SBI Life Insurance shares experienced a 3% decline following the release of its Q4 FY26 results, where net profit fell 1.09% year-on-year to ₹804.6 crore. Despite this, the company's net premium income grew by 16% to ₹27,684 crore. The annualized premium equivalent (APE) rose by 5.5% to ₹5,750 crore, but the value of new business (VNB) decreased to ₹1,630 crore, resulting in a VNB margin of 28.35%. Analysts have mixed views, with Nomura maintaining a 'Buy' rating while slightly lowering its target price to ₹2,440, citing a 3% shortfall in embedded value estimates due to negative economic variance. Emkay Global also kept a 'Buy' rating, raising its target to ₹2,250, highlighting a strong performance in VNB margin, which exceeded expectations. Other brokerages like Motilal Oswal and JM Financial have also provided positive outlooks, focusing on the growth potential driven by agency channels and product mix improvements.