INTEGRATED FILING — LI



General information about company

Scrip code 540719
NSE Symbol SBILIFE
MSEI Symbol NOTLISTED
ISIN INE123W01016
Name of Company SBI LIFE INSURANCE COMPANY LIMITED
Type of company Main Board
Class of security Equity
Type Of Insurance Non-Linked Policy And Linked Policy
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 28-01-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 20-01-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Third quarter
Nature of report standalone or consolidated Standalone
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Start date and time of board meeting 28-01-2026   10:30:00
End date and time of board meeting 28-01-2026   14:30:00
Whether cash flow statement is applicable on company
Type of cash flow statement
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter? No
No. of times funds raised during the quarter
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity? No
The Company doesn't have any borrowings hence the disclosure with respect to defualt on loans and borrowing is not applicable.





Format for financial results by life insurance companies filed with stock exchanges

Amount in (Lakhs)

Partiuclars Current Quarter Year to Date Figures
Date of start of reporting period 01-10-2025 01-04-2025
Date of end of reporting period 31-12-2025 31-12-2025
Whether results are audited or unaudited Audited Audited
Nature of report standalone or consolidated Standalone Standalone
Policyholders' Accounts
1 Income
(i) Gross premium income
(a) First Year Premium 7,91,934.20 16,74,827.70
(b) Renewal Premium 17,47,170.19 42,02,080.94
(c) Single Premium 5,05,841.62 14,57,815.65
Gross premium income 30,44,946.01 73,34,724.29
(ii) Net premium income 30,24,531.97 72,27,213.28
(iii) Income from investments (Net) 15,53,101.39 35,00,082.73
(iv) Other income
1 Unclaim Investment Income 49.51 138.96
2 Bank Charges recovery 4.26 11.44
3 Interest on renewal Premium 10.37 19.67
4 Interest on revived policies 1,123.62 2,835.03
5 Stale Cheque written back 0.43 6.04
6 FMC Income on Variable insurance products (VIP) 0.00 0.13
7 Other Income 1,478.89 505.58
Total other income 2,667.08 3,516.85
(v) Transfer Of Funds From Shareholders Account 0.00 0.00
(vi) Total Income 45,80,300.44 1,07,30,812.86
2 Expenses
(i) Commission on
(a) First Year Premium 1,08,579.95 2,38,659.94
(b) Renewal Premium 43,383.80 1,01,192.27
(c) Single Premium 9,059.79 23,807.57
Total Commission 1,61,023.54 3,63,659.78
(ii) Net Commission 1,61,023.54 3,63,659.78
(iii) Operating Expenses related to insurance business
(a) Employees remuneration and welfare expenses 1,00,784.63 2,54,485.79
(b) Administration expenses 0.00 0.00
(c) Advertisement and publicity 5,659.62 14,240.75
(b) Other operating expenses
1 Legal & professional charges 7,492.43 19,496.72
2 Depreciation 2,868.32 8,257.01
3 Rent, rates & taxes 3,419.92 9,906.23
4 Information technology expenses 6,976.24 18,421.56
5 Stamp duty on policies 5,157.52 16,469.97
6 Travel, conveyance and vehicle running expenses 3,913.52 11,226.21
7 Repairs 2,924.10 8,498.51
8 Communication expenses 2,093.46 6,047.74
9 Training Expenses 3,808.94 5,589.01
10 Other expenses 45,822.32 83,081.67
Total other operating expenses 84,476.77 1,86,994.63
Total operating expenses related to insurance business 1,90,921.02 4,55,721.17
Total Expenses of Management 3,51,944.56 8,19,380.95
(iv) Provisions for doubtful debts (including bad debts written off) 24.12 72.56
(v) Provisions for diminution in value of investments (75.01) 2,896.86
(vi) Goods & Service tax charge on linked charges (341.41) 52,542.07
(vii) Provision for taxes
Current Tax 4,441.30 10,824.14
Deffered Tax 0.00 0.00
Total provision of taxes 4,441.30 10,824.14
(viii) Benefits Paid (Net) 14,46,839.44 38,06,887.05
(ix) Change in actuarial liability 27,34,738.00 59,28,652.49
Total Expenses 45,37,571.00 1,06,21,256.12
3 Net Surplus(Deficit) 42,729.44 1,09,556.74



