The company said growth during the quarter outpaced that in the first half of the financial year, supported by improving industry momentum and higher policy volumes.
For the nine months ended December 2025, SBI Life retained its leadership position in individual rated premium, clocking Rs 16,680 crore and securing a 25.6% share of the private market.
Individual new business premium rose 13.5% year-on-year to Rs 22,550 crore, while protection new business premium stood at Rs 3,410 crore during the nine-month period.
Gross written premium for the nine-month period grew 20% year-on-year to Rs 73,350 crore, driven mainly by a 24% rise in single premiums and a 21% increase in renewal premiums. The company said this reflected improving customer retention and a balanced product mix across savings and protection offerings.
The value of new business for the nine months rose 17% YoY to Rs 5,040 crore, while the VoNB margin stood at 27.2%, underscoring a sustained focus on profitability even as volumes expanded.
Persistency metrics also improved, with the 13th-month persistency ratio increasing by 101 basis points, supported by better quality of business and higher customer engagement.SBI Life continued to leverage its wide distribution footprint to drive growth. As of December 2025, the company had a network of 3,53,506 trained insurance professionals, including agents and partners, and operated through 1,176 offices across the country.
The bancassurance channel remained the largest contributor, accounting for 62% of annualised premium equivalent during the nine-month period, followed by the agency channel at 27% and other channels at 11%.
The company also reported strong growth in non-traditional distribution channels. Individual new business premium from other channels rose 38% YoY to Rs 3,480 crore, reflecting increasing diversification beyond the core bancassurance and agency routes.
Assets under management rose 16% YoY to Rs 5,117 crore as of December 31, 2025, compared with Rs 4,417 crore a year earlier. The investment portfolio remained conservatively positioned, with a debt-equity mix of 59:41, and nearly 95% of debt investments parked in AAA-rated and sovereign instruments.
SBI Life’s financial position strengthened further by the end of December. Net worth increased 15% YoY to Rs 19,010 crore, while the solvency ratio stood at a healthy 1.91, well above the regulatory requirement of 1.50.
Commenting on the performance, Managing Director and CEO Amit Jhingran said the growth was largely volume-driven, supported by a rise in the number of individual policies sold. He added that the company’s product mix reflected evolving customer preferences, with meaningful contributions from ULIPs, participating and non-participating savings products, while the protection segment delivered strong year-on-year growth in both premium and sum assured.