SBI Life Insurance, the country’s largest private life insurer by premium, reported a 5% year-on-year (y-o-y) rise in net profit at Rs 576 crore for the third quarter. Gross premium income jumped 22% to ₹30,449.46 crore, while net premium income grew at a similar pace to Rs 30,245 crore.
Premium Growth Drivers
Total annualised premium equivalent (APE) rose 24% y-o-y to Rs 8,600 crore. Amit Jhingran, MD and CEO of SBI Life, said the premium growth was largely volume-driven, led by an increase in the number of individual policies sold during the quarter.
“The exemption of GST on individual policies contributed to improved affordability and aided demand during the quarter,” he said. Value of new business climbed 22% to ₹2,290 crore in Q3FY26.
Evolving Product Mix
Unit-linked insurance plans (ULIPs) continued to dominate the product mix, accounting for 62% of the total during the nine months ended December 2025. Non-participating products made up 31%, while participating products contributed 7%.
“The company’s product mix during 9MFY26 reflected evolving customer preferences, with contributions from ULIPs, participating and non-participating savings products,” Jhingran said.