SBI LIFE INSURANCE CO LTD (NSE: SBILIFE) Q3 2026 Earnings Call dated Jan. 28, 2026
Corporate Participants:
Amit Jhingran — Managing Director and Chief Executive Officer
Prithesh Chaubey — President and Appointed Actuary
Analysts:
Avinash Singh — Analyst
Prayesh Jain — Analyst
Madhukar Ladha — Analyst
Sanketh Godha — Analyst
Rishi Jhunjhunwala — Analyst
Vinod Rajamani — Analyst
Raghvesh — Analyst
Mohit Mangal — Analyst
Harshal Mehta — Analyst
Shobhit Sharma — Analyst
Dipanjan Ghosh — Analyst
Megha Bagaria — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to SBI Life Insurance Co. Ltd. Q3FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing STAR and then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Amit Jingren, Managing Director and CEO SBI Life for his opening remarks. Thank you and over to you, sir.
Amit Jhingran — Managing Director and Chief Executive Officer
Good afternoon everyone. It is a pleasure to welcome you all to the results update call of SBI Life Insurance for the period ended 12-31-2025. We appreciate and thank you for your valuable time and efforts in analyzing the results and participating in the earnings call. Updates on our financial results are available on our website as well as the websites of both the stock exchanges. Along with me, Mr. Sangram Jee Singh Sarangi, President and CFO Abhijit Gulanikar, President Business Strategy Subendu Bal, President and Chief Risk Officer Pritesh Chaube, President and Appointed Actuary and Ismita Verma, Senior Vice President Finance and Investor Relations are present.
The life insurance industry witnessed improved momentum during the third quarter supported by recent regulatory measures and a gradual shift in customer preference towards protection oriented products. The exemption of GST on individual policies contributed to improved affordability and added demand. During the quarter we have achieved significant milestone that underscores the strength and scale of our business. Our assets under management the AUM surpassed 5 trillion rupees that is 5 lakh crores reflecting sustained customer confidence and long term value creation driven by disciplined execution. In December, SBI Life outperformed the overall industry on an IRP basis driven by volume growth and higher individual policy sales.
While in Q3 the company led the private life insurance segment with a 68 basis points gain. Besides, it achieved 192 basis point gain on a total rated premium basis reinforcing its strong market position and competitive performance. This performance reflects the resilience, operational efficiency and productivity across all our distribution channels, Agency, Bank Assurance, Direct and digital. As customer needs continue to evolve, SPI Life remains focused on innovation and strengthening its offerings to drive sustainable growth and long term value for all stakeholders. Now let me give you some key highlights for the period ended 31st December 2025.
New business premium stands at Rupees 313.3 billion with a 19% growth and a private market share of 23.5%. Individual rated new business premium IRP stands at Rupees 166.8 billion with a growth of 15% and private market share of 25.6%. Gross return premium stands at Rupees 733.5 billion with a growth of 20%. Our profit after tax grew by 4% to Rs. 16.7 billion as compared to the corresponding period last year. Value of new Business stands at Rupees 50.4 billion with a growth of 17%. VonB margin stands at 27.2% for the period ended December 31, 2025 with a gain of 34 basis points.
Indian Embedded value for the company as on December 31, 2025 stands at Rupees 801.3 billion. Our assets under management stands at Rupees 5.1 trillion with a growth of 16% over corresponding period last year. Solvency ratio of 1.91 as against the regulatory requirement of 1.50. We will now update you on each of the key parameters in detail. Let me start with the premium. Individual rated Premium stands at rupees 166.8 billion with a YoY growth of 15% while retaining our leadership position with a 25.6% private market share and a 18.6 total market share, it grew by 14.4% with a three year CAGR outperforming the industry average of 10.4%.
Total new business premium is rupees 313.3 billion with private market share stands at rupees 23 point at sorry 23.5% and total market share stands at 10.1%. Group new business premium stands at rupees 87.8 billion with a contribution of 28% in new business premium renewal premium grew by 21% to rupees 420.2 billion which accounts for 57% of the gross written premium. To sum up, gross return Premium stands at Rs. 733.5 billion with a growth of 20% over corresponding previous period. APE stands at Rs. 185.2 billion registering a growth of 16% out of this individual. APE stands at Rs.
168.8 billion with a growth of 15% during the period ended 12-31-2025 total 16.5 lakh. New policies covering 18.3 million lives were underwritten. The growth in sum assured reflects strong consumer confidence and rising awareness of financial protection. Individual and group new business sum assured increased by 74% and and 67% respectively compared to the same period last year while rider sum issued has grown significantly, now contributing 30% of the individual sum assured. Let me give you details about the product mix for the period of nine months financial year 2026 guaranteed nonpar saving are contributing 18% on individual APE basis while ULIP stands at rupees 114.3 billion contributing 68% versus 72% last year.
For the same period, protection business contributes 9% of APE and stands at 16.6 billion. We continue to maintain a strong focus on the protection business which remains a key pillar of our growth strategy. The protection segment recorded robust performance with a 24% year on year growth on an APE basis. Individual protection ape is at Rupees 6.4 billion with a growth of 21% as compared to 9 month FY25. It is noteworthy that the pure protection category saw strong growth of 98% on an individual APE basis reflecting rising awareness and demand for comprehensive financial protection while the individual sum issued in the protection Segment grew by 87%.
