• FY26 growth guidance: Annual results met full-year guidance and grew a few percentage points above the overall and private industry averages, despite financial market impacts from the West Asia crisis.
• VNB margin performance: Full-year VNB margin came in at 27.4%, within the guided band of 26%–28%, as negative impacts from input tax credit changes were offset by cost optimization and a better product mix.
• Agency channel expansion: While bancassurance remains the primary channel, the company is actively scaling its agency network by adding branches, recruiting agents, and improving productivity to drive above-industry growth.
• Commission regulation readiness: SBI Life maintains the lowest operating expense ratio in the industry, positioning the company well to absorb potential regulatory changes from IRDAI regarding commission rationalization.