SBI Life FY26: NBP Grows 20% to Rs 42,550 Crore, VNB Margin Holds at 27.5%

SBI Life Insurance delivered a steady FY26 performance, with New Business Premium (NBP) growing 20% YoY to Rs 42,550 crore. Gross Written Premium (GWP) crossed the Rs 1 lakh crore milestone at Rs 1,01,290 crore, up 19%.

Key Highlights: APE grew 13% to Rs 24,270 crore; VNB grew 12% to Rs 6,670 crore. VNB margin at 27.5% — upper end of guidance. IEV grew 15% to Rs 80,790 crore. 13th month persistency improved 53 bps to 87.9%.

Sources: SBI Life Press Release (April 22, 2026), ICICI Direct Research (April 23, 2026)