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SBI Life Insurance Q4 sales grow, but misses estimates and margins slipSBI Life Q4 shows mixed results as key metrics miss estimates despite growth in new business premium, VNB falls slightly, expenses surge, shares end 1.4 percent lowerBy Srabastee Biswas  April 22, 2026, 4:25:20 PM IST (Published)2 Min ReadSBI Life Insurance Company Limited reported a mixed performance for the fourth quarter, with most key metrics coming in below CNBC-TV18 poll estimates despite year-on-year growth in select segments.

New business premium rose to ₹11,220 crore, exceeding the poll estimate of ₹10,680 crore and marking a 20.4% increase from ₹9,320 crore a year earlier. Total annualised premium equivalent (APE), however, came in at ₹5,750 crore, lower than the estimated ₹5,896 crore, though still up 5.5% from ₹5,450 crore in the corresponding period last year.

Also read: SBI Life Q3 profit rises marginally on higher premium collections

Value of new business (VNB) stood at ₹1,630 crore, missing the poll projection of ₹1,669 crore and declining 1.8% from ₹1,660 crore year-on-year. The VNB margin remained largely stable at 28.4%, compared with the estimated 28.41%, but contracted from 30.50% in the year-ago period.

Q3 performance

In the third quarter ended December 31, SBI Life Insurance reported a nearly 5% year-on-year increase in net profit, supported by stronger premium collections. Net profit rose to ₹577 crore from ₹551 crore a year earlier.

Net premium income grew 22% year-on-year to ₹30,245 crore, driven by a 24% rise in one-time premium collections and nearly 21% growth in renewal premiums, indicating steady customer retention.

However, expenses rose sharply, with management expenses increasing over 45% to ₹3,519 crore. This was led by a 28% rise in commissions and a 36.6% increase in employee-related costs.

Shares of SBI Life Insurance closed at ₹1,884.80 on the NSE, down 1.40%.Continue ReadingTagsSBI Life Insurance Company