SBILIFEBSE22 April 2026

SBI Life Insurance Company Ltd - 540719 - Announcement under Regulation 30 (LODR)-Press Release / Media Release (Revised)

SBI Life Insurance Company Lim

April 22, 2026 SBIL/CS/NSE-BSE/2627/18

General Manager

Vice President Listing Department, National Stock Exchange of India Limited, Exchange Plaza, Plot No. C/1, G Block, BKC, Bandra (East), Mumbai 400051 NSE Symbol: SBILIFE BSE Scrip Code: 540719

Listing Department, BSE Limited,

Mumbai 400001

Dalal Street,

Phiroze Jeejeebhoy Towers,

Dear Sir / Madam,

Sub: Corrigendum - Press Release & Investor Presentation - Performance for the Quarter and Year ended March 31, 2026

In continuation of our intimation vide reference no. SBIL/CS/NSE-BSE/2627/17 dated April 22, 2026, we hereby inform that due to an inadvertent error in the Sensitivity Analysis, the Investor Presentation has been revised to reflect the corrected Sensitivity Analysis (Slide 37). The revised Investor Presentation is enclosed herewith.

We request you to kindly take the above information on record.

Thanking You,

Yours faithfully,

Girish Manik Company Secretary ACS No. 26391

Encl: A/a

SBI Life Insurance Company Ltd. Registered and Corporate Office: Natraj, M.V. Road and Western Express Highway Junction Andheri (East), Mumbai 400 069. Tel.: (022) 6191 0000/ 3968 0000 IRDAI Regn. No. 111. CIN: L99999MH2000PLC129113

www.sbilife.co.in

Public

Performance Update | 12M FY26

Contents

Performance Update | 12M FY26

Key Indicators and Highlights

Focus Areas and Initiatives

Annexure

Company Overview

Macro Economic Indicators and Industry Overview

Performance Update | 12M FY26

Key Indicators and Highlights

Well positioned to maintain steady growth and long-term consistent returns

Trained Human Capital

Technological Innovation

Diverse Distribution

Financial Strength

Customer Centricity

Sustainable Value Accretion

3.6 lacs

Insurance personnel, focus on need-based selling

99.7%

Individual applications submitted digitally

1,230

Offices with strong distribution channels

1.90x

Solvency Ratio

99.4%

Overall Death Claim Settlement Ratio

₹66.7 bn

Value of new business generated

Driven by strong brand, solid governance and committed employees

Performance Update | 12M FY26

Key Indicators and Highlights

Well positioned to maintain steady growth and long-term consistent returns in key indicators

New Business Premium

₹425.5

20%

Renewal Premium

₹587.3

19%

Gross Written Premium

₹1,012.9

19%

New Business APE

₹242.7

16%

CAGR

13%

Profit After Tax

₹24.7

16%

CAGR

Individual Rated Premium

Value of New Business & Margin1

₹219.0

15%

CAGR

13%

Total Sum Assured

₹13,796

15%

CAGR

42%

16%

CAGR

₹66.7

12%

Embedded Value1

₹807.9

21%

CAGR

15%

₹ In billion

11%

CAGR

27.5%

VoNB Margin

Performance Update | 12M FY26

1. Embedded Value and VoNB methodology, assumptions and the results have been reviewed by Willis Towers Watson Actuarial Advisory LLP CAGR numbers are calculated for a period of 5 years from Mar’21 to Mar’26. Numbers are rounded off to nearest one decimal

