Highlights

• Centrum Broking, Jefferies, and Antique Stockbroking reaffirm Buy ratings on SBI Life Insurance.
• Target prices range between ₹2,250 and ₹2,274.
• In 1HFY26, Annualized Premium Equivalent (APE) rises 10% to ₹99.2 billion and profit after tax (PAT) increases 4% to ₹10.9 billion.
• Assets under Management (AUM) of SBILIFE grows 10% to ₹4.8 trillion.

SBI Life Insurance Company Ltd. (NSE:SBILIFE) has attracted bullish sentiment from leading market analysts following the release of its half-year results for the period ended 30 September 2025. Centrum Broking Private Limited, Jefferies, and Antique Stockbroking Ltd. have each issued Buy ratings, setting target prices between ₹2,250 and ₹2,274.

Business Growth and Market Leadership

During the first half of FY26, SBI Life maintained a 22.6% market share in Individual Rated Premiums and 25.4% share in Individual New Business Premiums. The company achieved an APE of ₹99.2 billion, marking a 10% year-on-year growth, while the Total New Business Sum Assured almost doubled to ₹7,117.4 billion.

Gross Written Premium (GWP) surged 19% to ₹429 billion, supported by 24% growth in Single Premiums and a 21% rise in Renewal Premiums. The company’s diversified distribution model continues to play a pivotal role, with over 343,000 trained professionals and 1,154 offices nationwide ensuring customer reach and engagement.

Key Financial Metrics

SBI Life delivered consistent profitability, with Profit After Tax (PAT) rising 4% to ₹10.9 billion during H1 FY26. The Value of New Business (VoNB) increased 14% to ₹27.5 billion, while margins remained stable at 27.8%.

The insurer’s Indian Embedded Value (IEV) expanded 15% year-on-year to ₹760 billion, while its Operating Return on Embedded Value (RoEV) stood at a healthy 17.6%.

Balance Sheet and Asset Growth

SBI Life’s Assets under Management (AUM) climbed 10% to ₹4.8 trillion, with a conservative 60:40 debt-to-equity mix and approximately 95% of debt investments held in AAA or sovereign-rated instruments. The company’s net worth also rose 13% to ₹182.9 billion.

The solvency ratio of 1.94 remains comfortably above the regulatory minimum of 1.50.

Operational Efficiency and Customer Retention

Persistency improved notably, with 13-month persistency rising by 70 basis points, reflecting enhanced policyholder retention and quality of business. The company’s multi-channel approach—spanning bancassurance (57%), agency (29%), and other channels (14%)—continues to drive growth and customer diversification.

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