4 Appropriations
(a) Transferred to Shareholders A/c 26,922.42 79,646.88
(b) Funds for Future Appropriation 15,807.02 29,909.86
5 Details of Surplus / Deficit
(a) Interim bonus paid 632.94 2,142.40
(b) Allocation of bonus to policyholders 0.00 0.00
(c) Surplus shown in the Revenue Account 42,729.44 1,09,556.74
(d) Terminal bonus paid 18,318.93 41,454.42
Total Surplus (Deficit ) 61,681.31 1,53,153.56



SHAREHOLDERS ' Account

Amount in (Lakhs)

1 Income
(i) Transfer from Poliycholders' Account 26,922.42 79,646.88
(ii) Income under Shareholders' Account
(a) Investment Income 35,630.45 97,147.73
(b) Other income
Total Other income
Total income under shareholders account 35,630.45 97,147.73
Total Income 62,552.87 1,76,794.61
2 Expenses
(i) Expenses other than those related to insurance business 486.04 2,704.85
(ii) Transfer of funds to policyholders account 0.00 0.00
(iii) Provisions for doubtful debts (including write off) 0.00 0.00
(iv) Provisions for diminution in value of investments 2,313.36 1,927.84
Total Expenses 2,799.40 4,632.69
3 Profit/ (loss) before tax 59,753.47 1,72,161.92
4 Provisions for tax 2,079.28 5,596.19
(i) Current tax 2,079.28 5,596.19
(ii) Deffered tax 0.00 0.00
5 Profit / (loss) after tax and before Extraordinary Items 57,674.19 1,66,565.73
6 Extraordinary Items (Net of tax expenses) 0.00 0.00
7 Profit/ (loss) after tax and Extraordinary Items 57,674.19 1,66,565.73
8 Dividend per share
(a) Interim Dividend 0.00 0.00
(b) Final Dividend 0.00 0.00
9 Profit/(Loss) carried to Balance Sheet 17,29,622.88 17,29,622.88
10 Paid up equity share capital 1,00,282.98
11 Reserve & Surplus (excluding Revaluation Reserve) 17,52,327.85 17,52,327.85
12 Fair Value Change Account and Revaluation Reserve (Shareholders) 49,334.81
13 Assets
(i) Investments:
(a) Shareholders 17,17,809.49
(b) Policyholders Fund excluding Linked Assets 2,10,36,129.75
(c) Assets held to cover Linked Liabilities 2,83,41,868.19
Total Investments 5,10,95,807.43
(b) Other Assets (Net of current liabilities and provisions) 97,004.90
Total Assets 5,11,92,812.33
14 Analytical Ratios
(i) Solvency Ratio 1.9100 1.9100
(ii) Expenses of Management Ratio 0.1200 0.1100
(iii) Policyholder 's liabilities to shareholders' fund 25.92 25.92
(iv) Earnings per share (Rs.):
(a) Basic and diluted EPS before extraordinary items (net of tax expense) for the period (not to be annualized) 5.75 16.62
(b) Basic and diluted EPS after extraordinary items (net of tax expense) for the period (not to be annualized) 5.75 16.6
(v) NPA ratios: (for policyholders' fund)
(a) Gross NPAs
Non Linked
Par 0.00 0.00
Non Par 0.00 0.00
Linked
Par 0.00 0.00
Non Par 0.00 0.00
Net NPAs
Non Linked
Par 0.00 0.00
Non Par 0.00 0.00
Linked
Par 0.00 0.00
Non Par 0.00 0.00
% of Gross NPAs
Non Linked
Par 0 0
Non Par 0 0
Linked
Par 0 0
Non Par 0 0
% of Net NPAs
Non Linked
Par 0 0
Non Par 0 0
Linked
Par 0 0
Non Par 0 0
(vi) Yield on Investments (on policyholders' fund)
(a) Without unrealised gains
Non Linked
Par 0.0900 0.0900
Non Par 0.0700 0.0700
Linked
Par 0 0
Non Par 0.0700 0.0800
(b) With unrealised gains
Non Linked
Par 0.0800 0.0600
Non Par 0.0600 0.0400
Linked
Par 0 0
Non Par 0.1800 0.1200
(vii) NPA ratios: (for shareholders' fund)
(a) Gross NPAs 0.00 0.00
Net NPAs 0.00 0.00
(b) Percentage of Gross NPAs 0 0
Percentage of Net NPAs 0 0
(viii) Yield on Investments (on shareholders' fund)
(a) Without unrealised gains 0.09 0.08
(b) With unrealised gains 0.09 0.09
(ix) Persistency Ratio
1 13th Month 0.8400 0.8700
2 25th Month 0.7400 0.7700
3 37th Month 0.6900 0.7200
4 49th Month 0.6700 0.6900
5 61st Month 0.5500 0.5900
(ix) Other Rations
(x) Conservation Ratio 0.8400 0.8500
(xi) Percentage of shares held by Government of India (in case of public sector insurance companies) 0 0