Y-o-Y growth

Performance Update | 12M FY26

Company Overview

Delivered consistent and sustainable growth over the years

₹ in billion

Covid 19 Economic downturn triggered

Budget 2021 No tax exemption on high ticket size ULIPs

Budget 2023 No tax exemption on Non-ULIPs

Surrender Value Regulation

Zero GST on individual Life Insurance

Growth >

11%

39%

15%

18%

CAGR

3 year > 13% 5 year > 16% 7 year > 14% 10 year > 18%

Private IRP >

Share in Private >

Industry IRP >

Share in Industry >

FY15

200 15.6%

408 7.7%

FY17

287 20.7%

532 11.2%

102

FY19

401 22.3%

692 12.9%

FY21

452 22.6%

757 13.5%

152

FY23

684 22.3%

1,040 14.6%

12%

194

FY25

850 22.8%

1,204 16.1%

13%

219

FY26

955 22.9%

1,327 16.5%

Over 10 years

5x SBIL > Private > 4x Industry > 3x

Performance Update | 12M FY26

Graph is on IRP basis; Data as per Life Council Disclosures

Company Overview

Covering lives and persistently delivering growth in Gross Written Premium

Gross Written Premium

₹ in billion

Individual Sum Assured

673.2

814.3

849.8

1,012.9

377.3

86.8

209.1

FY23

431.9

144.1

238.3

FY24

494.1

92.2

263.6

FY25

587.3

127.7

297.8

FY26

Individual NBP

Group NBP

Renewal Premium

19%

39%

13%

₹ in billion

61%

4,463

1,718

1,940

2,769

FY23

FY24

FY25

FY26

Individual New Policies

in million

Inforce Lives

2.2

2.3

2.2

80.2

53.6

in million

85.2

FY23

FY24

FY25

FY26

FY23

FY24

FY25

FY26

Performance Update | 12M FY26

Y-o-Y growth

Company Overview

Reaching wider, penetrating deeper across all demographics

NBP

Individual NBP

295.9

382.4

355.8

425.5

209.1

238.3

263.6

297.8

60%

19%

21%

FY23

NBP

52%

18%

31%

FY24

54%

21%

24%

FY25

50%

20%

30%

FY26

Banca

Agency

Others

Channel Mix

67%

64%

23% 10%

FY23

23%

13%

FY24

59%

27%

14%

FY25

56%

27%

17%

FY26

Individual NBP

₹ in billion

Banca

Agency

Others

12%

11%

12%

11%

Protection Share

38%

36%

46%

42%

59%

3% FY23

62%

2% FY24

52%

2% FY25

54%

4% FY26

ULIP

Non-Par

Par

Segment Mix

53%

42%

5% FY23

58%

61%

39%

3% FY24

36%

3% FY25

55%

39%

6% FY26

Performance Update | 12M FY26

Components may not add up to total due to rounding off

ULIP

Non-Par

Par

Company Overview

Quality and scale of multichannel distribution platforms making penetration seamless

Pillars of Distribution Network

Bancassurance

Agency

Institutional Alliance

Direct and Corporate

27,270+ SBI and RRB Banks Branches

2,82,000+ Agents (Gross addition of +24%)

13,460+ Partner Branches

32% NBP share in Total Industry1

33% NBP share in Private Market1

160 Brokers

₹71 lacs SBI Productivity per branch2 with 59K+ CIFs ; Ind. APE basis ₹60 lacs (+10%)

56% Share in Individual NOPs

99.9% Business sourced digitally

₹3 lacs Agent Productivity2; Ind. APE basis ₹3 lacs (+7%)

17,150+ Specified Persons (Net addition of +93%)

37% Share in Individual NOPs

84 Corporate Agents

99.9% Business sourced digitally with 8.7mn uploads on Smart Advisor

16% Share of NPS in Annuity Business

Top 3 in overall Industry Fund Business

Dedicated Call Centers for website sales and services

Multilinguistic website in 10 languages to make buying easy

Lead Management ecosystem – Assignment, Nurturing and Monitoring

Performance Update | 12M FY26

1. Based on public disclosures for 9M FY26; 2. Productivity per branch/agent is based on Individual NBP. All growth numbers are with respect to FY26 over FY25.

Company Overview

Basket of products catering varied customer needs

Product Mix1

FY23

FY24

FY25

FY26

YoY Growth

Mix FY26

Individual Savings

157.5

178.1

207.8

224.2

53%

Par

Non-Par

9.5

36.7

8.0

32.3

7.5

38.3

16.7

121%

42.6

11%

ULIP

111.4

137.8

162.0

165.0

Protection

Individual

Group

Annuity

Group Savings

36.4

10.0

26.4

49.7

52.3

41.7

9.5

32.1

60.2

102.4

41.0

7.9

33.0

52.4

54.6

46.2

9.7

36.5

70.3

84.8

Total NBP

295.9

382.4

355.8

425.5

13%

23%

11%

34%

55%

20%

Performance Update | 12M FY26

1. New business premium basis; Components may not add up to total due to rounding-off

10%

39%

11%

17%

20%

Individual Savings

224.2

105.7

FY21

FY26

Protection

46.2

24.6

FY21

FY26

Annuity

70.3

30.2

FY21

FY26

₹ in billion

CAGR

16%

CAGR

13%

CAGR

18%

Company Overview

Product portfolio suitable for a wide demographic range and income levels

Average Age % Share in Policies

Basket of products catering different age brackets and life stage needs

Child Education

Care-Free Retirement

Wealth Creation

Family Protection

Financial Security

12%

29%

22%

30%

Smart Scholar Plus

Retire Smart Plus

Smart Elite Plus

Smart Shield Plus

Smart Platina Advantage

New

Smart Platina Young Achiever

Smart Annuity Plus

Smart Privilege Plus

eShield Insta

Smart Future Star

Smart Annuity Income

Smart Fortune Builder

Smart Swadhan Neo

New

Money Back Saver

New

Smart Money Back Plus

eWealth Plus

Smart Shield Premier

Smart Platina Plus

Smart Swadhan Supreme

Smart Bachat Plus

Smart Platina Supreme

Performance Update | 12M FY26

The product list is only indicative and not exhaustive

Company Overview

Driving sustainable growth with high levels of efficiencies to maintain profitability and creating value

₹ in billion

Opex Ratio: Maintaining Cost Efficiency | Total Cost Ratio1

Profit After Tax: Consistent growth in profit

9.6%

8.9%

9.7%

5.1%

4.9%

5.3%

10.6%

6.1%

17.2

18.9

24.1

24.7

FY23

FY24

FY25

FY26

FY23

FY24

FY25

FY26

Solvency: Cushioned to support future growth prospects

Net Worth: Zero debt company with healthy reserves

2.15

1.96

1.90

130.2

149.1

169.8

190.8

FY23

FY24

FY25

FY26

FY23

FY24

FY25

FY26

Performance Update | 12M FY26

1. Total cost ratio is operating expenses including commission, provision for doubtful debts and bad debts written off divided by Gross Written Premium; Components may not add up to total due to rounding off.

