SBI Life Q1 FY27: Growth holds, mix and GST shape margins

NBP was 8,910 crore (+23% YoY), GWP was 21,290 crore (+20% YoY), PAT was 720 crore (+22% YoY), and VoNB was 1,410 crore (+29% YoY) with a VoNB margin of 26.2%.

Solvency ratio was 1.96 versus the regulatory requirement of 1.5.

Based on the product mix table (NBP basis), Q1 FY27 mix was Individual Savings 46%, Protection 22%, Annuity 17%, and Group Savings 16% (components may not add up due to rounding).

Management stated group business is lumpy and has lower margins than individual business; the higher group share in Q1 FY27 dragged overall margins, but the company remained within its 26% to 28% margin guidance range.

Management stated 99.9% of individual proposals were submitted digitally and 67% were processed through automated underwriting.

Management attributed the dip to the COVID cohort moving into the 61st month bucket, and indicated it should normalize by end of the year as this cohort moves out by end of Q3.