey for customers Ensuring seamless and hassle-free experience throughout the customer life cycle Policy Serving Renewals Claim Payouts Dual benefits of offering personalised services Automating tasks, whilst utilising data and Accelerating claims s
Slide 27: Macro Economic Indicators and Industry Overview
Performance Update | 9M FY26 Macro Economic Indicators and Industry Overview
Slide 28: Life insurance catalysing growth decades ahead
Macro Economic Indicators and Industry Overview Life insurance catalysing growth decades ahead Strong demographic tailwinds supporting India growth story Composition of Population1 (%) Life Insurance Penetration2 Life Insurance Density2 (US$) (Premium as % of GDP) 6,264 8.0 10.0 13.0 17.0 7 51.0 54.
Slide 29: India's underpenetrated insurance market
Macro Economic Indicators and Industry Overview India’s underpenetrated insurance market Unexplored Indian markets paving way for high insurance growth Share of life insurance in savings expected to rise Underpenetrated Insurance Market Protection gap highest amongst Sum Assured as % of GDP2,3 (%) R
Slide 30: Annuity solutions for retirement bliss
Macro Economic Indicators and Industry Overview Annuity solutions for retirement bliss Annuity demands to soar with increasing life expectancy and higher income levels Scope of Annuities Business Pension Assets / GDP Ratio1 (2022) (%) Ageing Population (60+)2 (%) Life Expectancy at 603 Male Female 1
Slide 31: India's Financial Evolution
Macro Economic Indicators and Industry Overview India’s Financial Evolution India expected to be the fastest growing economy with higher need for financial planning Share of Life Insurance in Household Savings expected to rise Fastest Growing G20 Economy3 Householding Savings Share of Life Insurance
Slide 32: Industry Composition
Macro Economic Indicators and Industry Overview Industry Composition Industry channel and segment mix Product Portfolio1 Channel Mix2 Industry (%) ULIP Industry (%) Banca Traditional Agency 27 28 29 32 33 33 33 Others 87 89 90 89 90 87 62 60 58 51 49 55 53 13 11 10 11 10 13 11 12 13 13 14 16 18 FY19
Slide 33: Annexure
Performance Update | 9M FY26 Annexure
Slide 34: Annualised Premium Equivalent (APE)
Annexure Annualised Premium Equivalent (APE) APE Product Mix and Channel Mix ₹ in billion Segment FY24 FY25 9M FY25 9M FY26 Y-o-Y Growth Mix 9M FY26 Individual Savings 159.6 182.8 138.5 157.7 14% 85% Par 7.8 7.4 5.7 12.3 116% 7% Non-Par 32.4 39.1 26.3 31.1 18% 17% ULIP 119.3 136.2 106.6 114.3 7% 62%
Slide 35: Individual Annualised Premium Equivalent (APE)
Annexure Individual Annualised Premium Equivalent (APE) Channel Mix – Segment Wise ₹ in billion Channel Segment FY24 FY25 9M FY25 9M FY26 Y-o-Y Growth Mix 9M FY26 Participating 2.8 2.9 2.4 6.2 161% 4% Non-Participating 28.7 30.0 20.3 24.0 18% 14% Bancassurance Unit Linked 85.6 94.6 74.5 82.2 10% 49%
Slide 36: Sensitivity Analysis
Annexure Sensitivity Analysis Scenario Change in VoNB Reference Rate +100 bps (0.3%) Reference Rate –100 bps 0.1% Decrease in Equity Value 10% (0.5%) Proportionate Change in Lapse Rate +10% (4.8%) Proportionate Change in Lapse Rate –10% 5.1% Mortality / Morbidity +10% (5.6%) Mortality / Morbidity –1
Slide 37: Customer Age and Policy Term
Annexure Customer Age and Policy Term Average customer age in years Average policy term in years 42 20 19 40 18 17 39 16 37 36 Par Protection ULIP Non-Par Overall Par Protection ULIP Non-Par Overall Performance Update | 9M FY26 Age and term for Individual products for December 2025 37
Slide 38: Revenue and Profit & Loss A/C
Annexure Revenue and Profit & Loss A/C ₹ in billion Particulars FY24 FY25 9M FY25 9M FY26 Premium Earned 814.3 849.8 609.8 733.5 Premium on Reinsurance Ceded (8.4) (9.2) (7.8) (10.8) Net Premium Earned 805.9 840.6 602.0 722.7 Investment Income1 514.1 328.6 336.6 359.2 Other Income 0.5 0.002 (0.04) 0
Slide 39: Balance Sheet
Annexure Balance Sheet ₹ in billion Particulars FY24 FY25 9M FY26 Source of Funds Share Capital 10.0 10.0 10.0 Reserves and Surplus 135.9 157.9 175.2 Credit / (Debit) Fair Value Change Account 3.2 1.9 4.9 Sub Total 149.1 169.9 190.2 Credit / (Debit) Fair Value Change Account 47.2 48.3 42.1 Policy Li
Slide 40: Our Sustainability Commitments for Environment
Annexure Our Sustainability Commitments for Environment Committed to sustainability and minimising carbon footprint • 100% paperless onboarding for advisors and CIFs • LED Lights installed at all offices where interiors or ambience work was undertaken • 99% new business proposals logged digitally •
Slide 41: Our Sustainability Commitments for Social
Annexure Our Sustainability Commitments for Social Empowering communities around us, enabling an inclusive world • Life Insurance and Accidental Insurance coverage for all employees • Customer satisfaction at core – Net Promoter Score – 82 • Maternity leaves for female employees • Robust Grievance R
Slide 42: Our Sustainability Commitments for Social
Annexure Our Sustainability Commitments for Social Empowering communities around us, enabling an inclusive world • ₹36 mn spent towards wellbeing and healthcare • Imparted training to 99% of Employees, 97% of CIFs of community through CSR and more than 82% of Agents • ₹146 mn spent towards education
Slide 43: Our Sustainability Commitments for Governance
Annexure Our Sustainability Commitments for Governance Integrity, Excellence and Ethics – Three pillars of our Corporate Governance philosophy • 62.5% Independent Directors on Board ensuring Independence in governance • Information Security Management System (ISMS) - • Women Director on Board ISO 27
Slide 44: Abbreviations
Annexure Abbreviations Term Description Term Description GWP Gross Written Premium Opex Operating Expenses (excluding commission) NBP New Business Premium CAGR Compounded Annual Growth Rate NOP Number of Policies GDP Gross Domestic Product APE Annualised Premium Equivalent INR (₹) Indian Rupee IRP I
Slide 45: Glossary
Annexure Glossary New Business APE New Business Premium (NBP) Bancassurance Solvency Ratio The sum of annualized first year premiums Insurance premium that is due in the first Bancassurance includes SBI & RRB’s Solvency ratio means ratio of the amount on regular premium policies, and 10.00% policy y
Slide 46: Disclaimer
Annexure Disclaimer The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or purchase any securities of SBI Life Insurance Company Limited in India or in any other jurisdiction. This presentation is not intended to be a
Slide 47: Thank You
Thank You Investor Relations SBI Life Insurance Co. Ltd, Fifth Floor, Natraj, M. V. Road, Western Express Highway Junction, Andheri (E), Mumbai – 400 069. Dial: +91 22 6191 0281 / 0399 Email: [email protected] Website: www.sbilife.co.in