Company Overview

Deeper relationship with customers through quality underwriting and strong sales ethos

Persistency1 (%)

FY24

FY25

FY26

13th Month

25th Month

37th Month

49th Month

61st Month

86.8

87.4

87.9

77.3

77.7

78.0

71.0

72.1

72.3

72.4

68.0

69.1

57.4

63.6

58.1

Surrender Ratio2

Unfair Business Practice3

Grievance Ratio4

6.5%

6.2%

6.8%

0.03%

0.02%

FY24

FY25

FY26

FY24

FY25

FY26

FY24

FY25

FY26

Performance Update | 12M FY26

2. Surrender Ratio ‒ Individual linked products (Surrender/Average AuM); 3. Number of grievances with respect to unfair business practice as compared to policies issued in the same period. 4. Grievances ratio is per 10,000 policies

1. The persistency ratios are calculated as per IRDAI circular IRDAI/NL/MSTCIR/RT/93/6/2024 dated June 14, 2024. Regular Premium and Limited Premium Paying Term policies of only

Individual Segment. Persistency is calculated for rolling 12 months. Persistency Ratios are calculated using policies issued between 1st March to 28th / 29th February of the relevant years.

Company Overview

Driving profitable growth through sustained improvement in VoNB.

₹ in billion

VoNB Margin %

27.8%

1.0%

(0.2%)

0.4%

(1.5%)

27.5%

7.9

2.4

0.5

1.0

3.6

66.7

59.5

FY25

Impact of Business Volume

New Business Mix & Profile *

Change in Operating Assumptions

Change in Economic Assumptions #

GST 2.0 Impact

FY26

VoNB stands at ₹66.7 billion with Margin of 27.5%

Performance Update | 12M FY26

*Impact of change mainly in business mix and profile (Age, Term, Channel, etc.); #Risk free rate change

Company Overview

Steady expansion of Embedded Value reflecting strong fundamentals and future earnings potential

₹ in billion

EVOP ₹ 138.6 billion

ROEV 19.7%

66.7

702.5

59.3

12.8

0.1

25.7

1.8

813.6

5.7

807.9

IEV as at March 2025

VoNB

Unwinding

Operating Experience Variance

Change in Operating Assumptions

Economic assumption change and Variances

Capital / Dividends / ESOPs

IEV before GST and labor code impact

GST and Labour code impact

IEV as at March 2026

Performance Update | 12M FY26 EVOP - Embedded Value Operating Profit; ROEV - Return on Embedded Value

Company Overview

Relentless pursuit for excellence leading to robust financial position

₹ in billion

AUM Linked | Non-Linked

Linked

Non-Linked > Debt:Equity

Composition of Assets Under Management

3,889

4,480

4,872

44%

>91:9

45%

>90:10

47%

>90:10

56%

>43:57

55%

>39:61

53%

>37:63

FY24

FY25

FY26

₹4,872 bn Assets Under Management

Government securities

Debentures and bonds

Equity

Others

Money market instruments

4% 1%

28%

29%

38%

Investment Performance1 (%)

Fund

Benchmark

8.8

8.7

9.3

8.9

8.3

8.4

8.2

8.0

94% Debt Investments (AAA and Sovereign)

62:38 Debt Equity Ratio

Equity Pension II

Equity Elite II

Equity Optimiser

Top 300

Growth

AUM Growth

Performance Update | 12M FY26

1. 5-year CAGR as of March; Components may not add up to total due to rounding-off

Performance Update | 12M FY26

Focus Areas and Initiatives

Elevating the customer experience by implementing a range of initiatives at every touchpoint

Widespread distribution network and product suite to cater different needs

Disciplined Business Focus

Customer Engagement

Digital Capabilities

Operational Efficiencies

Leveraging Best in class operating ratios

• 1,230 offices (40% in rural and semi-urban areas) and 40k+ branches of distributors

• 26 individual and 9 group products to cater different needs of the customer

• 2.2 mn policies issued, with share of 22.5% in private market

• 22.7 mn new lives with Sum Assured ~₹13,796 bn

• 5,292k+ times customers served using WhatsApp services

• RPA - 460 bots deployed

across 490 processes and 2,300 work tasks automated

• Policy document through WhatsApp chat bot for customers

• 555k+ Audio PIWC and 1,730k+ Video PIWC

• 15 lacs+ Queries resolved

through call centre

• Customer Grievances – 8 per 10,000 policies

• Winner in “Best Customer Oriented Company”- Life - India at the 6th edition of ICC Emerging Asia Conclave & awards 2026.

• Digi locker integration in Onboarding journey and Aadhaar-based eKYC Facial Authentication

• Revamped RIA chatbot-

Enhanced UI/UX, Dual mode bot featuring with GenAI- powered assistant.

• Avg 66k RIA Bot users per

month

• 499k+ individual protection

policies sold digitally

• Video MER and Real Time Integration along with TPA

• Underwriting First

Approach on M-Connect PWA- Innovative method of sourcing proposals offering significant benefits to both distributors and customers

• One of the lowest cost ratios in the industry

• 151k+ Death Claims settled

with digital platforms to customers for document submissions

• Focus on cutting edge

technology for enabling business

Harnessing technology in strengthening business

Use of analytics enabling better customer engagement

Performance Update | 12M FY26

MER - Medical Examination Reports, PIWC - Pre Issuance Welcome Call, RPA - Robotic Process Automation, TPA - Third party Administrator, PWA- Progressive Web Application

Focus Areas and Initiatives

Understanding Customer Needs

Transparent Communication

Seamless Digital Experience

Proactive Engagement and Service Excellence

Upholding Trust and Delivering Long-Term Value

Holistic Profiling via Digital Journey • Captures Life-stage, Demography, Risk Appetite

and Financial Goals

• Data-driven precision in Need Analysis and Risk Profiling

Power by Smart Algorithm • Recommends products based on customer life-stage,

needs and risk profile

• Product recommendation powdered by Smart Algorithm

Transparency in Benefit Illustration • Year-wise breakdown of expenses & commissions with

disclosures & benefits projection at IRDAI-mandated 4% and 8% per annum

Product Details • Policy terms explained in simple language • Explicit customer consent taken

