Mumbai: SBI Life Insurance reported a 1% decline in its fourth-quarter profit, impacted by higher expenses and pressure on margins, even as premium growth remained healthy.
Net profit for Q4 FY26 was at ₹805 crore, down from ₹814 crore in the year ago period. Net premium income rose 16% to ₹27,684 crore, aided by demand across segments after GST was removed. Annualised premium equivalent (APE) increased 5.5% to ₹5,750 crore, falling short of expectations. The value of new business declined to ₹1,630 crore from ₹1,670 crore a year earlier.
Margins weakened, with the VNB margin contracting to 28.4% from about 30.5% in Q4 FY25, due to changes in product mix and rising cost pressures. The solvency ratio stood at 190% in Q4, compared to 196% a year earlier.