Investor Compliants
(i) No of investor complaints pending at the beginning of the period 0 0
(ii) No of investor complaints during the period 0 9
(iii) No of investor complaints disposed off during the period 0 9
(iv) No of investor complaints remaining unresolved at the end of the period 0 0



(c) Notes Format for financial results by life insurance companies filed with stock exchanges
1. The Company doesn't have any subsidiary/associate/joint venture company(ies) therefore consolidated financial statements are not applicable to the Company. 2. The above financial results have been reviewed by the Board Audit Committee and approved by the Board of Directors at its meeting held on January 27, 2026 and January 28, 2026 respectively. 3. The financial results have been prepared in accordance with the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended and IRDA circular IRDA/F&I/REG/CIR/208/10/2016 dated October 25, 2016 on publication of financial results for life insurance companies. 4. The above financial results are audited by the Joint Statutory Auditors, M/s. K S Aiyar & Co, Chartered Accountants and M/s J Singh & Associates, Chartered Accountants. 5. In view of seasonality of the industry, the financial results for the quarter or interim period are not necessarily indicative of the results that may be expected of any other interim period or full year. 6. During the quarter ended December 31, 2025 the Company has allotted 261,836 equity shares with face value of Rs. 10 each to its eligible employees pursuant to exercise of employee stock options in accordance with the Company's Employee Stock Option Scheme 2018 (ESOS 2018). 7. On November 21, 2025, the Government of India notified Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively, the Labour Codes). The Ministry of Labour and Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Company has evaluated the financial impact of the Labour Codes basis the FAQs of the Ministry of Labour and Employment and recognised incremental estimated liabilities towards employees past service benefits, determined based on actuarial valuation in accordance with AS 15 Employee Benefits and guidance issued by the Institute of Chartered Accountants of India (ICAI). The resulting incremental charge of Rs. 13,549 lakh has been recognised in the Revenue Account for the quarter and nine-month period ended December 31, 2025. The Company continues to monitor developments related to the Labour Codes and will assess any further impact on the measurement of employee benefits liabilities as and when they arise. 8. Insurance Regulatory and Development Authority of India (IRDAI) vide its order dated June 2, 2023 (IRDAI order) passed in terms of section 52B (2) of the Insurance Act, 1938 has directed to transfer the life insurance business of Sahara India Life Insurance Company Limited (SILIC) involving policy liabilities and policyholders investment/ assets to SBI Life Insurance Company Limited (SBI Life or the Company). On appeal filed by SILIC against the said IRDAI order, the Securities Appellate Tribunal ('SAT' or 'Tribunal') vide its order dated June 13, 2023 has granted stay on the effect and operation of the said IRDAI order. Subsequently, the IRDAI has filed an appeal with Honble Supreme Court against the stay order passed by SAT. The Honble Supreme Court in its hearing held on July 17, 2023 has set aside Securities Appellate Tribunals (SAT) stay and directed the SAT to hear the case and decide it afresh. Subsequently, SAT, vide its order dated December 5, 2025, dismissed the appeal filed by SILIC and upheld the IRDAI order dated June 2, 2023. The Company continues to monitor developments arising from the aforesaid SAT order. The impact of the transactions pertaining to SILIC will be given in the financial results of the Company on receipt of all the relevant information as specified in the said IRDAI order and in accordance with the further directions of the Authority. 9. In accordance with requirement of IRDAI Master Circular on 'Presentation of Financial Statements and Filing of Returns' and IRDAI circular no. IRDAI/F&A/CIR/MISC/256/09/2021 dated September 30, 2021, the Company will publish the financials on the Company's website latest by February 14, 2026. 10. Analytical ratios have been calculated as per definition given in IRDAI Analytical ratios disclosures. 11.Basic and diluted EPS is not annualized for three/ nine months period. 12. The persistency ratios are calculated as per IRDAI circular IRDAI/NL/MSTCIR/RT/93/6/2024 dated June 14, 2024. i) Persistency ratios for the three months ended December 31, 2025 and December 31, 2024 are for the quarter persistency calculated using policies issued in 1st September to 30th November period of the relevant years. ii) Persistency ratios for the nine months ended December 31, 2025 and December 31, 2024 are upto the quarter persistency calculated using policies issued in 1st December to 30th November period of the relevant years. 13.Net Commission includes rewards. 14. Profit and Loss carried forward to balance sheet represents accumulated profit. 15. Net of reinsurance 16. Net of amortisation and losses (including capital gains). 17. Profit/ (loss) carried to the balance sheet represents accumulated profit.