In-App Digital Purchase • Purchase followed by Pre-Issuance verification (PIV) • Enhances convenience, transparency and trust

Pre-Issuance Verification (PIV) • PIV in 14 Languages • Option to select Phone Call | Insta PIV • Enhanced PIV mandatory for select products and

customer profiles

Quality Assurance • Photo match with Customer’s Live photo / KYC in Insta PIV • Reinforcing clarity about the product • Reiterating key benefits

Compliance • Regulatory compliant, ethical selling practices support

informed purchase decisions

Performance Update | 12M FY26

Enhanced PIV – Insta + Video

Focus Areas and Initiatives

Understanding Customer Needs

Transparent Communication

Seamless Digital Experience

Proactive Engagement and Service Excellence

Upholding Trust and Delivering Long-Term Value

Free-Look Cancellation Option • Offering the assurance of Free-Look Cancellation (FLC) • Risk-free experience

Net Promoter Score (NPS) Survey • NPS feedback on purchase experience • Data-Driven Action on NPS to address customer concerns

and journey enhancements

Governance • PIV transcript and images shared with customers

Digitalisation • Seamless customer journey with robust digital platform

Renewal Persistency • Persistency Risk score for predictive insights and

advanced interventions Interactive Video based customer engagement education

•

Customer Self-Servicing • Multi modal options: Mobile app, Web portal, Chatbot,

WhatsApp, SMS, Missed Calls, IVR Tollfree 24x7 In-person servicing through Branches

•

Post Purchase Policy Servicing • WhatsApp and Email based personalized communication • AV tools for increased engagement and premium payment

Grievance Redressal Mechanism • Industry Expert as Internal Ombudsman: first in industry • Retired HC Judge heads Claims Redressal Committee • CFIC Policy-driven Investigations, action & penalties

Performance Update | 12M FY26

Focus Areas and Initiatives

Streamlining processes and embracing technology to captalise on opportunities

Becoming a digital-first organisation

01 Performance

02 Processes

03 Product Improvements

04 Stakeholder-Centric

• Providing insurance cover to remotest

• Agility to handle high volumes

• Faster product rollouts

areas, resulting in increased penetration (presence in 28 states and 7 union territories with 33% policies sold in rural areas for FY26)

• Best in class digital tools for better risk assessment and risk management

and peak demand

• Structured MIS to help in decision- making and enable regulatory reporting requirements

• Data Analytics enabling cross sell,

upsell and customer retention

• AI and Machine Learning aiding to provide efficient customer solutions

• Expanded product offerings

• Lower turn-around-time

• Better servicing

• Providing appropriate insurance

solutions with enriched experience

• Enabling hybrid work environment

• Supporting 29K+ employees and

358K+ distributors

• Faster integration with partners

Performance Update | 12M FY26

Focus Areas and Initiatives

Leveraging the power of digital technologies to improve efficiency

Agility • Strategic collaborations (YONO branch

portal, KVP, India Post, etc.)

• Adopting new technology

and products

Flexibility • 914 varied product features built

• 10 products in group policy system with

different versions

Robustness • Stronger digital capabilities with

40+ digital apps and 7 analytics tools

• Robust cybersecurity practices

800

BitSight Score

Customer at the core

Scalability • Supporting double digit growth of NBP

and renewal premiums

• Efficient handling of service requests

People-Oriented • 24x7 connectivity for WFH

• 202 active training Modules in E-Shiksha

• Digital onboarding

Resulting in increased efficiency, increased productivity, lower cost and improved customer experience

85.2 mn

Servicing Inforce Lives

~14 hrs

Average digital training hours on per employee

30+ digital services

Smart Care - Bespoke customer self-servicing app

99.7%

Digital adoption for sourcing new business

Performance Update | 12M FY26

Focus Areas and Initiatives

Digital first to deliver convenient and hassle-free experience with one of the best infrastructure and security framework

IT Service Desk and Central IT Monitoring System

Data Loss Prevention with Data Classification

Enterprise Service Bus and API

Secure Code Review and Github

Centralised IT Service Management, Digital Onboarding Workflow, IT Asset Management and IT Compliance Management

Protection of Personal identifiable Information of customer. Compliance requirement of Digital Personal Data Protection Act

Common Service platform for consumption by multiple application with secure and scalable way

Secure by Design principle to ensure applications are designed with security framework

One view dashboard for critical application monitoring (Uptime, performance and transactions)

IT Enablers

Application Controlled Infrastructure at Data Center

Cutting edge Switching technology with lowest latency over network to deliver best performance of application

SDWAN for Branch Network Latest WAN technology to bring visibility, remediation and automation to improve productivity of branches

EDR and XDR for Proactive Threat Protection Protection of IT Assets from day zero, ransomware and unknown threat and attacks

Unified Email System with Compliance Archival Single email domain across company with tamper-proof email archival system

Key Metrics

100%

Customer emails enquiries handled by email bot

2,300

Tasks (RPA)

30+

Self-servicing facilities for customers

490

Processes automated

10+

Live automated modules across operational processes for risk mitigation

Performance Update | 12M FY26

EDR: Endpoint Detection and Response XDR: Extended Detection and Response SDWAN : Software-Defined Wide Area Network API : Application Programming Interface

Focus Areas and Initiatives

Supporting with avenues and platforms to foster growth and simplify processes

Establishing a robust distributor ecosystem

Initiatives

Key Metrics

105 reports on Aaram Nxt (Anytime, Anywhere reporting and more) and 77 on Aasaan BI (MIS & Business intelligence tool)