Group Protection Ape stands at Rupees 10.2 billion with a strong growth of 25%. Credit Life Ape has grown by 20% and stands at Rs. 2.1 billion and GTI Ape has grown by 27% standing at Rs. 8.1 billion. Individual Ape for participating products stands at Rupees 12.3 billion with an exceptional growth of 116% year on year. Our recently launched product Smart Money Back plus has garnered a premium of Rs. 5.6 billion. Traction in Individual non parcel saving products on APE basis continues and witnessed growth of 20%. Retirement plans assist customers in building a substantial corpus of funds to maintain the desired lifestyle and manage expenses in their golden years.
Total annuity and pension new business underwritten by the company is rupees 64.1 billion. Moving to update on our distribution partners with a strength of more than 58,000 CIFs. The Banker Assurance business of SBI and RRBS contributes 62% of the total APE on an individual APE basis if it stands at Rs. 112.3 billion reflecting growth of 16%. SBI branch productivity on individual APE terms stands at Rs. 6.4 million for this period registering a growth of 15%. Banks other than SBI Group are also growing at 24% on total APE basis as on 31st December 2025, agency individual APE stood at Rupees 48.8 billion growing 11% with agent productivity at Rupees 3 lakh.
The channel witnessed a shift in product mix. Non ulip share increased from 31% to 37% for nine month period supported by robust 86% growth in agency individual sum issued. The company added over 94,000 agents on a gross basis. We have opened 66 new branches this year. This expansion is aligned with our vision to create infrastructure that supports the long term development of our agency channel. The other channels, direct corporate agents, brokers, online and web aggregators for nine months grew by 33% and contributed 11% of total APE non par business growth through other channel registered growth of 32% on individual APE basis.
We are investing in building our online business channel and for nine months of this channel has grown by 4. 45% on APE basis. Coming to updates on profitability, our financial performance reflects the impact of GST and revised labor law. Taking these factors into account, the company’s profit after tax for the period ended 31st December 2025 stood at Rupees 16.7 billion representing a 4% growth over the corresponding period last year. Excluding this impact, the profit of tax for the period ended 31st December 2025 would have been Rupees 21.5 billion with a growth of 34%. Our solvency remained strong at 1.91 as against regulatory requirement of 1.50.
Value of new business stood at Rs. 50.4 billion reflecting 17% growth with a margin of 27.2% for the period ended 31st December 2025 up from 26.9% in nine month FY25 driven by both volume growth and favorable shift in product mix. The margin is reported after accounting for the impact of gst. Excluding this impact, the VONB margin would have stood at 28.3% with a gain of 140bps. In Q3FY26.VONB reached Rs.2290 registering a 22% increase over the same quarter last year. Embedded value for the company as on December 31, 2025 stands at Rupees 801.3 billion with a growth of 18% over corresponding period.
Excuse me, OPEX ratio stands at 6.2% and total cost ratio stands at 11.2% for the period ended December 31, 2025 as compared to 5.3% and 10.2% respectively for the period ended December 31, 2024. With respect to persistency of individual regular premium, 13th month persistency stands at 87.1% with an improvement of 101 basis points. While there has been a slight decline in other cohorts during the current period, we remain confident that persistency will improve by the end of the year. As mentioned in my opening remarks, assets under management stand at Rupees 5.12 trillion as at December 31, 2025, having a growth of 16%, debt claim settlement ratio stands at 99.3% for this period.
Our MIS selling ratio stands at 0.02%, which is 1 of the lowest in the private industry and this is achieved through our consistent approach adopted by the company to ensure right selling of the customers. Digitalization is transforming the life insurance industry, enabling us to deliver enhanced services and a more seamless experience for our customers. As we embrace this digital transformation, we remain committed to innovation and excellence, ensuring that we stay ahead in an increasingly competitive landscape. The company continues efficient usage of technology for simplification of processes. With 99.7% of the individual proposals being submitted digitally, 58% of the individual proposals are processed through automated underwriting.
In conclusion, by embedding resilience and continuous improvement at the core of our culture, and by strategically strengthening our key channels, we are well positioned for sustained growth. Our unwavering commitment to delivering exceptional customer service not only deepens client relationships, but also reinforces our reputation as a trusted and leading force in the market. Thank you all and now we are happy to take any questions that you may have.
Questions and Answers:
operator
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press STAR and then one on their Touchstone phone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles again to register for a question, you may press star and 1. Our first question comes from the line of Avinash Singh from MK Global. Please go ahead.
Avinash Singh
Yeah, hi, good evening. Thanks for the opportunity. Good set of numbers considering the GST level code impact, the kind of consistent margins and a very strong VNB was particular in the quarter. That’s kind of a. I would say net achievement first is particularly a bit I would like to know on product mix. So in the current environment where there has been kind of a repo rate cut that leads to deposit rates going down, but bond yields kind of a holding or inching up typically a nonpar savings growth one would have expected to be better or rather stronger than the overall growth.
