SBILIFE
Large CapSBI Life Insurance Company Limited
Financial Services
SBI Life Insurance Company Limited, incorporated in Oct 2000, is an Indian life insurer registered with IRDAI. It offers Protection, Pension, Savings, and Health solutions to individuals and groups, focusing on customer-first approach, operating efficiency, and digital experiences. It has 1,230 offices and 358k+ insurance professionals.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -82% YoY · PAT -1% YoY · margin compression · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,071 Cr | -82.3% | -91.2% |
| EBITDA | ₹-1,046 Cr | -133.0% | -270.1% |
| Operating margin | -26.0% | -2400 bps | -2700 bps |
| PAT | ₹805 Cr | -1.1% | +39.5% |
| PAT margin | 19.8% | +1624 bps | +1852 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
SBI Life reported robust FY26 performance with GWP up 19% to `1,012.9bn, AUM growing 9% to `4.9tn, and VoNB up 12% to `66.7bn. PAT growth was modest at 2% to `24.7bn, while cost ratios increased. Persistency improved across key metrics, and solvency remains strong at 1.90x.
The company demonstrated strong business growth across key metrics like GWP, AUM, and VoNB, maintaining market leadership in Individual Rated Premium. Persistency ratios improved, indicating better business quality. While PAT growth was modest and cost ratios increased, the robust solvency and management's focus on balanced growth and efficiency support the current thesis.
APE Product mix (%)
Latest issuer-disclosed distribution across 3 reported categories.
Individual New Business Sum Assured
Individual New Business Sum Assured grew by 61% to `4,463 billion in FY26.
Other Channel Individual NBP
Individual NBP of Other channel increased by 38% to `50.7 billion in FY26 as compared to last year.
Annuity New Business Premium
Annuity New Business Premium grew by 34% to `70.3 billion in FY26.
Group Savings New Business Premium
Group Savings New Business Premium grew by 55% to `84.8 billion in FY26.
Insurance Professionals
The Company has strong distribution network of 358,506 trained insurance professionals.
Offices
Widespread operations with 1,230 offices across the country.
Agent Additions
Gross addition of +24% agents to 282,001.
Specified Persons Additions
Net addition of +93% Specified Persons to 17,150+.
Improved Industry Momentum
The life insurance industry witnessed improved momentum during FY26.
Regulatory Support
Industry momentum supported by recent regulatory measures.
Shift to Protection Products
Gradual shift in customer preference towards protection-oriented products.
GST Exemption
Exemption of GST on individual policies enhanced affordability and supported demand during the period.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The provided document presents financial and operational data for FY26 compared directly against FY25, making year-over-year analysis the most relevant for assessing annual performance trends.
Assets under Management (AuM) Growth
Assets under Management grew by 9% from `4,480.4 billion as on March 31, 2025 to `4,871.6 billion as on March 31, 2026.
Value of New Business (VoNB) Margin
Value of New Business (VoNB) Margin stands at 27.5% in FY26.
Solvency Ratio
Robust Solvency ratio of 1.90 as on March 31, 2026, as against the regulatory requirement of 1.50.
13th Month Persistency
13th month persistency improved by 53 bps to 87.9% in FY26.
Industry Outlook
MD & CEO states the life insurance industry witnessed improved momentum during FY26, supported by regulatory measures and shift to protection.
Product Strategy
Company's product mix reflected evolving customer preferences, with balanced contributions from ULIPs, participating and non-participating savings.
Strategic Focus
SBI Life remains focused on maintaining a balanced approach to growth and profitability, strengthening product portfolio, distribution, and operational efficiencies.
Commitment to Stakeholders
Committed to enhancing insurance penetration and delivering long-term value to all stakeholders.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| VoNB Margin | 27.5% | Stability or improvement in the profitability of new business. |
| Solvency Ratio | 1.90 | Maintenance of robust capital adequacy above the regulatory minimum. |
| Total Cost Ratio | 10.6% | Trends in cost efficiency, particularly the operating expense ratio. |
| Persistency Ratios | 13th month: 87.9%, 49th month: 69.1% | Continued improvement in customer retention and overall business quality. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
41NeutralSMA20 -7.6% / mo · near 52W low
Technical chart
SBILIFEdaily · 5Y-11.4%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 36.
- SMA20 falling (~1.6% over last month) — short-term momentum negative.
- RSI(14) at 36 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Cash flow contributes 5/10 to the score.
- Growth contributes 7/25 to the score.
Main drags
- Altman Z is 0.5, in distress territory.
- Fair-value margin of safety is negative at -50.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Insurance valuation: embedded value and VNB quality
Insurance economics depend on long-duration book value and new-business profitability.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 46th percentile of the scored universe and 63rd percentile within Financial Services. Main check: results consistency is weak at 45/100.
Healthy Trust Lite: Promoter holding is 55.3%. Key concern: Altman Z is 0.52.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 63rd pctile, median 62 · Large: 24th pctile, median 74
75 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 55.3%.
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸Altman Z is 0.52.
- ▸OPM spread across recent quarters is 29%.
- ▸Profit margin is 1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 73.10
- P/B
- 9.48
- EV/EBITDA
- 241.21
- Market Cap
- 180669.00Cr
Profitability
- ROE
- 13.70%
- ROCE
- 15.00%
- ROA
- 0.49%
- Dividend Y
- 0.15%
Growth (CAGR)
- Revenue 5Y
- 7.00%
- EPS 5Y
- 11.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 13.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 0.52
- Book Value
- 190.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- 34523.00 Cr
- EPS TTM
- 24.63
Shareholding
- Promoter Hold
- 55.33%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 20%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.