SBI LIFE Q2 CONCALL : H1 VNB JUMPS 19%, PAT GROWS 17%; MANAGEMENT RETAINS 14–15% FY27 PREMIUM GROWTH GUIDANCE & 26–28% VNB MARGIN TARGET

• MANAGEMENT REITERATES FY27 INDIVIDUAL RATED PREMIUM (IRP) GROWTH GUIDANCE OF 14–15%, DESPITE 12% GROWTH DURING H1 FY27 • MANAGEMENT EXPECTS STRONGER PREMIUM GROWTH IN Q3 & H2 FY27, SUPPORTED BY BANCA CHANNEL MOMENTUM, AGENCY RECOVERY & HIGHER NON-ULIP SALES • MANAGEMENT RETAINS FY27 VALUE OF NEW BUSINESS (VNB) MARGIN GUIDANCE OF 26–28%, DESPITE Q2 MARGIN IMPROVING TO 29.3% • MANAGEMENT TARGETS ULIP CONTRIBUTION OF APPROXIMATELY 63% FOR FY27, WHILE EXPANDING HIGHER-MARGIN GUARANTEED SAVINGS, ANNUITY & PROTECTION PRODUCTS • MANAGEMENT PLANS TO LAUNCH A REGULAR-PAY DEFERRED ANNUITY PRODUCT IN Q3 FY27, SUPPORTING NON-PAR SAVINGS GROWTH & PRODUCT DIVERSIFICATION • H1 FY27 NEW BUSINESS PREMIUM GREW 10% YOY TO ₹20,260 CR, WHILE GROSS WRITTEN PREMIUM INCREASED 13% TO ₹48,400 CR • H1 ANNUALISED PREMIUM EQUIVALENT (APE) GREW 18% YOY TO ₹11,750 CR, WHILE INDIVIDUAL RATED PREMIUM INCREASED 12% TO ₹9,720 CR • H1 VALUE OF NEW BUSINESS JUMPED 19% YOY TO ₹3,270 CR, WITH VNB MARGIN AT 27.9%, SUPPORTED BY IMPROVING PRODUCT MIX • H1 NET PROFIT GREW 17% YOY TO ₹1,270 CR, DESPITE ₹530 CR GST-RELATED IMPACT; MANAGEMENT INDICATED ADJUSTED PAT OF ₹1,690 CR, UP 39% • GUARANTEED NON-PAR SAVINGS GREW 27% TO ₹2,470 CR, WHILE ULIP CONTRIBUTION DECLINED TO 62% FROM 65% IN H1 FY26 • INDIVIDUAL PROTECTION APE GREW 16%, PURE PROTECTION APE INCREASED 26% & GROUP PROTECTION APE SURGED 134% TO ₹1,600 CR • SBI BANCASSURANCE CONTRIBUTED 53% OF TOTAL APE, WHILE AGENCY INDIVIDUAL APE GREW 12% TO ₹3,200 CR & OTHER DISTRIBUTION CHANNELS EXPANDED 67% • EMBEDDED VALUE GREW 15% YOY TO ₹87,350 CR, WHILE OPERATING RETURN ON EMBEDDED VALUE STOOD AT 18.8% & AUM INCREASED 9% TO ₹5.3 LAKH CR • COMPANY MAINTAINED 22.6% PRIVATE MARKET SHARE IN INDIVIDUAL RATED PREMIUM, WHILE 13TH-MONTH & 25TH-MONTH PERSISTENCY IMPROVED TO 87.6% & 78.4% • MANAGEMENT REMAINS POSITIVE ON H2 PREMIUM GROWTH, PROTECTION & ANNUITY DEMAND, BUT GST-RELATED COST PRESSURES, AGENCY RECOVERY, REGULATORY CHANGES & DELIVERY OF FY27 GROWTH GUIDANCE REMAIN KEY MONITORABLES

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