But at least in the quarter it has not been. So what’s happening there? I mean that is kind of hampering the demand of nonpar in the market. I mean your experience and secondly related slightly unrelated solvency at 191% is far, far above I would say the regulatory requirement of 150%. But typically in your embedded value jumps and all your I guess management threshold is 180odd percent. So do you see, I mean this solvency and organic profit generation to be sufficient enough for you to allow a strong growth across product segment like say whatsoever product is growing maybe protects a non parcel.
I mean do you see any sort of limitation coming from that side that can kind of lead to some optimization on product or rather your solvency or capital is totally adequate to provide a strong growth across the products. So these are two questions. Thank you.
Amit Jhingran
Thank you Avinash for your appreciation. So product mix as far as you were talking about nonpar growth. So I would like to highlight that on IRP basis the growth in pure nonpar products excluding production is 10%. Production has grown by 44%. The numbers of nonpar could have been better. But during the quarter we launched our participating product money back and a lot of our distributors got diverted to that new product and it showed very strong growth. So if you look at the non par combined growth it has been much better than our overall IRP growth.
As far as solvency is concerned. Yes, it has slightly come down in the H1 numbers. But then that is also a result of our product mix lot of protection is being written and if you look at the total sum assured that has been written by the company, we are one of the highest with with more than 74% growth on total sum issued that is having some impact on the solvency. But at 1.91 we are comfortable and we are very sure that going forward in the short term this will continue to support our growth.
Avinash Singh
Thank you. Just a quick follow up. I mean if I were to see, I mean the labour code impact or GST impact, everything now particularly is already numbers and also in product mixed terms typically I mean par have done or other outgrown non par. So all this factor already is kind of in base. So is it safe to kind of assume that going ahead the margins typically would be better than where it has been in the quarter? Is it a safe kind of assumption?
Amit Jhingran
So as far as margin is concerned we are very happy that the guidance that we have had provided of between 26 and 28% we have been able to maintain that at the middle range of that as far as GST impact is concerned. See, that impact is going to continue because the business will be there and commission payment will be there. The GST payment on that commission will continue to be there. But by our internal processes, by strengthening our product makes, our distribution makes, and having leverage on our other operational expenses, etc. We have been able to maintain the margin as per our guidance.
So we continue to stick to our guidance of between 26 and 28% in the coming quarter also.
Avinash Singh
Got it. Thank you, sir. Thank you.
operator
Thank you. Our next question comes from the line of Priyash Jain from Motilal Oswal Financial Services. Please go ahead.
Prayesh Jain
Yeah, hi, I’m. Congratulations. Just, you know, coming to the channel, channel performance, you know, how do you see the SBI as a channel growing from year on? It’s been showing a very strong momentum in the. In the last few months. Do you see this momentum getting stronger going ahead? How should we think about SBI as a channel and what are the kind of levers we have there to grow this business more aggressively?
Amit Jhingran
So as far as channel mix is concerned, we are happy that our overall growth number that the guidance that we had provided of about 13 14% we have been able to maintain that and slightly, maybe even better than the guidance within the channel mix. Different channels have their seasonality and third quarter specifically has. Has always been very good for SBI live. There is some good traction being seen in the SBI also off late and we are very sure that in the fourth quarter also we will be able to maintain our overall growth number as per our guidance of 13 14%.
And within that all the channels are performing as per our expectations.
Prayesh Jain
This 13 14% guidance is on the APE growth.
Amit Jhingran
Yeah, sorry, come back again.
Prayesh Jain
This 1314 growth is for the full year. APE growth.
Amit Jhingran
Yes. Yes.
Prayesh Jain
Okay. And so what would be your thought process with respect to say now we are already into the 10th month of this year. How do you see the next year shaping up for from a growth perspective?
Amit Jhingran
So there is good traction being seen in the last quarter as a company and as a player in the industry. We hope that this trend noticed in the last quarter will continue for some time for this quarter and in the coming year.
Prayesh Jain
Also got that second question is on the cost ratios. While we are amongst the best in the industry, by far the best in the industry, but we’ve seen this increasing. Right. Sort of total cost ratio has gone up to about 11.2% in nine months. I’m sure there will be some implications of GST and labor laws in it. But you know, as you said, the GST impact is going to be there and my labor law could be one time. But how do we see this cost ratios going ahead? You know, do we see this at, you know, topping out at anywhere close to current levels or do you think this will continue to increase?
Amit Jhingran
The cost ratio is also, you see, the product mix is also one of the factors for the cost ratio. So there is some impact of improvement in product mix on the COVID cost ratio. As you rightly said, GST and the labor code impact has also been there. Going forward, I think we will continue to maintain in the same range plus, minus, approximately.
Prithesh Chaubey
We have to differentiate between operating cost and commission operating cost like we have decided we will continue to maintain. And if our product mix further improves, there could be some increase in commission ratio. But that is part of the overall mix, so that should not matter.
Prayesh Jain
Okay, so last question. Anything on, you know, the. There has been a lot of discussions going around with respect to commission, you know, tappings in the industry. Any thoughts that you want to share on the same?
Amit Jhingran
So we continue to be the lowest cost operator in the industry and we are ready for any kind of changes, if any coming from the regulator side on the commission front.
