HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹707.25 last close on 9 Oct 2026 +2.17%
Research updated
SBI Life Insurance Co. Ltd.
NSE: SBILIFEFinancial ServicesInsurance - Life
- Last close
- ₹1,684.60
- Day change
- +₹2.10 (+0.12%)vs
- Market cap
- ₹1.69 lakh crIndian rupees
- Research updated
- 1 report
About SBI Life Insurance Co.
SBI Life Insurance Co. Ltd. is an Indian life insurance company headquartered in Mumbai, focused on providing protection and long-term financial security solutions to individuals and corporates across the country. The company’s product suite spans term life insurance, savings and endowment plans, unit-linked insurance plans, retirement and pension products, annuity solutions, health-oriented covers, and specialized group insurance offerings for employers and organizations. SBI Life Insurance Co. Ltd. serves a broad customer base through multiple distribution channels, including bancassurance partnerships, agency networks, online platforms, and corporate tie-ups, enabling wide reach across urban and rural markets. By combining protection, savings, and retirement benefits in structured policies, it plays a central role in India’s life insurance sector, helping policyholders manage financial risk, support dependants, and build long-term wealth within a regulated framework. Founded in 2000 and registered with the Insurance Regulatory and Development Authority of India, SBI Life Insurance Co. Ltd. operates today as one of the prominent private life insurers in the country.
- Sector
- Financial Services
- Industry
- Insurance - Life
- Listing
- NSE: SBILIFE
- Chief executive
- Mr. Amit Jhingran
- Employees
- 27,653
- Headquarters
- Mumbai, India
- ISIN
- INE123W01016
- Website
- sbilife.co.in
Public research · Report of
Business model & financial foundation
SBI Life (NSE: SBILIFE), Life insurance: revenue of ₹99,960 crore in FY26 (+18.9% on FY25) and net profit of ₹2,470 crore.
- Revenue, FY26 (₹ crore)
- 99,960
- consolidated
- Revenue growth, FY26
- +18.9%
- on FY25
- Net profit, FY26 (₹ crore)
- 2,470
- to owners
- Return on equity, FY26
- 13.7%
- on average equity
- Market capitalisation (₹ crore)
- 1,73,689
- at the close of 12 Oct 2026
Company profile
SBI Life is India's largest private life insurer by individual new business, promoted by State Bank of India. It sells unit-linked, participating, non-participating savings, protection and annuity products, about 60% of APE through SBI's 27,000+ branches (bancassurance) and the rest through some 2.9 lakh agents, brokers and other partners. FY26 gross written premium was INR 101,290 cr, APE INR 24,270 cr and Indian embedded value INR 80,790 cr.
| Item | Value |
|---|---|
| Legal name | SBI Life Insurance Company Limited |
| Exchange and ticker | NSE: SBILIFE; BSE: 540719 |
| ISIN | INE123W01016 |
| Sector | Financial Services |
| Industry | Life insurance |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | K.S. Aiyar & Co. and J Singh & Associates (joint, appointed by C&AG) (since FY26) |
| Market capitalisation | ₹1,73,689 crore (12 Oct 2026) |
| Shares outstanding | 100.26 crore shares (FY26) |
| Price | ₹1,685 (close, 12 Oct 2026) |
| 52-week range | ₹1,653 - ₹2,132 (to 12 Oct 2026) |
| Website | https://www.sbilife.co.in |
Corporate structure and shareholding
Parent: State Bank of India (55.32% at 30 Jun 2026).
No subsidiary is recorded.
No subsidiaries, associates or JVs (S4). Former JV partner BNP Paribas Cardif and Carlyle exited 2019-21.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 55.36% | 55.34% | 55.33% | 55.32% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 21.84% | 21.88% | 21.51% | 20.95% |
| Domestic institutions | 18.69% | 18.72% | 19.13% | 19.66% |
| of which mutual funds | 15.02% | 15.01% | 15.27% | 15.87% |
| Retail | 2.59% | 2.54% | 2.52% | 2.55% |
| Other | 1.51% | 1.51% | 1.51% | 1.51% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
SBI Life is a standalone life insurer with no subsidiaries. State Bank of India holds 55.32% (Jun 2026). The company earns in two ways. First, the value of new business (VNB): the present value of profits on policies written, FY26 6,670 cr on APE of 24,270 cr, a 27.5% margin. Second, the unwind of its in-force book: embedded value (IEV) rose from 70,250 cr to 80,790 cr in FY26 and was 85,290 cr at Jun 2026.
Mix and distribution:
- ULIPs were about 59% of FY26 APE (14,420 cr).
- Bancassurance through SBI's 27,000+ branches brought 14,570 cr of FY26 APE, about 60%. Agency brought 6,910 cr.