Format for financial results by life insurance companies filed with stock exchanges

Amount in (Lakhs)

Partiuclars Current Quarter Year to Date Figures
Date of start of reporting period 01-10-2025 01-04-2025
Date of end of reporting period 31-12-2025 31-12-2025
Whether results are audited or unaudited Audited Audited
Nature of report standalone or consolidated Standalone Standalone
Segment Income
1 Name of segment Participating Life
(i) Net premium 2,19,623.54 5,29,870.62
(ii) Income form investments 1,24,306.50 3,59,808.80
(iii) Transfer of funds from shareholders' account 0.00 0.00
(iv) Other income 423.87 1,062.08
2 Name of segment Participating Pension
(i) Net premium 5,720.18 18,507.62
(ii) Income form investments 6,814.36 23,328.87
(iii) Transfer of funds from shareholders' account 0.00 0.00
(iv) Other income 11.90 28.08
3 Name of segment Participating VIP
(i) Net premium 312.99 948.71
(ii) Income form investments 886.57 3,194.32
(iii) Transfer of funds from shareholders' account 0.00 0.00
(iv) Other income 0.00 0.00
4 Name of segment Non Participating Life
(i) Net premium 5,18,895.85 13,06,338.54
(ii) Income form investments 1,05,200.52 2,98,036.75
(iii) Transfer of funds from shareholders' account 0.00 0.00
(iv) Other income 2,154.84 2,181.04
5 Name of segment Non Participating Pension
(i) Net premium 254.70 530.55
(ii) Income form investments 605.60 1,818.60
(iii) Transfer of funds from shareholders' account 0.00 0.00
(iv) Other income 0.00 0.00
6 Name of segment Non Participating Group Life
(i) Net premium 2,58,555.66 8,83,376.41
(ii) Income form investments 90,033.78 2,56,664.45
(iii) Transfer of funds from shareholders' account 0.00 0.00
(iv) Other income 5.72 17.98
7 Name of segment Non Participating Annuity
(i) Net premium 2,02,641.50 5,09,087.38
(ii) Income form investments 53,460.67 1,50,194.73
(iii) Transfer of funds from shareholders' account 0.00 0.00
(iv) Other income 8.60 32.88
8 Name of segment Non Participating Health
(i) Net premium 325.80 1,018.25
(ii) Income form investments 477.48 1,328.37
(iii) Transfer of funds from shareholders' account 0.00 0.00
(iv) Other income 0.85 2.24
9 Name of segment Non Participating VIP
(i) Net premium 363.81 2,269.09
(ii) Income form investments 3,476.10 10,628.78
(iii) Transfer of funds from shareholders' account 0.00 0.00
(iv) Other income 0.00 1.08
10 Name of segment Linked Individual Life
(i) Net premium 14,70,389.87 31,11,872.63
(ii) Income form investments 9,49,200.60 19,19,262.86
(iii) Transfer of funds from shareholders' account 0.00 0.00
(iv) Other income 197.57 727.32
11 Name of segment Linked Group Life
(i) Net premium 6,846.57 83,384.14
(ii) Income form investments 3,576.70 5,486.50
(iii) Transfer of funds from shareholders' account 0.00 0.00
(iv) Other income 1.06 1.09
12 Name of segment Linked Pension
(i) Net premium 3,40,601.49 7,80,009.33
(ii) Income form investments 2,15,136.52 4,67,432.83
(iii) Transfer of funds from shareholders' account 0.00 0.00
(iv) Other income (138.84) (537.63)
13 Name of segment Shareholders
(i) Net premium 0.00 0.00
(ii) Income form investments 33,314.89 95,219.89
(iii) Transfer of funds from shareholders' account 0.00 0.00
(iv) Other income 0.00 0.00
14 Name of segment Unallocated
(i) Net premium 0.00 0.00
(ii) Income form investments 0.00 0.00
(iii) Transfer of funds from shareholders' account 0.00 0.00
(iv) Other income 0.00 0.00