Integrated M-Connect with campaign products and Need Assessment and Suitability Analysis

Group platform revamped with intuitive interface, making navigation smoother and user friendly

EIA dashboard in Smart Advisor

Smart Advisor updates IA account details

Seamless new partner Integration – single platform for all partners

Digi LM recruitment - Home page is now available in 10 different regional languages

96% KPI reports delivered by start of business hours

Smart Care service deep links are embedded in CRM and Smart Advisor to digitalize our assisted servicing touch-points

Campaign self updates at fingertips

Personalized Website for more than 1,55,000 Agents

Grievance Redressal for IA through Smart advisor

Predictive Analytics - 27 live data models across policy life cycle aiding support to distributors

Aasaan BI

Performance Update | 12M FY26

Focus Areas and Initiatives

Ensuring seamless and hassle-free experience throughout the customer life cycle

Prospecting

Onboarding

Underwriting and Issuance

Executing a focused strategy to evolve it into a need-based customer-centric process

Enhancing the process for greater efficiency, accessibility, and a seamless experience

Improving accuracy and efficiency of underwriting and policy issuance

66.4mn Clicks on SBI Life Website

756k+ PaisaGenie Downloads

1,453k+ Bitly (Upsell / Cross Leads)

207k+ Active Users and 2,395k+ Proposals in M-Connect

14,341 Login Count in NPS Parivartan

221k+ New Yono Lives

7+ Partner Apps

5.4mn Unique Users in Smart Care

500k Downloads with 8.7 mn uploads in Smart Advisor

10,684k+ Cases Issued in NB Workflow

3,816k+ Transaction in Ingenium

72mn+ Inforce Lives in BaNCS

4,269k+ Portal / CMI

52mn Individual Transactions in RENOVA

Outcome

78%

Digital KYC

<10 mins

For customer onboarding

75%

Insta PIWC

99.6%

E – IA

Performance Update | 12M FY26

E – IA: Electronic Insurance Account E – YONO Lives includes shield Insta, Redirection and SBI YONO

Focus Areas and Initiatives

Ensuring seamless and hassle-free experience throughout the customer life cycle

Policy Serving

Renewals

Claim Payouts

Dual benefits of offering personalised services while also streamlining internal processes

Automating tasks, while utilising data and insights to optimise our renewal strategy

Accelerating claims settlements, enhancing transparency, while up- holding data security

5,292k+ WhatsApp Registrations

1,690k+ Servicing Requests handled through CRM

16mn Service Requests (eKYC, CIBIL, Data Vault)

1,000k+ Smart Care Downloads

1,858k+ Pay Service Transactions

351k+ IVRS Self Service Option

7mn+ Renewal Receipts on WhatsApp

2,567k+ E-Sampark Requests Handled

646k+ I-Pay Requisitions

643k+ Apex Payouts

35K+ Claim Transactions in Ingenium

3,150k+ E-Pravah Claims

Outcome

98% Renewal Premium through Digital Mode

Performance Update | 12M FY26

79%

0-2 Days Individual Issuance

57% Automated Underwriting

Performance Update | 12M FY26

Macro Economic Indicators and Industry Overview

Strong demographic tailwinds supporting India growth story

Composition of Population1 (%)

8.0

51.0

17.0

24.0

2026

10.0

54.0

15.0

21.0

2036

13.0

55.0

13.0 19.0

2046

17.0

54.0

12.0 17.0

2056

0-14yrs

15-24yrs

25-64yrs

65+yrs

Advantage India

Life Insurance Penetration2 (Premium as % of GDP)

Life Insurance Density2 (US$)

6,264

425

244

274

Singapore Malaysia Thailand

India

China

Indonesia

Singapore Malaysia Thailand

India

China

Indonesia Philippines

01 India is the second-largest life insurance market amongst the emerging economies with 11% share of premiums written in 2025 and 3% of global life premiums, indicating scope for growth3

02 India is one of the fastest growing insurance markets in the world. It is the 9th largest country globally in terms of life premium volume and is expected to be 5th largest by 2032.

03 India’s life insurance penetration rate was 2.6% in 2025, higher than the emerging markets average (1.9%)3

04 One of the highest young population nations with median age of 28 years.

Combination of a high share of working population, rapid urbanisation, rising affluence and focus on financial inclusion to propel the growth of Indian life insurance sector.

Performance Update | 12M FY26

1. United Nations, Department of Economic and Social Affairs, World Population Prospects 2024; 2. Swiss RE Sigma No.3/2024: 3. SWISS RE- India’s economic and insurance market outlook 2026‒2030

Macro Economic Indicators and Industry Overview

Unexplored Indian markets paving way for high insurance growth

Share of life insurance in savings expected to rise

Underpenetrated Insurance Market

Protection gap highest amongst peers1 (%)

Sum Assured as % of GDP2,3 (%)

Retail Loans (₹ in trillion)

332

252

251

153

143

127

India

Indonesia Thailand

China

South Korea

Singapore

Japan

Malaysia Thailand

South Korea

India

FY12

FY14

FY16

FY18

FY20

FY22

Advantage India

01 10th largest in insurance market worldwide and 2nd largest in Emerging markets with $131,041 million in total premium business as of 2022.

