• Q1 financial performance: SBI Life delivered a 22% increase in profit alongside a 36% rise in APE premium growth, aligning with market expectations.
• Individual premium growth: Individual Rated Premium (IRP) grew by around 15% in the first quarter, meeting the company's full-year guidance of 14% to 15%, which management expects to maintain going forward.
• VNB margin outlook: The company reiterated its full-year Value of New Business margin guidance of 26% to 28% after delivering 26.2% in Q1. Margins are projected to move toward the upper end of the target range as the share of individual business in the total APE mix expands over the next three quarters.
• Product mix strategy: ULIPs continue to experience strong momentum driven by growing retail investment in capital markets, while the company has also strengthened its offerings in non-participating assured return, participating, and protection products over the last two years.