Format for financial results by life insurance companies filed with stock exchanges

Amount in (Lakhs)

Partiuclars Current Quarter Year to Date Figures
Date of start of reporting period 01-10-2025 01-04-2025
Date of end of reporting period 31-12-2025 31-12-2025
Whether results are audited or unaudited Audited Audited
Nature of report standalone or consolidated Standalone Standalone
Segment Surplus/(Deficit) (net of transfer from shareholders' A/c)
1 Participating Life 11,447.25 14,751.76
2 Participating Pension 3,882.42 12,579.26
3 Participating VIP 743.78 2,317.65
4 Non Participating Life (28,026.30) (89,414.79)
5 Non Participating Pension 211.40 559.76
6 Non Participating Group Life 44,515.39 82,964.03
7 Non Participating Annuity (2,784.13) (9,919.88)
8 Non Participating Health 2,705.66 5,591.10
9 Non Participating VIP 2,447.15 4,859.94
10 Linked Individual Life (5,281.13) 44,578.71
11 Linked Group Life (127.63) (211.32)
12 Linked Pension 12,995.70 40,900.48
13 Shareholders 30,752.09 86,918.85
14 Unallocated 0.00 0.00



Notes Segment Surplus/(Deficit)
Textual Information 1. Segments include: a. Linked Policies: (i) Life (ii) General Annuity and Pension (iii) Health (iv) Variable b. Non-Linked 1. Non-Participating Policies: (i) Life (ii) General Annuity and Pension (iii) Health (iv) Variable 2. Participating Policies : (i) Life (ii) General Annuity and Pension (iii) Health (iv) Variable c. Variable insurance further segregated into Life, General Annuity and Pension and Health where any such segment contributes ten per cent or more of the total premium of the Company. 2. Net of Provisions for diminution in value of investments and provision for standard and non-standard assets. 3. Segment policy liabilities includes fund for future appropiration and Credit/(debit) fair value change account on policyholders fund


Format for financial results by life insurance companies filed with stock exchanges

Amount in (Lakhs)

Partiuclars Current Quarter
Date of start of reporting period 01-10-2025
Date of end of reporting period 31-12-2025
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Standalone
Segment Assets
1 Participating Life 62,03,792.49
2 Participating Pension 3,62,587.56
3 Participating VIP 38,611.86
4 Non Participating Life 63,27,869.34
5 Non Participating Pension 27,397.94
6 Non Participating Group Life 45,56,275.75
7 Non Participating Annuity 31,43,631.22
8 Non Participating Health 11,695.24
9 Non Participating VIP 1,04,824.19
10 Linked Individual Life 2,17,04,104.78
11 Linked Group Life 1,46,581.54
12 Linked Pension 66,87,660.76
13 Shareholders 19,01,957.07
14 Unallocated (24,179.22)


Format for financial results by life insurance companies filed with stock exchanges

Amount in (Lakhs)

Partiuclars Current Quarter
Date of start of reporting period 01-10-2025
Date of end of reporting period 31-12-2025
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Standalone
Segment Liabilities
1 Participating Life 62,01,852.21
2 Participating Pension 3,60,593.28
3 Participating VIP 36,993.20
4 Non Participating Life 63,46,595.55
5 Non Participating Pension 27,174.16
6 Non Participating Group Life 45,34,706.39
7 Non Participating Annuity 31,42,049.55
8 Non Participating Health 11,027.54
9 Non Participating VIP 98,419.65
10 Linked Individual Life 2,17,01,448.53
11 Linked Group Life 1,44,014.33
12 Linked Pension 66,85,979.06
13 Shareholders 19,01,957.07
14 Unallocated 0.00




Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Auditor's opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results Yes
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 M/s K S Aiyar & Co Yes 31-05-2028
2 M/s J Singh & Associates Yes 31-12-2028