SBI Life Insurance has reported a robust value of new business (VNB) margin of 27.8 percent for the first half of FY26, reflecting operational efficiency and product mix optimization. The insurer continues to lead in private sector life insurance profitability, supported by strong premium growth and disciplined cost control.
SBI Life Insurance has posted a healthy VNB margin of 27.8 percent for the six months ended September 2025, underscoring its ability to generate profitable new business amid evolving market dynamics. The metric, a key indicator of life insurers’ profitability from new policies, reflects the company’s strategic focus on high-margin products and distribution efficiency.
Important Points
- VNB margin for H1 FY26 stood at 27.8 percent, consistent with last year’s performance
- The insurer reported ₹248.48 billion in net premium income and ₹4.95 billion in profit after tax for Q2 FY26
- Growth was driven by strong traction in protection and annuity segments, along with digital channel expansion
- Operating expenses remained under control, contributing to margin stability
- SBI Life’s assets under management rose to ₹4.38 trillion, up 27 percent year-on-year
- The company continues to focus on retail protection and long-term savings products to sustain profitability
SBI Life’s performance reaffirms its leadership in India’s private life insurance space, balancing growth with profitability through prudent underwriting and channel diversification.
Sources: Economic Times, Livemint, SBI Life Investor Relations, Business Standard