Lowest-cost, highest-persistency
SBI Life Insurance Company Limited operates as a life insurance company in India. The company's life insurance business comprises individual and group life insurance products, including participating, non-participating, pension, group gratuity, group leave encashment, group superannuation, group annuity, unit-linked and variable insurance products, health, and micro insurance. It also provides accident and disability benefits, level terms, and critical illness insurance products. In addition, the company offers online life insurance, money back income, terms, protection, savings, child plan, wealth, and retirement plans; and corporate solutions, group loan protection, and group micro insurance plans. It provides its products through a multi-channel distribution network comprising individual agents, brokers, corporate agents, bancassurance partners, and certified insurance facilitators, as well as through various partner branches. The company was incorporated in 2000 and is based in Mumbai, India. SBI Life Insurance Company Limited is a subsidiary of State Bank of India.
Key people: Mr. Amit Jhingran (MD, CEO & Director) · Mr. Sangramjit Sarangi (President & CFO) · Mr. Girish Mahesh Manik (Company Secretary) · Mr. M. Anand (President & Chief Distribution Officer) · Mr. Subhendu Kumar Bal (President & Chief Risk Officer) · Mr. Prithesh Chaubey (President & Appointed Actuary)
Yahoo profile 23 Sept 2026 · Tijori 23 Sept 2026
Latest reported mix as compiled by Tijori from company disclosures; percentages of revenue.
As the company reports them. They can differ from the ratio table on the Financials tab, which uses Tijori's own definitions (for example NIM on average total assets rather than on interest-earning assets); the Cross-check panel there lines both up.
India's largest private life insurer (55.3% owned by State Bank of India), with a 22.9% private-sector market share on individual rated premium and 25.5% on individual new business in FY26. FY26 APE was Rs 24,270 crore (+13%), VNB Rs 6,670 crore at a 27.5% margin, embedded value Rs 80,790 crore (+15%) and AUM Rs 4.87 lakh crore. SBI's 22,000+ branch network supplies ~60% of APE via bancassurance, supplemented by a fast-growing agency channel; the product mix is ULIP-heavy (60% of FY26 APE) but non-par rose to 49% of Q1FY27 APE.
At Rs 1,732 the stock is ~2.0x trailing EV (Rs 85,290 cr, Jun-2026) and 1.8x/1.5x FY27E/FY28E P/EV (Nuvama) vs HDFC Life at 1.6x/1.4x - a ~0.2x premium for 20%+ APE growth vs HDFC Life's 17%; Axis Direct trimmed its target multiple to 2.1x from 2.2x FY28E EV. Own 5y average P/EV not sourced. EV/EBITDA n.m.; dividend yield 0.2%.
| HDFC Life | HDFC Life (59x PE, ROE 11.3%, Nuvama P/EV 1.6x/1.4x) grew FY26 VNB only 2% and Aug-2026 individual APE 17.4% vs SBI Life's 12% and 21.8%; SBI Life's 0.2x P/EV premium is paid for faster VNB growth, a higher operating RoEV (19.7%) and SBI's captive distribution. |
| LIC | LIC is optically cheap (8.7x PE, ROE 37.8%, FY26 VNB +41.6% to Rs 14,179 cr) but carries a state-owned agency-only model, a 56.7% but falling NBP share, low free float and less EV growth predictability; SBI Life offers cleaner private-sector governance and a 20%+ APE growth engine. |
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Insurance — 7.5%: the largest share of every rupee of household savings, at the cheapest valuation
Insurance retains the highest share of every rupee of household financial savings across bank deposits, markets and insurance — and it is priced lower than either. Life insurance new business premium grew 15.7% in FY26 and private APE 14.9%; August 2026 individual APE was up 22% at SBI Life and 17% at HDFC Life. The GST cut on individual life and health policies to zero (from 18%) in September 2025 cost the insurers their input-tax credit for a quarter but is structurally a demand tailwind for a product that is bought, not sold. On the general side, non-life premiums grew 9.3% to ₹3.36 lakh crore in FY26 with standalone health growing 19%, and the Supreme Court's June 2026 ruling on motor third-party claims took ICICI Lombard down 10% in a day. Our view: a ₹60–70 thousand crore motor-TP market cannot simply be wished away; it will return in an economically workable form through tariff hikes (IRDAI has proposed ~18%) and long-term mandatory cover. One may not wish to remain a policyholder; one should certainly remain a shareholder. Life insurers trade at 1.6–1.9x FY27E embedded value for 15–20% VNB growth; that is a lower multiple of a growing, capital-light annuity than most banks command.
HDFC Life is the quality benchmark but grew VNB only 2% in FY26 and trades at a premium for it; ICICI Prudential Life has a weaker bank channel. LIC is cheap for structural reasons — product mix, agency cost and a 57% share that is only going one way. In general insurance, Go Digit is a 4–5x-book growth story without ICICI Lombard's underwriting record, Star Health has the worst-in-class loss ratio in retail health and New India Assurance has a combined ratio above 110%.
| New Business Premium Life Insurance - Market Share | 8.29 % | as of Aug 26 |