02 Total premium grew at annual average of 7.5% between FY15-FY21 and is expected to grow at an average of 9% per annum.

03 Increase in credit loans indicates opportunity for group protection products.

Performance Update | 12M FY26

1. Swiss Re, "Closing Asia's Mortality Protection Gap 2020”; 2. As of FY20 (for USA & Japan as of FY18); 3. McKinsey estimates

Macro Economic Indicators and Industry Overview

Annuity demands to soar with increasing life expectancy and higher income levels

Scope of Annuities Business

Pension Assets / GDP Ratio1 (2022) (%)

Ageing Population (60+)2 (%)

Life Expectancy at 603

Male

Female

131.4

78.7

49.5

23.4

Australia

USA

Hongkong

Japan

3.1

India

Advantage India

20.8

16.4

10.5

12.9

2022

2030

2040

2050

2000-05

2011-12

2030E

01 With the advancement of medical science, life expectancy has improved rapidly over the last few decades and demand for pension-based products will increase with the rise in life expectancy.

02 NPS contributes a significant portion of the retirement corpus in India, and they are on track for a period of consistent high growth over the next decade.

Performance Update | 12M FY26

1. OECD Data 2022; 2. UN World Population Report; 3. Ministry of Statistics and Program implementation, Crisil, PFRDA, Census of India

Macro Economic Indicators and Industry Overview

India expected to be the fastest growing economy with higher need for financial planning

Share of Life Insurance in Household Savings expected to rise

Fastest Growing G20 Economy1 Average Annual Real GDP Growth (%)

Householding Savings Composition2 (%)

6.7

a d n I

5.0 4.3

3.0 2.6 2.4 2.0 1.9 1.8 1.7

a s e n o d n I

a n h C

d u a S

a b a r A

i l

a r t s u A

y e k r u T

a d a n a C

o c x e M

h t u o S

a e r o K

h t u o S

a c i r f

FY21

FY22

FY23

FY24

Financial Savings

Physical Savings

Share of Life Insurance in Financial Savings2 (%) 10 8 21

7 7 21

9 3 16

10 8 21

3 FY24

FY21

FY22

FY23

7 15

6 FY25

Advantage India

01 Economic and demographic developments can help growth to improve further to 6.8% in real terms from

2026 to 2030.

02 India will continue to be the world’s fastest-growing major economy with forecast of 6.6% real GDP growth annually on average from 2024 to 20281.

03 Household financial saving has improved to 7.6% of GNDI3 in 2019- 20, after touching the low of 6.4% in 2018-19.

04 Financial savings of India households may more than double in next 5 years.

Currency

Deposits

Life Insurance

Pension

Others

Performance Update | 12M FY26

1. Swiss Re Report; 2. Reserve Bank of India, Handbook of Statistics; 3. GNDI – Gross National Disposable Income

Macro Economic Indicators and Industry Overview

Industry channel and segment mix

Product Portfolio1

Industry (%)

FY21

FY22

FY23

FY24

FY25

ULIP

Traditional

Channel Mix2

Industry (%)

13 FY21

13 FY22

Private Players (%)

ULIP

Traditional

Private Players (%)

Banca

Agency

Others

Banca

Agency

Others

14 FY23

FY24

FY25

FY21

FY22

FY23

FY24

FY25

FY21

FY22

FY23

FY24

FY25

Higher ULIP contribution among private players, though traditional products forms the major share of new business

Banca channel continues to be the largest contributor for private players although Direct channel has gained momentum in past years

Performance Update | 12M FY26

1. New business premium basis; 2. Individual new business premium basis;

Source - Life Insurance Council, Public disclosures; Components may not add up to total due to rounding-off

Performance Update | 12M FY26

Annexure

APE Product Mix and Channel Mix

₹ in billion

Segment

Individual Savings

Par

Non-Par

ULIP

Protection

Individual

Group

Annuity

Group Savings

Total

Channel

Bancassurance

Agency

Others

Total

FY24

159.6

7.8

32.4

119.3

21.0

9.4

11.6

6.1

10.6

FY25

182.8

7.4

39.1

136.2

20.5

8.3

12.2

5.3

5.6

FY26

Y-o-Y Growth

Mix FY26

204.3

17.3

42.7

144.2

22.4

10.3

12.1

7.1

8.9

12%

133%

10%

24%

34%

57%

13%

84%

18%

59%

197.2

214.2

242.7

FY24

121.9

49.6

25.7

197.2

FY25

131.3

60.0

22.8

214.2

FY26

Y-o-Y Growth

Mix FY26

145.7

69.1

27.8

242.7

11%

15%

22%

13%

60%

28%

11%

Performance Update | 12M FY26

Components may not add up to total due to rounding-off

Annexure

Channel Mix – Segment Wise

₹ in billion

Channel

Segment

FY24

FY25

FY26

Y-o-Y Growth

Mix FY26

Bancassurance

Agency

Others

Participating

Non-Participating

Unit Linked

Total

Participating

Non-Participating

Unit Linked

Total

Participating

Non-Participating

Unit Linked

Total

2.8

28.7

85.6

2.9

30.0

94.6

8.4

32.9

99.9

117.2

127.4

141.2

3.9

12.6

31.9

48.4

1.1

5.6

1.7

8.4

3.7

16.5

39.3

59.5

0.8

5.8

2.4

9.0

7.5

19.0

42.1

68.6

1.5

7.6

2.3

11.3

188%

10%

11%

100%

15%

88%

31%

(7%)