Prayesh Jain
Okay, thank you.
operator
Thank you participants. You may press star and then one to ask a question. Our next question comes from the line of Madhukar Lada from JP Morgan. Please go ahead.
Madhukar Ladha
Hi, good evening. Congratulations on a good set of numbers. I have a couple of questions. First on the VNB margin, I think in the first half call you had mentioned that Cetris paribas, the impact of GST is about 175 basis points. That would be sort of on a full year basis compared to like FY25 full year margins. I wanted to get a sense that now that this quarter is over, what would that number be and what is the sort of benefit that we’ve got because of a better product mix in 3Q? So if I were to just look at 3Q margins, you know, where are we tracking in terms of the impact of just the 3Q margin, just GST on the 3Q margins.
And second, so when I look at, you know, protection growth, so versus peers, our individual protection growth has been lower and in this environment because of the, you know, GST cut, etc. One would expect like even stronger protection growth. So what’s the thought process of that and how are you sort of looking at protection over the next couple of years if we can see further acceleration happening up there? Lastly for these new labor laws, can you quantify what is the impact? I may have missed that in your opening remarks. And have you accounted for this impact in your EV disclosure that you have given? Yeah, those would be my three questions.
Thanks.
Amit Jhingran
So I will come to your second question first, the production growth for the year on the IRP basis has been 26.1% and including group also we have seen some good production growth in credit line 27% plus so overall the production growth is better than the company’s overall growth numbers. Our focus on protection products as you must have noticed we have launched several products in last one year in the protection segment and very competitively priced. Our protection product on the YONO channel is also giving us very good numbers. We have sold more than one and a half lakh policies in last nine months in this financial year.
So the focus on production continues to be there. As far as impact of new labor laws is concerned, it is 135 crores which has been accounted for in our profit statement, profitability statement and yes this has also been counted under the EV calculation. Now regarding VONB margin, I will request Our Chief Actuary, Mr. Prime Minister Hob to respond.
Prithesh Chaubey
Thanks sir. On this margin fund, what we explained last time that the full year impact will be 175 basis point and that we primarily will try to get offset by the or better product mix. If I look into this quarter, the full year the business impact is around 150 basis point and this is coming because you might be noticed that there is slightly increase in the ULIP mix and that part but that also help us to get lesser impact on the GST. So if you look at YTD basis is 110 basis point. So we are still holding up that by end of the year impact most of the impact will get observed by our product better product mix and maybe left with the 30:40 waste point, not more than that at the end of the year.
Madhukar Ladha
Got it. And just one follow up, we are seeing reduction in persistency in the 25th 37 61st month a little bit, you know any comments in that and have we assumed enough or do we have some margin of error of that or would that result in sort of some negative operating experience?
Amit Jhingran
There is no concern at all. Then the persistency is concerned. We have got a very good strong growth on our renewal premiums almost kind of about 20 21%. If you see the 13 month persistency also has shown the growth better as compared to the previous numbers. Only the same 61st month persistency which has come down which previously also we have communicated that this is the COVID cohort which is going to hit this year. This is going to be the last cohort which we are expecting 25th month and the 37th month. It is just a marginal which we are very hopeful that it will be cover up in the current quarter itself.
And 49 months we are very clear that it is going to be positive. So we don’t have any issue per se at this moment as far as the persistency is concerned across cohorts.
Madhukar Ladha
Got it, sir. Got it. All right, sir, Congratulations on good set of numbers and all the best.
Amit Jhingran
Thank you.
operator
Thank you. Your next question comes from the line of Sanket Kota from Evinder Spark. Please go ahead.
Sanketh Godha
Yeah, thank you for the opportunity. Sir. If I understood right, you said in 2Q analyzed impact was 175bps on the margin due to GST, which you cut it down to 150. And by end of the full year the impact should not be on annualized basis more than 30, 40 basis points. That’s the way you’re trying to tell sir.
Prithesh Chaubey
The impact net of this product mix will be Nothing more than 3040 basis points.
Sanketh Godha
Okay, so basically compared to the last year means. Basically compared to the last year. If you don’t make any assumption changes which you typically do in the fourth quarter, then the margin for the company will be 30, 40 basis point lower compared to the last year. That’s the way I need to understand, right?
Prithesh Chaubey
Yeah, that’s correct.
Sanketh Godha
Okay. And actually assumption changes which will play out in fourth quarter will probably add or maintain the margins. Maybe. Hopefully.
Prithesh Chaubey
Yeah, that will come back here.
Amit Jhingran
It’ll also depend on the product mix.
Sanketh Godha
Yeah, understood, understood. And, and, and, and the second question sir is on the growth. So basically if, if I look last three odd years, the fourth quarter is typically 2022% lower compared to the third quarter. Maybe, maybe that was not the case pre Covid just wanted to understand that the trend will continue because sales typically get affronted in more than 3Q. So is it fair to say that in fourth quarter your growth will be 20% kind of lower compared to 3Q.
Amit Jhingran
So as far as growth is concerned, for the entire year we had given a guidance of 13 to 14% and we continue to stick to that for the entire financial year also.
Sanketh Godha
So which means that you are already at 16% growth in nine months. So if you don’t beat the guidance, then it’s like 10, 11% growth for the fourth quarter. I’m assuming that number will Be little conservative. So just wanted to understand that point.
