SBI Life Insuran

The company successfully launched the 'Smart Money Back Plus' product during Q2 FY '26. (2 met across 2 tracked commitments)

The operating expense ratio for H1 FY 2026 was 6.2%, which falls within the guided range of 6% to 6.5%. (3 met, 1 missed across 4 tracked commitments)

The protection share in the APE mix for 9M FY26 was 9%, failing to meet the target of 'above 10%'. (2 missed, 1 met across 3 tracked commitments)

The company is implementing a range of digital initiatives to elevate customer experience at every touchpoint. (+4 more commitments)

Management aims to achieve insurance coverage for all by 2047, supported by government GST reforms. — target: insurance coverage for all

Group Savings continues to be the fastest-growing segment, expanding its share of the NBP mix from 17% to 22% on the back of 54% year-on-year growth. (5 expanding across 2 engines)

The protection segment is expanding rapidly, growing 53% on an APE basis to reach an 11.7% share of total APE, driven by a shift toward pure protection products. (5 expanding across 1 engine)

Annuity segment continues to expand, growing 8% YoY and maintaining a 17% share of the total NBP mix. (3 expanding across 1 engine)

The solvency position improved further to 1.96, reinforcing the company's ability to support growth and absorb risks. (3 expanding, 2 stable)

Individual savings products remain the core engine, with ULIPs dominating at 55% of individual new business, while guaranteed non-par savings grew to 19% of individual APE. (1 expanding, 1 stable)

The 'Other' distribution channels (brokers, online, web aggregators) are showing accelerating growth, increasing their contribution to 14% of total APE. (5 accelerating across 5 signals)

The company is launching several new products across family protection and financial security segments to meet evolving customer needs.

VoNB growth is accelerating, with a 14% YoY increase compared to a 10% 5-year CAGR, while margins improved to 27.8%. (2 accelerating, 3 steady across 5 signals)

Customer retention (persistency) is showing steady improvement, with the 13th-month ratio rising by 58 basis points to 87.12%. (5 steady across 5 signals)

A potential headwind to profitability was the impact of GST 2.0, which reduced the Value of New Business margin by 1.5%.

The risk remains stable but high; while the company is expanding its agency channel and opening 36 new branches, the bancassurance channel still contributes a dominant 58% of total APE. (5 stable, 1 high-severity)

The risk is INTENSIFYING in terms of margin impact, with the full-year extrapolated GST impact on Value of New Business (VoNB) margins now estimated at 174 basis points, up from the 80 basis points reported for the first half. However, management is aggressively countering this through product mix shifts. (1 intensifying, 4 easing, 1 high-severity)

The risk is INTENSIFYING as the Total Cost Ratio has increased significantly to 11.2% from 10.2% in the previous year, driven by the impact of GST on commissions and new labor law costs. (2 intensifying, 2 easing, 1 stable, 1 high-severity)

The risk is intensifying slightly as the total cost ratio rose to 10.8% from 10.5% due to infrastructure expansion, including 3,000 new employees and 36 new branches. (5 intensifying)

The risk is intensifying. The 61st-month persistency (customers staying for 5 years) has dropped further to 58.8% from 62.7% in the prior year period. (2 intensifying, 2 easing, 1 stable)