In Q1FY26, Gross Written Premium grew by 14.4% YoY (-25.8% QoQ) to INR 178,139 Mn., driven by strong growth in first year premiums, was largely in-line with our estimates. Value of the New Business (VNB) grew by 12.4% YoY (-34.3% QoQ) to INR 10,900 Mn., in-line with our estimates. The Value of New Business Margin improved by 60bps YoY (-306bps QoQ) to 27.4%. Net profit for the quarter stood at INR 5,944 Mn, up 14.4% YoY (-26.9% QoQ), below our estimate by 3.6%, due to slower than expected growth in GWP.
OutlookWe value SBI Life Insurance at 2.0x Mar’27 EVPS, implying a target price of INR 1,975 per share. We reiterate our “ACCUMULATE” rating on the stock, driven by sustained market leadership, anchored by a well-diversified distribution engine led by improved digital penetration, customer-centric innovation, and operational discipline.
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