Amit Jhingran
No, no, we will definitely be much better than 1011 if you look at the individual quarter. But overall guidance for the year remains at 14%.
Prithesh Chaubey
But three will remain our biggest quarter.
Amit Jhingran
Yeah.
Prithesh Chaubey
In absolute number.
Sanketh Godha
So basically fourth quarter should. Should be smaller than. Than relatively smaller than the third quarter in that sense.
Prithesh Chaubey
Yes. Absolute number.
Amit Jhingran
Yes, absolute number. Yes. But the growth. Growth numbers are different than the absolute numbers.
Sanketh Godha
Understood sir. And if you can quantify the guidance for 27, if you have already started working on budget that will be useful. And second question is see now you are the only company among all the listed names, even the recently listed names. You don’t have any exposure to deferred annuity. So any thoughts you have on maybe growing the annuity business by launching a deferred annuity? Because now entire industry has launched it. So just wanted to understand your thoughts on that particular product.
Prithesh Chaubey
So under different. We have already working on that. So we’ll do that just just to get this. So we have one product. So so as of now we have. This is not that we don’t have different entity. We have the deferred entity but that is a single premium. And what we realize that people are looking for the more limited pay kind of different. Working on that. I’m hopefully we’ll go and launch those prioritizers.
Amit Jhingran
For annuity business. Individual annuity in this quarter with single annuity on rated basis. So the annuity is seeing good traction even without the regular pay deferred product.
Sanketh Godha
So the reason I’m asking sir is that this typically it is believed that regular pay deferred annuity has a superior margin and maybe the growth could have been much more accelerated if you would had that product in your kitty. So from that perspective I’m just asking any thoughts and or fundamentally you believe that a regulatory deferred annuity is not a great product and therefore it cannibalizes into non part and that’s why you don’t want to launch it.
Prithesh Chaubey
No, we are working on that and we will learn that.
Sanketh Godha
Okay.
Amit Jhingran
It is not that if we don’t have one product then our growth is suffering because of that. We continue to take advantage of all available market opportunities and if something is missing from our arsenal, we have definite reasons for that and we continue to work on those reasons and introduce appropriate product at appropriate time.
Sanketh Godha
Understood sir. And maybe if you can, if you are working on the budget 27 numbers if you. If you can guide and lastly you gave rider numbers for for the individual summation which is 30 percentage but. But if I want to check on Ulips what is your rider detachments on on premium basis or in policy count. I’m interested.
Prithesh Chaubey
Policy count it is approximately 35 to 40%.
Sanketh Godha
Okay.
Prithesh Chaubey
Premium we don’t look into because premium peanuts because if you see the most of the saving product you compare rider premium designed but we are more than happy and we are trying to improve further this attachment with rider attachment and 35% 40% Our objective is to improve from the this is also indicate that how riders are important for the customer to provide the protection which is the sole objective for any insurance company like us.
Amit Jhingran
As far as FY27 guidance is concerned we are still still working on the numbers. We have seen very good traction in the last quarter and we are keeping very close watch and how these one or two months of this quarter pan out and you will have to wait a bit for the final guidance for the next financial year But I will assure that it will not be lower than what we are currently growing at.
Sanketh Godha
Perfect. Understood. Thanks for your answers.
operator
Thank you. The next question comes from the line of Rishi Junjunwala from iifl. Please go ahead.
Rishi Jhunjhunwala
Yes, thanks for the opportunity. Couple of questions. One is, you know this quarter the amount of power that we have sold is almost more than what we have sold the entire language, you know last year or last four quarters. So just wanted to understand I mean what is driving this, right? I mean is there a specific push towards this product because there was. It was easier to absorb, you know some of the GST impact here or how do we look at it if it is a one off and then it will drop down to the normal rate going forward.
Prithesh Chaubey
This is power portfolio as we earlier also mentioned. Even if remove 3, 4 cars earlier as well. We continue revamping our product suit and the last year when the regulation regulation came our priority was to prioritize this uniting product and on par and protection and subsequently we are having less products. There are significant demand in the market for power particularly for child segment and the money money back. So last this year we have launched both the products. One on the child segment, other in the limited pay money back part and other is the regular pay money bag.
So this product is a lot of requirement from our field force. From the last 15 to 18 months that we have launched they were delayed from our side. But when the product has gone there is a lot of attraction and that’s the reason you see the growth in the power business. But if you look into absolute. If you just ignore this growth, particularly the composition of the power in our portfolio it still is much lower. So you may see the growth in the power going forward. But this is our product management approach that we finalized to your back and working on including the riders and there is nothing linked with the GST for the growth of the power.
Rishi Jhunjhunwala
Understood sir. The second question is on solvency. So it is now in this quarter at a multi are low and we have a dividend potential dividend announcement coming in 4Q when we typically see 10 to 15 percentage point further drop insolvency. So you know, how do we look. At that and any need for capital requirement if any that could lead to.
