SBILIFE Q2 FY27 Results Analysis: PAT Jumps 11%, H1 VoNB Grows 19%
SBILIFE's Q2 FY27 numbers came in mixed, with revenue of Rs. 26,877.70 Cr (+8.17% YoY) and PAT growth of +11.05% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 27, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Revenue (Q2) | Rs. 26,877.70 Cr (+8.17% YoY) |
| PAT (Q2) | Rs. 549.23 Cr (+11.05% YoY) |
| EPS (Q2) | Rs. 5.47 (+10.95% YoY) |
| Market cap | Rs. 164,026.38 Cr |
| CMP | Rs. 1,633.00 |
Quarter Snapshot
SBI Life delivered 8.17% NPM growth with PAT up 11.05% YoY and H1 VoNB up 18.91% YoY, tracking at or above the pace needed for its 14% APE growth target. Persistency improved across cohorts and solvency strengthened to 1.97, but premium growth decelerated from Q1, investment yields compressed with negative mark-to-market yields, and the non-par individual life deficit widened to −Rs.1,098.01 cr. No guidance beat can be assessed as VNB margin and APE levels were not disclosed in the filing.
Key Investment Insights
Key Positives
- Net premium income grew 8.17% YoY to Rs.26,877.70 cr; H1 NPM grew 11.73% YoY
- Policyholders' surplus rose 76.22% YoY to Rs.352.70 cr
- Shareholders' PAT grew 11.05% YoY to Rs.549.23 cr; H1 PAT +17.01%
- H1 VoNB of Rs.3,270 cr grew 18.91% YoY; embedded value Rs.87,350 cr, +8.12% over H1
- Non-par group life segment surplus tripled YoY to Rs.658.60 cr; annuity swung from −Rs.38.80 cr to +Rs.172.45 cr
- 13th-month persistency 85.82% (+45 bps YoY) and 61st-month persistency 58.01% (+177 bps YoY)
- Solvency ratio improved to 1.97 from 1.94 a year ago with no borrowings
- Expenses management ratio improved to 11.39% from 12.05% in Q1 FY27
Risk Factors
- Single premium declined 3.38% YoY to Rs.5,595.63 cr
- Non-par individual life segment deficit widened to −Rs.1,098.01 cr from −Rs.261.45 cr YoY and −Rs.214.01 cr QoQ
- Policyholders' fund yield ex-unrealised fell 124 bps YoY to 6.41%; with-unrealised yield was −7.43%
- Rs.195.42 cr of diminution provisions in Q2 vs a net release of Rs.13.55 cr in Q1
- Expenses management ratio at 11.39% remains 39 bps above the year-ago 11.00%
- Conservation ratio fell to 81.71% from 84.17% a year ago and 87.90% in Q1
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.