SBI Life Insurance Aims for Double-Digit Growth in Protection Segment
SBI Life delivers on guidance, targets double-digit protection share in medium term
The Economic Times
Image: The Economic Times
SBI Life Insurance, led by MD and CEO Amit Jhingran, has successfully met its FY26 guidance with a VNB margin of 27.4%. The company is shifting focus towards its protection business, aiming to increase its share from 4.3% to double digits, while reducing reliance on ULIP products.
- 01SBI Life achieved a VNB margin of 27.4%, within its target range of 26% to 28%.
- 02The company is reducing its ULIP share from 70% to 66% as it shifts focus to protection products.
- 03Protection segment grew by 23%, contributing 4.3% of overall business, with a goal to reach double digits.
- 04Agency channel sales are increasing, currently contributing 30% of total sales.
- 05SBI Life is investing in AI-powered training for agents to enhance productivity.
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SBI Life Insurance, under the leadership of MD and CEO Amit Jhingran, successfully closed FY26 with a Value of New Business (VNB) margin of 27.4%, aligning with its guidance of 26% to 28%. The company has strategically shifted its product mix, reducing its reliance on Unit Linked Insurance Plans (ULIPs) from 70% to 66% and focusing on the protection segment, which saw a 23% growth last year. Currently, protection contributes only 4.3% of the overall business, but the company aims to elevate this to double digits, which would significantly enhance margins. The bancassurance channel remains vital, but the agency channel has expanded to contribute 30% of sales, supported by investments in AI-driven training for agents. Jhingran expressed confidence in navigating potential regulatory changes, aligning with the Insurance Regulatory and Development Authority of India’s (IRDAI) vision for universal coverage by 2047. Overall, SBI Life is poised for disciplined growth with a clear roadmap for its protection business.
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The shift towards a higher share of protection products is expected to enhance profitability for SBI Life, potentially leading to better returns for policyholders and improved service offerings.
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