Amit Jhingran
No see as far as our dividend distribution is concerned we follow a principle which we are constantly following for the last few years. As far as the solvency is concerned I think if you see it hovers between the 192 to 202. So we are pretty comfortable on this range and as far as business the way we have been doing and the product mix is shifting. There was anticipated that there would be some kind of pressure on the surgency. But we are quite confident that our back books as well as our business growth which we are anticipating the the next quarter we don’t see any pressure on the solvency per se towards the declaration of dividend is concerned.
Rishi Jhunjhunwala
Understood sir. And just one last clarification. I’m sorry to repeat this question. One of the other analysts had also asked nine months we have grown 16%. Our guidance for full year is 13 to 14%. You know so that implies that 4Q growth will be 10% at the higher end and 4Q last year was not a strong growth year for us. So even the base is quite favorable. So is there anything that we are missing out or. It’s just that we do not want to revise the guidance at this point of time because otherwise it will mean a reasonable slowdown in growth next quarter.
Amit Jhingran
No, I am very sure that too much should not be read into these numbers. As far as full year growth is concerned we had given a guidance and there is no point in revising that guidance at the end of 10th month. So I am sure that you will be seeing that we meet our guidance with a positive bias.
Rishi Jhunjhunwala
Understood? Fair enough sir. That’s. That’s clear. Thank you so much.
operator
Thank you. The next question comes from the line of Vinod Rajamani from Nirmalbang. Please go ahead.
Vinod Rajamani
Thank you for taking my questions. I had two questions. The first one is on this, on the protection products specifically. So If I look at the individual summer shot that’s gone up by almost 74% but your individual protection new business premium has grown by 25%. So this sum assured inflation which is happening, is that because of say selling more of the return of premium kind of term plans or is it because you know the sum assured on your savings products itself have gone up. So that is. That is question number one. Second question was on this channel, you know economics and so on.
So the bank assurance productivity has jumped around 15% and your agency productivity is is at 3 lakhs. Despite adding some 25% more agents, this opex ratio has gone up by 90 bits to 6.2%. So just wanted to know how much of the this OPEX increase is related to agency and what is the realistic timeline we should have in mind before this agency productivity also starts inching upwards. So these were two questions. One was on agency productivity going upwards and the second is on why there is a divergence between the summer short and the new business premium. On the protection side .
Amit Jhingran
The divergence between the sum issued and the premium is on account of the growth in the total protection. And within the protection the share of drop has gone down. Share of pure protection has gone up with where the premiums are lower. So the total premium growth is lower than the total sum issued growth. That is as far as your protection query is concerned. Regarding the increase in opex as already said that this is also a result of change in product mix. The productivity on the agency side there is already an uptick not only on the productivity, also on the number of agents have increased.
And despite that the productivity is showing a good increase in the number. So strengthening of agency channel is ongoing and we want to improve our total agency contribution in the channel mix.
Vinod Rajamani
Yes. So that’s perfect. I understood the agency bit just on this summer shot. So the. I see the individual summer shot has gone up by 74% whereas the. So this is excluding the group business. So. And your individual NDP protection is gone up by 25%. So. So that. So. So the reason why I was asking is the. Why is there the gap between say the 74 and 25. Is this because you know you’re selling more of return of premium kind of products or is it because it is actually okay the other way around for.
Amit Jhingran
For the same sum assured drop has a higher premium than pure protection. Here our mix is improving in favor of pure protection. So the premium is going down for the same some issued.
Vinod Rajamani
Understood. Okay, thanks so much. Those are my two questions. Thank you.
operator
Thank you. The next question comes from the line of Raghavish from GM Financial. Please go ahead.
Raghvesh
Hi sir, thanks for the opportunity. I had a couple of questions. So first on the gross impact of GST in this quarter. So on an absolute number the impact is around 1.3 billion which is almost 5% of the 3Q BNB. So I’m unable to reconcile that how that you know fits with the overall 1.75% or 175%. And secondly the banker growth. So this quarter in fact starting from September, the banker growth has been a positive surprise. So anything to read into that? Should we start extrapolating this kind of growth in in our models? Because say a couple of quarters back we quote from banker was a key concern.
So these were.
Prithesh Chaubey
Yeah. So on the. On the GST side, on the margin, what we’re saying that the business that we retain in this Q3 which is purely post GST, the impact on the margin, you know that this is only for the 1/4 and the GST impact came on the 22nd of September. So the impact that we are seeing in 110 basis point that we disclose is on account of the new business written after 22nd of September and the earlier business during the financial year where the GST impact are the renewal commissions. And once going forward, once this will move to the next year the impact for the all business will be 150 basis point, annualized basis.
And what we are saying that the impact that we are going to get on the new business and account of GST 150 basis point will get offset mostly by the better product mix in terms of the lineup in business and within the product and different kind of products and that will mostly offset and balance remain will be approximately 3040 basis point at end of this year.
Amit Jhingran
As. Far as banker growth is concerned. First let me clarify that there has never been any degrowth in the Banca channel in last two years or even three years kind of period. Yes, the growth rate had come down to higher signals single digits and fourth quarter growth as far as is concerned. You are aware that you see October, November, December has always been a very strong quarter for SBI Life and this year’s growth was also added by. I will say that the GST issue, the GST exemption that has been granted, the affordability has improved, improved and probably that has effect on the entire industry including the SBI live which has posted very good numbers in Q3.
