Gross Written Premium (GWP) for the quarter stood at Rs 17,810 crore, marking a 14% jump from Rs 15,570 crore in Q1-FY25. Within this, New Business Premium (NBP) rose 3% to Rs 7,270 crore, while Renewal Premium (RP) shot up 24% to Rs 10,550 crore.

Individual New Business Premium grew 4% to Rs 4,940 crore, while Annualized Premium Equivalent (APE) was up 9% at Rs 3,970 crore.

Value of New Business (VoNB) improved to Rs 1,090 crore from Rs 970 crore, a 12% rise. The New Business Margin expanded to 27.4% from 26.8% a year ago.

The Indian Embedded Value (IEV) jumped 20% YoY to Rs 74,260 crore, while IEV per share rose to Rs 740.8 from Rs 617.6.

ULIPs made up 57% of APE product mix, followed by Non-Par (38%) and Par (5%). Banca channels led distribution at 58%, with agency and others contributing 27% and 15%, respectively.

Assets under Management (AuM) rose 15% YoY to Rs 4.76 lakh crore, and net worth increased to Rs 17,830 crore from Rs 15,570 crore.

The insurer’s private market share based on Individual Rated Premium (IRP) held steady at 22.3%.

The insurer maintained tight control over costs in Q1-FY26, with the total cost ratio rising only marginally to 10.8% from 10.5% in the year-ago quarter. Operating expenses accounted for 6.3% of premium income, slightly up from 6.1%, while the commission ratio held steady at 4.4%.

Persistency ratios, a key metric of customer retention, saw broad-based improvement, especially in the crucial long-term cohorts. The 13th-month persistency ratio improved to 87.12% from 86.54%, but the real gain was in the long-term bucket, where 61st-month persistency jumped to 62.80% from 57.79%.

Other persistency buckets (25th, 37th, 49th months) remained broadly stable, showcasing consistent policyholder engagement.

The solvency ratio stood at a healthy 1.96x, comfortably above regulatory requirements, albeit slightly lower than 2.01x in Q1-FY25. Return on Equity (RoE) ticked up marginally to 13.7%, reinforcing efficient capital utilization.

Amit Jhingran, MD & CEO of SBI Life stated: In Q1 FY 2026, the Company is able to achieve favorable shift in our product mix towards protection solutions and guaranteed non-par savings, reflecting evolving customer preferences and our strategic focus. There has been remarkable growth in New Business Sum Assured mainly due to growing awareness of customer towards financial security and fulling dreams of their loved ones. The growth in renewal premium along with improvement in our 13th and 61st month persistency ratios reflects strengthening of our customer relationships and the overall quality of our business."

SBI Life's diverse range of products caters to individuals as well as group customers through Protection, Pension, Savings and Health solutions.