SBI Life eyes 13-14% growth in individual premiums for FY26, outpacing industry estimates

SBI Life expects about 25 percent growth from the agency channel in FY26

SBI Life reported a mixed performance for the January-March quarter (Q4FY25) and, in their earnings conference call, mentioned that they expect to achieve steady growth of 13-14 percent in individual annual premium equivalent (APE) for the fiscal year 2025-26 (FY26), slightly higher than the industry’s growth expectation of 12 percent.

The company highlighted that the anticipated growth in individual APE for FY26 will come from their continued focus on the agency channel, which includes opening more branches, onboarding additional agents, and enhancing both agent productivity and activation levels.

Individual APE measures the value of new insurance policies by combining the annual premiums from regular policies and a portion of one-time premiums.

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SBI Life expects about 25 percent growth from the agency channel, building on a solid base. In the bancassurance channel, they achieved 8 percent growth in FY25 and forecast 10 percent or low double-digit growth for FY26.

For the March-ended quarter, SBI Life saw a modest 0.3 percent year-on-year (YoY) increase in net profit, reaching Rs 813 crore, while net premium income dropped by 5 percent YoY to Rs 23,861 crore.

The company posted a 7.3 percent YoY growth in first-year premiums for Q4FY25, while renewal premiums increased by 12.9 percent YoY, totaling Rs 14,680.3 crore.

For the full year (FY25), individual new business premium grew by 11 percent YoY to Rs 26,360 crore, with protection new business premium standing at Rs 4,100 crore.

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