Raghvesh
Okay, so. So nothing specific which has changed in the in the SBI bank channel in the last Three, four months.
Amit Jhingran
It’s just the industry, it’s a natural growth progression.
Raghvesh
Okay, thank you.
operator
Thank you. The next question comes from the line of Mohit Mangal from Centrum. Please go ahead.
Mohit Mangal
Yeah, yeah, thanks for the opportunity and congratulations on good set of numbers. I’ve got three questions. My first question is that if you can throw some light on the ratio of return to premium to pure term, you know, in the individual protection segment, you know, at the end of nine months and maybe how it has, you know, evolved over the last two to three years, then that would be helpful. My second question is towards the attachment rate. If you tell me what was the attachment rate in the credit line segment. And my third question is in terms of the number of branches, I think you said that, you know, you have increased the number of branches by 66 in this year.
So wanted to understand your strategy in terms of how it will go in financial year 27 and will it impact the cost issues.
Amit Jhingran
So credit life 52% is our attachment rate for home loans on the pure protection for three years. We will give you that data offline for three years strength. And on the branches we have a very large base and we start branch, you know, in a very standardized way. So there is some impact on profit but on the cost. Sorry, but that is not very material in FBI life scale. Okay. You know, small 6% branch unit and it has, you know, not such a big cost in the first few years only we expand only when the branch stabilizes.
Mohit Mangal
Understood. And this will be opened in tier two and tier three. Right.
Amit Jhingran
So some of them are in tier one also. So depending upon what is the potential we see in a particular area, is what where we open the brand, not me. Obviously many of them are interested Tier two, Tier three, but not necessarily in tier two. Tier three.
Mohit Mangal
All right, so this is helpful. Thank and wish you all the best. Yes.
operator
Thank you. The next question comes from the line of Harshal Mehta from msec. Please go ahead.
Harshal Mehta
Hi sir. Thanks for the opportunity. Two questions for my first in terms of nonpar, so you can just highlight how we’ve seen the traction in our new product launch smart rating advantage and do expect non part share again in sync up and power and going down. That was one. And secondly, in terms of Hewlett, is it safe to assume like if you are elected 62% of them, can we expect to reach to FY23 level to 55 over the next two years and the power and nonpar being the, you know again engineer. So that one or two questions about aside.
Thank you.
Prithesh Chaubey
We see very good attraction market and there are 23 reason for because we given more flexibility and also giving the longer term guarantee. So we introduce 30 years kind of guarantee as well. So we see a lot of attraction and similar thing is happening in the power product that we have launched. I I think going forward you you. You might see that the power non par together we’ll see the growth and and that growth will help you to improve the margin because your pulip will come down on that basis. And it’s also phenomena of the as we always say that our objective is to give the full of the product to the customer and depending on their needs.
Exactly the product another in terms of the liquidity from a customer perspective and the customer who looks for the upside limited guarantee with the upside.
Harshal Mehta
Thanks.
operator
Thank you. The next question comes from the line of Shobit Sharma from HDFC Security is limited. Please go ahead.
Shobhit Sharma
Yeah. Hi sir. Thanks for the opportunity and congrats on a great set of numbers. So my first question is on your rider attachment. You have mentioned that the rider attachment is currently in the range of 35 to 40%. We had plans on attachment of riders in the renewal business. So if you can share some updates on that. Where are we on that? Secondly, Bangka, we have seen very strong growth in third quarter. Can you comment some some qualitative comments around how the growth has been for the month of January? And is it right to assume that the growth in Bangka was primarily driven by the launch of the new power product because it seems easier to shift from ULIP to a power product versus a non par.
So if you can help us understand that and we have been driving digitization initiatives in SBI bank which was a cause of slowdown in the SBI buying channel via the you know app. So if you can comment on that how the business is shaping up from the you know app and all of that. And lastly on the product pipeline for the Q4, if you can help us understand how the product pipeline is building up for the Q4 and have we launched any product. So these are my questions.
Amit Jhingran
Yeah. Thank you. So on the rider attachment we have just begun in this quarter rider attachment and renewal that had just started though we want to increase the set of products on which rider attachment is available. That will probably take the next quarter. So current set of existing products which are in force with the rider attachment has started. Products which are closed for new business. Rider attachment has not yet started that also we hope we will start on the banker like we would continue to expect a decent growth coming forward going forward. You know similar in line with maybe a little more less than the company growth that we see in the bank overall company growth.
As far as new product, we have already launched Smart Platinum Advantage and there is work going on on the other products which may come this year or may be early first quarter FY27.
Shobhit Sharma
Okay, so just to follow up on the renewal rider attachment. So can so is this pertains to a particular business segment ULIP or non par wherein we have started attaching the riders or if some comments around that please. On the renewal side you mentioned we have started retaining which is across all.
Amit Jhingran
Segments not close for new business which are open for new business where they have started from the 1st of October, some of them have started a little earlier. So first renewals have already started coming in for the products which we are currently selling for that rider attachment is in place.