- Indian GAAP PAT (FY26 2,470 cr) is the surplus released from the in-force book and transferred to shareholders. It tracks renewal premium, not new sales.
| Peer | Why the dossier compares them |
|---|---|
| HDFC Life Insurance (HDFCLIFE) | |
| Max Financial Services (Axis Max Life) (MFSL) | Listed holding of Axis Max Life, a bank-partnered (Axis) private life insurer |
| Life Insurance Corporation of India (LICI) | Market leader (about 60% of NBP); agency-led state insurer; the industry benchmark |
| Bajaj Finserv (Bajaj Life) (BAJAJFINSV) | Holding company of Bajaj Life, a fast-growing private life insurer; competes in agency and banca |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net premium earned | 82,911 | 80,639 | 80,590 | 84,060 | 99,960 |
| Other operating costs (vendor classification) * | 1,511 | 1,557 | 1,771 | 816.1 | 626.2 |
| EBIT * | 1,583 | 1,783 | 1,971 | 2,506 | 2,549 |
| Finance cost * | 22.0 | 24.8 | 28.4 | 11.4 | 11.2 |
| Profit before tax | 1,561 | 1,758 | 1,942 | 2,495 | 2,537 |
| Provision for tax - shareholders | 54.8 | 37.9 | 48.3 | 81.4 | 67.1 |
| Profit after tax | 1,506 | 1,721 | 1,894 | 2,413 | 2,470 |
| Diluted EPS (INR) | 15.04 | 17.18 | 18.90 | 24.07 | 24.62 |
| Gross premium earned (GWP) | 81,430 | 84,980 | 1,01,290 | ||
| Premium on reinsurance ceded | -840.0 | -920.0 | -1,330 | ||
| Investment income (policyholders + shareholders) | 51,410 | 32,860 | 12,340 | ||
| Other income | 50.0 | 0.20 | 70.0 | ||
| Commission paid | 3,260 | 3,740 | 4,500 | ||
| Operating and other expenses | 4,980 | 5,630 | 6,780 | ||
| Claims / benefits paid (net) | 43,110 | 48,900 | 54,320 | ||
| Change in actuarial liability (incl. FFA) | 78,630 | 55,950 | 44,070 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 11,622 | 13,017 | 14,909 | 16,985 | 19,086 |
| Cash and cash equivalents * | 1,032 | 1,591 | 4,741 | 1,784 | 3,188 |
| Trade receivables * | 447.3 | 382.2 | 800.2 | 788.0 | 1,322 |
| Trade payables * | 1,784 | 2,212 | 2,723 | 1,258 | 1,358 |
| Capital work in progress * | 2.81 | 1.07 | 5.74 | 10.0 | 41.0 |
| Total assets * | 4,57,095 | 5,00,046 | |||
| Net property, plant and equipment * | 0.25 | 0.25 | 0.25 | 0.25 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Free cash flow (vendor definition) * | 21,796 | 28,593 | 29,007 | 25,440 | 34,338 |
| Dividends paid (the provider's sign: an outflow is negative) * | -250.0 | -450.2 | -270.4 | -270.6 | -270.8 |
| Purchase of fixed assets | -55.7 | -62.6 | -114.4 | -106.2 | -185.0 |
| Net cash flow from operating activities (Receipts & Payments a/c) | 29,122 | 25,547 | 34,523 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 100.02 | 100.06 | 100.11 | 100.18 | 100.26 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Net premium earned | 20,260 | 24,830 | 23,860 | 17,180 | 24,850 | 30,240 | 27,690 | 20,080 |
| Other operating costs (vendor classification) * | 555.5 | 429.1 | -27.7 | 468.5 | 177.5 | -154.5 | 101.2 | |
| Profit before tax | 546.9 | 571.6 | 840.6 | 611.0 | 513.1 | 597.5 | 815.8 | 745.9 |
| Provision for tax - shareholders | 17.5 | 20.8 | 27.1 | 16.6 | 18.6 | 20.8 | 11.1 | 20.9 |
| Profit after tax | 529.4 | 550.8 | 813.5 | 594.4 | 494.6 | 576.7 | 804.6 | 724.9 |
| Diluted EPS (INR) | 5.28 | 5.49 | 8.11 | 5.93 | 4.92 | 5.75 | 8.02 | 7.22 |
| Gross premium earned (GWP) | 20,420 | 24,990 | 24,000 | 17,810 | 25,090 | 30,450 | 27,940 | 21,290 |
| Premium on reinsurance ceded | -140.0 | -170.0 | -140.0 | -640.0 | -230.0 | -210.0 | -250.0 | -1,210 |
| Investment income (policyholders + shareholders) | 20,060 | -5,970 | -800.0 | 21,830 | -1,770 | 15,860 | -23,580 | 26,270 |
| Other income | -3.20 | -4.00 | 4.20 | -8.00 | 18.0 | 30.0 | 30.0 | 40.0 |
| Commission paid | 1,010 | 1,260 | 780.0 | 790.0 | 1,240 | 1,610 | 860.0 | 930.0 |
| Operating and other expenses | 1,420 | 1,480 | 1,540 | 1,400 | 1,800 | 1,910 | 1,670 | 1,640 |
| Claims / benefits paid (net) | 14,010 | 12,530 | 12,530 | 10,120 | 13,480 | 14,470 | 16,250 | 13,130 |
| Change in actuarial liability (incl. FFA) | 23,260 | 2,990 | 7,320 | 26,050 | 6,030 | 27,510 | -15,520 | 29,890 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 1.0% | -2.7% | -0.1% | 4.3% | 18.9% |
| Net margin | 1.8% | 2.1% | 2.3% | 2.9% | 2.5% |
| Return on equity | 13.7% | 14.0% | 13.6% | 15.1% | 13.7% |
| Return on assets | 0.5% | 0.5% | |||
| Dividend payout | 16.6% | 26.2% | 14.3% | 11.2% | 11.0% |
| EPS, diluted (₹) | 15.04 | 17.18 | 18.90 | 24.07 | 24.62 |
| Book value per share (₹) | 116.2 | 130.1 | 148.9 | 169.5 | 190.4 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on SBI Life Insurance Co. includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on SBI Life Insurance Co.
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Prices are the last close on the NSE, 9 Oct 2026. Research from Mool’s report of 12 Oct 2026; page updated 12 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.