• Growth guidance: SBI Life expects 14% growth on an Individual Rated Premium (IRP) basis in FY27, aiming to maintain its track record of outpacing the industry average.
• Margin outlook: The company expects its Value of New Business (VNB) margin to remain in the 26% to 28% range for FY27, using cost cuts and product mix adjustments to absorb a full year of GST impact.
• Product mix shift: After lowering ULIP contribution from 70% to 66% on an IRP basis in FY26, management plans to reduce its share by an additional 2% to 3% in FY27 by focusing on protection, par, and non-par products.
• Solvency position: Solvency stood at 190% compared to 196% in the prior year, remaining well above the 150% regulatory threshold and supported entirely by internal accruals.