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SBI Life Insurance expects business momentum to improve in the second half of the financial year 2026-27 (FY27) and remains confident of meeting its full-year growth and profitability guidance despite a weaker September and soft trends continuing into October, Managing Director & CEO Amit Jhingran said.
Jhingran is also confident about maintaining margins at the upper end of the company's guided range.
Jhingran said SBI Life continues to target 14-15% individual rated premium (IRP) growth and 26-28% value of new business (VNB) margins for 2026-27.
"We had guided for 14% to 15% growth on the IRP front and 26% to 28% on the margin front," he said. "We are happy that we have closed the year with a margin of 27.9%, which is at the upper end of our guided range."
While premium growth remained healthy through August, Jhingran acknowledged that September was weaker and that some of those trends have continued into October.
"There are still a few days to go for the end of October, but some trends from September are still continuing. Going forward, in November and December, we expect much better numbers," he said.
The CEO said the company focuses on achieving its annual targets rather than quarterly performance. To meet its 2026-27 guidance, SBI Life will need around 16% growth in the second half, with the December quarter expected to outperform that pace.
"Q3 usually is very strong for the company, so the Q3 numbers may be a little better than 16%," Jhingran said.
On profitability, he dismissed concerns that changes in operating and economic assumptions could push margins lower. Jhingran said SBI Life continuously reviews pricing, yield curve movements and product assumptions to protect profitability.
"Our motto is to have growth with profitability," he said. "We keep a very sharp eye on these assumptions... and I will stick to our guidance of 26% to 28% with the upper end of the guided range."
Jhingran also said the insurer expects its product mix to remain stable through the second half. SBI Life had targeted a mix of 63% ULIPs and 37% non-ULIPs for FY27, while the first half ended at roughly 62% ULIPs and 38% non-ULIPs.
He added that demand for both product categories remains healthy despite market volatility.
"The flows in ULIP are still strong, and that shows the maturity of the Indian equity markets," Jhingran said. "We expect that both our portfolios, ULIP and non-ULIP, will continue to perform strongly in the second half."
For the full interview, watch the accompanying video
Catch all the latest updates from the stock market here
Jhingran is also confident about maintaining margins at the upper end of the company's guided range.
Jhingran said SBI Life continues to target 14-15% individual rated premium (IRP) growth and 26-28% value of new business (VNB) margins for 2026-27.
"We had guided for 14% to 15% growth on the IRP front and 26% to 28% on the margin front," he said. "We are happy that we have closed the year with a margin of 27.9%, which is at the upper end of our guided range."
While premium growth remained healthy through August, Jhingran acknowledged that September was weaker and that some of those trends have continued into October.
"There are still a few days to go for the end of October, but some trends from September are still continuing. Going forward, in November and December, we expect much better numbers," he said.
SBI Life Insurance shares were trading at ₹1,669.70 as of 2:01 pm on the NSE. The company, which has a current market capitalisation of ₹1,67,519.17 crore, has seen its shares lose more than 13% over the last year.
The CEO said the company focuses on achieving its annual targets rather than quarterly performance. To meet its 2026-27 guidance, SBI Life will need around 16% growth in the second half, with the December quarter expected to outperform that pace.
"Q3 usually is very strong for the company, so the Q3 numbers may be a little better than 16%," Jhingran said.
On profitability, he dismissed concerns that changes in operating and economic assumptions could push margins lower. Jhingran said SBI Life continuously reviews pricing, yield curve movements and product assumptions to protect profitability.
"Our motto is to have growth with profitability," he said. "We keep a very sharp eye on these assumptions... and I will stick to our guidance of 26% to 28% with the upper end of the guided range."
Jhingran also said the insurer expects its product mix to remain stable through the second half. SBI Life had targeted a mix of 63% ULIPs and 37% non-ULIPs for FY27, while the first half ended at roughly 62% ULIPs and 38% non-ULIPs.
He added that demand for both product categories remains healthy despite market volatility.
"The flows in ULIP are still strong, and that shows the maturity of the Indian equity markets," Jhingran said. "We expect that both our portfolios, ULIP and non-ULIP, will continue to perform strongly in the second half."
For the full interview, watch the accompanying video
Catch all the latest updates from the stock market here
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