SBI Life Insuran Q1 FY27 Results (NSE: SBILIFE)
Signal: Earnings grew
The read
Q1FY27 PAT of ₹725 Cr grew 22% YoY, driven by robust 17% net premium growth and strong investment income; First Year Premium surged 40% YoY indicating strong new business momentum. Expenses Management Ratio rose to 12.05% from 10.75% a year ago — a key monitorable. The company maintains zero debt, strong solvency of 1.96x, and has received IRDAI forbearance to defer Ind-AS adoption by one year. Sahara Life transfer remains pending regulatory compliance steps.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹46,090.7 Cr | 19.1% | 715.2% |
| EBIT | ₹745.87 Cr | 22.1% | |
| Net profit | ₹724.93 Cr | 22.0% | |
| EPS | ₹7.23 | 21.9% |
P&L walk
Company files standalone only — no subsidiaries; all figures are standalone
Segments
Linked Individual Life (Segment J) is the dominant segment with ₹26,22,445 Lakh total income (57% of total), though its surplus of ₹21,321 Lakh was lower than Q4FY26's ₹55,646 Lakh; Non Par Individual Life (Segment D) remained loss-making at -₹21,401 Lakh surplus (though narrowed from -₹35,241 Lakh in Q1FY26), while Non Par Group Life (Segment F) contributed strong surplus of ₹25,593 Lakh (+9.7% YoY). Overall, the group surplus is driven by linked and group segments, offset by losses in individual non-par life.
Key positives
- First Year Premium jumped 40% YoY to ₹4,955 Cr — strongest new business growth in recent quarters
- PAT grew 22% YoY to ₹725 Cr, accelerating from 3-year CAGR of 4.5%
- Zero debt with solvency ratio of 1.96x (well above regulatory minimum of 1.50x)
- Non Par Group Life segment surplus improved 9.7% YoY to ₹256 Cr
- Persistency at 13th month held steady at 84.35% (84.24% a year ago)
Key concerns
- Expenses Management Ratio deteriorated to 12.05% from 10.75% a year ago (+130 bps) — costs growing faster than premium income
- Renewal Premium growth of 17.4% lagged First Year Premium growth of 40%, partly seasonal
- Non Par Individual Life segment continued to report deficit (-₹214 Cr surplus) though improved from -₹352 Cr a year ago
- Conservation Ratio declined YoY to 87.90% from 90.25%
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