• Growth outlook: SBI Life expects to achieve 14% growth on an Individual Rated Premium (IRP) basis in FY27, continuing its trend of outperforming the industry average.
• VNB margin target: The company aims to sustain its Value of New Business (VNB) margin within the 26–28% band in FY27, offsetting the full-year GST impact through cost optimization and product mix enhancements.
• Product mix shift: Having lowered the ULIP share from 70% to 66% on an IRP basis in FY26, management expects to reduce ULIP contribution by a further 2–3% in FY27 by expanding protection, non-par, and par segments.
• Solvency position: The solvency ratio stood at 190% compared to the regulatory requirement of 150%, with internal accruals generating sufficient capital to support growth without the need for external fund-raising ahead of risk-based capital implementation.