SBI Life Insurance Company

“I am very sure that whatever target and whatever guidance we have taken for FY27, we are going to stick to that. The agency channel will come back to its normal growth in next couple of months.”

“The uptick from the agency channel has been slightly better than the banca channel, but we are trying to improve the sales performance of these products through banca channel also in the coming quarter and coming half year.”

“See, credit life is almost kind of flattish as far as the H1 is concerned. So overall from the group protection, we have done almost kind of INR140 crores of credit life in this half year, APE.”

“And we are seeing very good growth of 30% plus in this other bank channel segment. The growth in this segment is particularly coming in from the non-par segment.”

“For the period ended September 2026, guaranteed non-par savings have garnered business of INR24.7 billion with a growth of 27%.”

“And our growth rate in quarter 3 has normally been higher, and that is what we are expecting this year also.”

“Given the long-term nature of life insurance, short-term market volatility is unlikely to materially alter the sector's underlying growth drivers, although it may influence customer preferences across products.”

“What makes us kind of satisfied with the growth is that the growth, as we had already told in our earlier commentary will be better than the industry growth, and we are happy that we are at the same level as the industry growth has been in the first half year.”

“And in this quarter, Q2, we did revise the return to the customer and pass on some benefit to that as well.”

“On the margin, you are right that the margins movement happened over this quarter, particularly on account of the better product mix.”

“So we don't see there will be any adverse impact will happen in the next quarter.”

“there we have qualified that 70 basis point margin coming on account of the yield curve movement on that part.”

“So we do hedge 80% of the premium as per the policy.”

“Our solvency remained strong at 1.97 as against regulatory requirement of 1.50.”

“So we will be launching soon this deferred annuity and the margin will be similar to or maybe higher than the company margin that we are looking for.”

“The new product is yet to be launched. We are looking forward maybe in the third quarter, sometime we will be launching that product.”

“we have added a new banca partner by way of J&K Bank, which has started selling our products.”

“So there is a lot of potential for deferred annuity as well as a margin accretive product. So we will be launching that. And we hope this will help to grow our number share as well as enhance our margin.”

“Excluding this impact, the profit after tax stands at INR16.9 billion, a growth of 39%.”

“Excluding GST impact, VoNB would have been INR33.8 billion, representing 19.4% growth with a VoNB margin of 28.8% and for the quarter at 30%.”

“Excluding the GST impact, the opex ratio is in line with the last year and stands at 5.8%.”

“SBI Life's existing structure is broadly aligned with the proposed framework. Therefore, we expect limited impact.”

“As far as the impact is concerned, you are aware that SBI Life is going to be one of the least impacted company because of this. And maybe this will also open up some opportunities for SBI Life in coming times.”

“As and when they move in, we will be changing our products and our opex or commission structure in line with the regulators guidelines.”

“As far as our credit life is concerned, we don't have much partnership with other than SBI. So at this moment, we don't see any challenge.”

“While there has been a marginal decline in the conservation ratio, the movement is not significant or a cause for concern.”

“And first half, we have closed at around 62% of ULIP and 38% of non-ULIP products.”

“Otherwise, we have all positive variance and we do expect to maintain this positive variance and better ROEV going forward.”

“When you look at the VoNB, just to clarify that we have not made any assumption change during this period.”

“But just to confirm that each operating variance be it the mortality, persistency and expenses is the 3 key operating variance, we have the positive variance.”

“And once we go towards the end of this financial year, by the end of March, we will finalize and then move towards the June 30, 2027 for the adoption.”