Prithesh Chaubey
Now just to add that we have given flexibility to the customer in case they are able to opt the attach the rider at the beginning of the policy. They are option to attach in the subsequent policy anniversary as well. So you might see that renewal not only the one chunk that before the new business which have been sold before the launch of this rider will get right, but some of the policy which is missing today for rider you may see that the customer will also go and offer the rider in subsequent premium payment time.
Shobhit Sharma
Okay and what about the progress on the you know how much business are we able to channelize via that? If you can comment around that one.
Amit Jhingran
And a half lakh policies we have already sold in current year. And that is a pure protection product.
Shobhit Sharma
Okay sir and pritesh just one question on the since you mentioned that there we have given option of attachment of riders on the policy which on the new products which we launched last year. So how how the VNB margins would be considered for that? Because if that premium comes under rider will that be classified as a new business premium or would it be considered as a renewal premium?
operator
Sorry to interrupt sir. The line for the management has been dropped. Please stay connected while we reconnect the line for the management. Sa. Ladies and gentlemen, we have the line for the management reconnected. Yes sir. Please go ahead.
Shobhit Sharma
Should I repeat the question, sir?
Prithesh Chaubey
Yes sir please.
Shobhit Sharma
Yeah. So so on the renewal business you mentioned that we are attaching riders. So since the policy so the premium which will be coming on the rider will be classified as a renewal premium and or a new business premium and how are we accounting for the new business margins on that?
Prithesh Chaubey
So Any rider is a new product. So all riders are new products. Any premium, any new rider sold in a particular year will be classified as a newbie new premium.
Amit Jhingran
And the impact on margin is not material.
Shobhit Sharma
Okay, sir, thanks. Thanks. This is from my side. Yeah, all the best.
operator
Thank you. Your next question comes from the line of Depanjan Ghosh from City. Please go ahead.
Dipanjan Ghosh
Hi. Hope I’m audible.
Amit Jhingran
Yeah, yeah. Deepanjan, go ahead.
Dipanjan Ghosh
Yeah, just few questions from my side. First, you know, when I look at your segment wise margins, it seems that the ULIP margins, you know, are probably somewhere close to your company level margins maybe a few percentage points lower maybe due to, you know, some efforts that you’ve undertaken on writers or hired some issues. So just in terms of, you know, understanding the prospects of the unit margin for the next two to three years, how much more sports do you really see in this segment? The second question is on the, on the non SPI banker part you mentioned the growth data.
Just wanted to get some color on the product mix standups and how that has shifted in the last few quarters or years. And third question was, I don’t know if I missed it but could you spell out the.
Prithesh Chaubey
Sorry. So on this margin we don’t disclose, we don’t disclose the margins of different line of business but each and every time we look into the company evenly and margin the byproduct for that and we do see opportunity in improvement because each and every time when we revisit our products offering we try to optimize the value and not only for the margin term of the shareholders but also for the better return to the customer. In that process there always be scope for improving the margin from the current level for each product within things and that will ultimately help to improve the margin for the company level.
We are not going to be specific to the particular product margin assets. Hi, you are there.
Dipanjan Ghosh
Sir. On the Credit Life ap. On the Credit Life AP and the and the non SBI bank.
Amit Jhingran
We are. Not able to hear you properly.
operator
So there is a lot of background noise coming from your line.
Dipanjan Ghosh
Is this better? Am I audible now?
Amit Jhingran
A little better, yeah.
Dipanjan Ghosh
Yes. I just wanted to ask for the credit line ape for the third quarter and also the non SBI bankrupt mix and how that has evolved.
Amit Jhingran
So credit life AP is roughly 75 crores in quarter 3 and for the non SBI partnership roughly it is 20% unit remaining non ULIPs roughly split half up between par and non par about 5,6% protection roughly. That is the mix.
Dipanjan Ghosh
Got it. Got it, sir. Thank you. And all the best. Thank you.
operator
Thank you. Your next question comes from the line of Megha Bagaria from BNP Pariba. Please go ahead.
Megha Bagaria
Yeah, so I wanted to check why is the power product growing so much. Like in the recent quarter we see. That power has grown more than nonpar. Which shouldn’t be the case given the current yield curve. So can you throw some light on that?
Prithesh Chaubey
So just as we explained earlier as well we have learned in our power portfolio we are missing of the particulars specific product in the power segment, particularly in the child segment and the money back that we have launched. So while child’s products help to meet the customer requirement to protect their child, the money back also provides the liquidity to the policyholder because the payment is done on the regular interval. And this was most awaited products to launch. And as a reason we see the a lot of attraction in things and that’s the reason you see that growth in happening in the power.
But if you look into totality, power is still much lower than what we expected to be. They’re looking to be approximately 15, 20% the power because that will also help us to give the better return for the existing customer as well. And in the last few years we have increased declare the bonuses which higher than what I stated and also giving attraction to the customer in buying these part products.
Megha Bagaria
Got it. Thank you.
operator
Thank you. As there are no further questions, I would now like to hand the conference over to Mr. Amit Jingeran for closing comments.
Amit Jhingran
Thank you everyone for your time and queries. You may get in touch with our investor relation team in case you have any follow up questions. Thank you. God bless everyone.
operator
Thank you members of the management on behalf of SBI Life Insurance Co. Ltd. That concludes this conference call. Thank you for joining us. And you may now disconnect your lines.