
SBI Life Q1FY26 results preview: APE may grow up to 8% YoY, VNB could surge up to 17%
Company is set to announce its Q1 earnings on Thursday, July 24. The public sector insurer is expected to report a 2%–8% year-on-year growth in Annual Premium Equivalent (
APE
), which is likely to fall in the range of Rs 3,720 crore to Rs 3,936 crore. The Value of New Business (
VNB
) is projected to rise 2% to 17%, according to estimates from four
brokerages
, placing it between Rs 993 crore and Rs 1,133 crore.
However,
margins
are expected to take a hit, both year-on-year and sequentially.
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Estimates from Axis Securities, YES Securities, Nuvama Institutional Equities, and PhillipCapital have been considered for this analysis.
Brokerages suggest that investors should closely watch VNB margin trends, growth commentary, and any changes in product mix.
Here's what each brokerage forecasts:
Axis Securities
Axis expects Gross Premium Earned to rise 13.8% YoY to Rs 17,723 crore, but fall 26.2% QoQ. New Business Premium (NBP) is estimated at Rs 7,953 crore, up 13.1% YoY but down 14.7% QoQ.
The APE is projected at Rs 3,936 crore, up 8.1% YoY and down 27.8% QoQ. The VNB is seen at Rs 1,132 crore, a 16.7% YoY increase but 31.8% QoQ drop. VNB margin is estimated at 28.8%, expanding 195 bps YoY, but narrowing 175 bps QoQ.
Axis expects SBI Life to maintain its cost leadership. Monitorables include VNB margin outlook, growth commentary, and changes in product mix.
YES Securities
YES Securities forecasts an APE of Rs 3,913 crore, an 8% YoY increase but a 28% QoQ decline. NBP is expected at Rs 8,044 crore, showing 14% YoY growth, but falling 14% QoQ—indicating seasonal moderation.
VNB is likely to be Rs 1,133 crore, up 17% YoY but down 32% QoQ. The brokerage notes a VNB margin contraction of 150 bps QoQ, based on observed product mix shifts and weak growth trends in April and May 2025.
Nuvama Institutional Equities
Nuvama pegs APE at Rs 3,720 crore, up just 2% YoY, but sharply down 32% QoQ. VNB is estimated at Rs 993 crore, reflecting the same 2% YoY growth and a steep 40% QoQ drop. VNB margin is expected to remain flat YoY at 27%, but fall 12% sequentially.
The brokerage says management commentary on growth and bank-channel distribution will be key to monitor.
PhillipCapital
PhillipCapital expects PAT of Rs 582 crore, up 12% YoY but sharply down 28% QoQ. Revenue is seen at Rs 3,858 crore, a 6% YoY rise but 29% lower QoQ.
EBITDA is projected at Rs 6,465 crore, up 21% YoY, but down 23% QoQ. VNB is likely at Rs 1,020 crore, up 5% YoY, yet down 39% QoQ. VNB margin is pegged at 26.4%, indicating relative stability in profitability per policy.
The brokerage expects APE to grow 6% YoY, driven by modest individual business growth. It expects VNB growth in line with APE, with flat margins YoY as a lower share of ULIP gets offset by a higher mix of group business.

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