26%

15%

45%

64%

19%

31%

Performance Update | 12M FY26

Components may not add up to total due to rounding-off

Annexure

Scenario

Reference Rate +100 bps

Reference Rate –100 bps

Decrease in Equity Value 10%

Proportionate Change in Lapse Rate +10%

Proportionate Change in Lapse Rate –10%

Mortality / Morbidity +10%

Mortality / Morbidity –10%

Maintenance Expense +10%

Maintenance Expense –10%

Mass Lapse for ULIPs in the year after the surrender penalty period of 25%1

Mass Lapse for ULIPs in the year after the surrender penalty period of 50%1

Tax Rate Change to 25% on Normal Tax basis

% Change in VoNB

(0.4%)

0.1%

(0.5%)

(5.2%)

5.5%

(5.9%)

5.9%

(2.1%)

2.1%

(9.0%)

(19.6%)

(9.5%)

% Change in

IEV

(2.4%)

2.6%

(2.3%)

(1.2%)

1.3%

(2.1%)

2.2%

(0.7%)

0.7%

(2.5%)

(5.5%)

(5.7%)

Performance Update | 12M FY26

1. Mass lapse sensitivity (of 25% or 50%) for ULIP business is applied at the end of surrender penalty period as defined by APS 10

Annexure

Average customer age

Average policy term

Par

Protection

ULIP

Non-Par

Overall

Par

Protection

ULIP

Non-Par

Overall

Performance Update | 12M FY26

Age and term for Individual products as on March 2026, in years

Annexure

Particulars

Premium Earned

Premium on Reinsurance Ceded

Net Premium Earned

Investment Income1

Other Income

Total Income (A)

Commission Paid

Operating and Other Expenses2

Provision for Tax – Policyholders’

Claims / Benefits Paid (net)3

Change in Actuarial Liability4

Total Expenses (B)

Profit Before Tax (A – B)

Provision for Tax – Shareholders’

Profit After Tax

₹ in billion

FY24

814.3

(8.4)

805.9

514.1

0.5

FY25

849.8

(9.2)

840.6

328.6

0.002

1,320.5

1,169.2

32.6

49.8

1.4

431.1

786.3

37.4

56.3

2.0

489.0

559.5

FY26

1012.9

(13.3)

999.6

123.4

0.7

1,123.7

45.0

67.8

1.6

543.2

440.7

1,301.1

1,144.3

1,098.3

19.4

0.5

18.9

24.9

0.8

24.1

25.4

0.7

24.7

Performance Update | 12M FY26

1. Net of Provision for diminution in the value of investment and provision for standard and non-standard assets; 2. Includes provision for doubtful debts (including write off), GST on charges and Shareholder expenses; 3. Inclusive of interim bonus and terminal bonus; 4. Includes movement in fund for future appropriation; Components may not add up to total due to rounding-off

Annexure

Particulars

Source of Funds

Share Capital

Reserves and Surplus

Credit / (Debit) Fair Value Change Account

Sub Total

Credit / (Debit) Fair Value Change Account

Policy Liabilities

Provision for Linked Liabilities (includes change in fair value)

Funds for Discontinued Policies

Funds for Future Appropriation

Total Liabilities

Application of Funds

Investments

Shareholders

Policyholders

Assets held to cover Linked Liabilities

Loans

Fixed Assets

Net Current Assets

Total Assets

FY24

10.0

135.9

3.2

149.1

47.2 1,558.1

2,045.7

114.4 13.4

3,927.8

130.4

1,565.4

2,160.1

3.9

5.6

62.5

3,927.8

FY25

10.0

157.9

1.9

169.9

48.3

1,798.8

2,333.6

142.8

15.9

4,509.2

146.0

1,852.3

2,476.4 4.8

5.9

23.8

4,509.2

₹ in billion

FY26

10.0

180.8

(0.01)

190.9

(2.1)

2,125.1

2,425.7

163.8

17.2

4,920.5

167.1

2,107.1

2,589.4 6.1

6.9

43.9

4,920.5

Performance Update | 12M FY26

Components may not add up to total due to rounding-off

Annexure

Transitioning from Foundation to Advancement

With strong ESG foundation in place, transformation is anchored across 4 strategic pillars – C.A.R.E.

Customer, Community & Contributors

Embedding inclusivity, accessibility and best practices across the value chain

Waste Management

Risk Management

Climate Change Management

Accountability & Ethics

Maintain high ethical standards while advancing sustainable practices

Corporate Governance

Responsible Governance

Robust governance and enhanced reporting improving transparency

Anti Bribery & Corruption

Value Chain Assessment

Community Engagement

HCM

Human Capital Management

Environmental Stewardship

Focus on reducing environmental footprint and strengthening climate resilience

Performance Update | 12M FY26

Latest Ratings - DJSI : 45; MSCI: A; NSE: 76; CRISIL : 60

Annexure

Committed to sustainability and minimising carbon footprint

• 100% paperless onboarding for distributors

• 99.7% new business proposals logged digitally

• 98% renewal premium collected digitally

Digital Onboarding

• Corporate office, Processing Center and few regional

offices moved to 100% renewable energy.

• Measures in place to track & reduce Scope 1, Scope 2 and Scope 3 emissions (excluding financed emissions) for all offices

• Board-driven emission reduction targets

• More than 60,000 native saplings planted through

Miyawaki technique

• Mangrove Restoration in Sundarbans of West Bengal,

with > 9 lakhs saplings planted

• Water stored through rainwater harvesting at

Corporate office building

Decarbonisation Strategy

Rainwater Harvesting

Climate Policy

Performance Update | 12M FY26

Data pertains to FY26

• LED lights were installed in all offices where interior or

ambience work was undertaken

• Procurement of energy-efficient appliances for

installation across all offices.

Energy Efficiency

• 1,328 KL of water was treated by Sewerage Treatment

Plan at corporate premises.

• Unused water from the water cans procured by the

company reused to water the garden plants

• Company took an initiative for rejuvenating 15 ponds

• 1,620 kgs of E-waste recycled through green channels

with zero emissions

• 1,250 kgs of Wet Food Waste recycled into compost

by Eco Composter Machine installed in head office

• More than 10,000 kgs of paper and cardboard waste

recycled through certified vendors

Water Management

Waste Recycling

Other Initiatives

• Climate change management policy adopted and is

available on company’s website

• Building is certified with IGBC Green Rating – Gold

(Corporate Office & Processing Centre)

Annexure

Empowering communities around us, enabling an inclusive world

• Customer satisfaction at core – Net Promoter Score – 86

• Robust Grievance Redressal Mechanism –

8 per 10,000 policies

Customer Centricity

• 13th Month Persistency –

87.9%

• Claim settlement ratio –

99.44%

• Governed by ISO 10002:2018 & ISO 9001:2015

• Serving 4.7 mn lives - micro insurance products

• Serving 52.3 mn inforce lives under PMJJBY

•

• 99.9% claims settled in PMJJBY

• 2.5 mn new lives covered in social sector

• 737K+ Individual new policies issued in rural areas

• 13% of AUM invested in infrastructure & housing

•

Initiatives to promote Insurance awareness in Chattisgarh

Financial Inclusion

Performance Update | 12M FY26

Data pertains to FY26

• Maternity & Paternity leaves for employees

• Annual event Sangam, for employees and

their families

• Employee engagement activities - Yoga Day,

Marathons, Food festivals, Festive Celebrations

• Employees Term, Accidental and Mediclaim policies

• Monetary incentives for rewarding loyalty

• Work from home facility for better work life balance

•

• 100% employees receives performance review

• 0.12% cost incurred on well being measures.

• SAMVAD Platform for all employee grievances

• Employee Stock Option Scheme to drive performance

and for retention of performers

• 24% women employees

• Project Shakti – 38% women advisors

• Creche facility at select locations

• 20 differently abled employees

Human Capital Management

Diversity and Inclusion

Annexure

Empowering communities around us, enabling an inclusive world

• ₹9.9 mn spent towards wellbeing and healthcare

of community through CSR

• ₹67 mn spent towards education, nutrition and

overall development of under-privileged community through CSR

• 20K+ direct CSR beneficiaries

• 13 skill development programs impacting 15,511

beneficiaries

• “SAMBHAV” integrates CSR initiatives to empower

communities across key focus areas

• Data Privacy Policy and classification tool in place

• Zero complaints received for data privacy

Social Inclusion

Privacy Protection

• Offices accessible for differently abled individuals –

wheelchairs facility at offices

• PoSH Policy – Zero tolerance for sexual harassment

Human Rights

•

Imparted training to 99% of Employees and 96% of distributors.

• Average ~41 hours of classroom learning and

~14 hours of e-learning for employees

• 261 modules created to train employees &

intermediaries

Skill Development

• Zero work related injuries or fatalities

• Health check-up programs and wellness sessions

at pan-India level

• Comprehensive safety audits and inspections

• Regular fire drills and sanitation procedures

• Male and Female Medical Practitioner available

at corporate office / CPC

Health and Safety

Performance Update | 12M FY26

Data pertains to FY26

Annexure

Integrity, Excellence and Ethics – Three pillars of our Corporate Governance philosophy

• 62.5% Independent Directors on Board ensuring

Independence in governance

• Women Director on Board

• 9 committees chaired by Independent Director

• Board Diversity Policy

• Board Evaluation process and results – driven

action plan

• Code of conduct for employees, suppliers as well

as Directors

• Average tenure of board members is 3 years

• Average board meeting attendance is ~97%

• Board approved ESG framework

• Stakeholder relationship and sustainability committee

monitors ESG aspects & impacts

• ESG Steering Executive Committee responsible for

integrating ESG in business

• ESG Report based on GRI Norms

• RI framework in place

• Stewardship Policy – Engagement with investee

companies; voting policy and disclosures

Corporate Governance

ESG Governance

• Robust compliance mechanism ensures prompt communication of significant compliance risks

• Policy on tax strategy and governance

• Conducted value chain assessment, enhancing

transparency and promoting ESG practices across value chain

Transparency and Reporting

•

Information Security Management System (ISMS) - ISO 27001:2022 (Certified)

• Board approved information and cyber security policy to ensure data security and protects from cyber threats

• Firewall, anti-malware solutions, E-mail security and

filtering in place

Information Security

• Statement of Compliance – Enterprise Risk

Management - ISO 31000:2018

• Formulated risk appetite statements carry out

ICAAP (Internal Capital Adequacy Assessment

• Business Continuity Management System (BCMS) –

ISO 22301:2019 (Certified)

• Risk awareness & training to build risk-conscious

culture – Risk Pledge, External Speakers

• Risk governance framework with board level risk

oversight

Risk and Crisis Management

Performance Update | 12M FY26

Data pertains to FY26

Annexure

Description

Gross Written Premium

New Business Premium

Number of Policies

Annualised Premium Equivalent

Individual Rated Premium

Assets Under Management

Term

Opex

CAGR

GDP

INR (₹)

USD ($)

TAT

Description

Operating Expenses (excluding commission)

Compounded Annual Growth Rate

Gross Domestic Product

Indian Rupee

United States Dollar

Turn Around Time

Bancassurance

Traditional Segment

SBI Life Insurance Company Ltd - 540719 - Announcement under Regulation 30 (LODR)-Press Release / Media Release (Revised)

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