Slides
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Investor Presentation Performance Update | 6M FY27
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Contents 03 Key Indicators and Highlights 06 Company Overview 18 Focus Areas and Initiatives 27 Macro Economic Indicators and Industry Overview 33 Annexure Performance Update | 6M FY27
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Performance Update | 6M FY27 Key Indicators and Highlights
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Performance Update | 6M FY27 Diverse Distribution 1,244 Offices with strong distribution channels 4 Well positioned to maintain steady growth and long-term consistent returns Building resilient business model Key Indicators and Highlights Trained Human Capital 3.9 lacs Insurance personnel, focus on need-based selling Technological Innovation 99.9% Individual applications submitted digitally Financial Strength 1.97x Solvency Ratio Customer Centricity 99.1% Overall Death Claim Settlement Ratio Sustainable Value Accretion ₹32.7 bn Value of new business generated Driven by strong brand, solid governance and committed employees
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Performance Update | 6M FY27 5 Well positioned to maintain steady growth and long-term consistent returns in key indicators Driving growth through excellence and exuberance 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 Sep’21 to Sep’26. Numbers are rounded off to nearest one decimal New Business Premium ₹202.6 15% CAGR New Business APE ₹117.5 16% CAGR Profit After Tax ₹12.7 22% CAGR Renewal Premium ₹281.5 17% CAGR Individual Rated Premium ₹97.2 14% CAGR Value of New Business & Margin1 ₹32.7 27.9% VoNB Margin Gross Written Premium ₹484.0 16% CAGR Total Sum Assured ₹11,927.9 40% CAGR Embedded Value1 ₹873.5 ₹ In billion Key Indicators and Highlights 15% 13% 18% 12% 68% 17% 19% 10% Y-o-Y growth 15%
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Company Overview Performance Update | 6M FY27
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Performance Update | 6M FY27 11% 15.6% 200 7.7% 408 39% 20.7% 287 11.2% 532 22.3% 401 12.9% 692 15% Covid 19 Pandemic Impacting Economic activities 5% 22.6% 452 13.5% 757 Budget 2021 No tax exemption on high ticket size ULIPs 13% 22.9% 955 16.5% 1,327 Surrender Value Regulation 18% 22.3% 684 14.6% 1,040 Budget 2023 Changes in tax exemption for Non-ULIPs 7 Delivered consistent and sustainable growth over the years Consistently performing in changing environment Graph is on IRP basis; Data as per Life Council Disclosures Company Overview ₹ in billion Growth > Share in Private > Private IRP > Share in Industry > Industry IRP > CAGR 3 year > 13% 5 year > 16% 7 year > 14% 10 year > 18% Over 10 years SBIL > 5x Private > 4x Industry > 3x 12% 22.8% 850 16.1% 1,204 Zero GST on individual Life Insurance 31 59 90 102 152 194 219 FY15 FY17 FY19 FY21 FY23 FY25 FY26
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Performance Update | 6M FY27 Gross Written Premium 8 Covering lives and consistently delivering growth in Gross Written Premium Thriving in dynamic business environment ₹ in billion 121.7 137.3 61.7 65.3 245.5 281.5 H1 FY26 H1 FY27 814.3 849.8 1,012.9 Individual NBP Group NBP Renewal Premium Individual Sum Assured ₹ in billion 1,940.3 2,769.2 4,463.4 1,700.6 2,308.0 FY24 FY25 FY26 H1 FY26 H1 FY27 Individual New Policies in million 2.3 2.2 2.2 1.0 1.0 FY24 FY25 FY26 H1 FY26 H1 FY27 Inforce Lives in million 80.2 80.2 85.2 72.7 76.1 FY24 FY25 FY26 H1 FY26 H1 FY27 Company Overview 13% 15% 6% 13% 36% Y-o-Y growth 2% 429.0 484.0 238.3 263.6 297.8 144.1 92.2 127.7 431.9 494.1 587.3 FY24 FY25 FY26 5%
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Performance Update | 6M FY27 9 Reaching wider, penetrating deeper across all demographics Robust distribution and diversified product mix Components may not add up to total due to rounding off Channel Mix NBP 31% 24% 30% 32% 30% 18% 21% 20% 20% 23% 52% 54% 50% 48% 47% FY24 FY25 FY26 H1 FY26 H1 FY27 202.6382.4 355.8 425.5 Banca Agency Others Individual NBP 13% 14% 17% 17% 20% 23% 27% 27% 28% 27% 64% 59% 56% 55% 53% FY24 FY25 FY26 H1 FY26 H1 FY27 238.3 263.6 297.8 Banca Agency Others Segment Mix NBP 2% 2% 4% 2% 3% 62% 52% 54% 57% 60% 36% 46% 42% 41% 38% FY24 FY25 FY26 H1 FY26 H1 FY27 11% 12% 11% ULIP Non-Par Par Individual NBP 3% 3% 6% 4% 4% 39% 36% 39% 41% 46% 58% 61% 55% 55% 50% FY24 FY25 FY26 H1 FY26 H1 FY27 4% 3% 3% ULIP Non-Par Par ₹ in billion Company Overview Protection Share Protection Share 183.5 121.7 137.3 12% 16% 3% 3%
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Performance Update | 6M FY27 10 Quality and scale of multichannel distribution platforms making penetration seamless Unparalleled multi-channel distribution reach 1. Based on public disclosures for Q1FY27; 2. Productivity per branch/agent is based on Individual NBP. Pillars of Distribution Network Bancassurance 27,400+ SBI and RRB Banks Branches 27% NBP share in Total Industry1 ₹60 lacs SBI Productivity per branch2 with 60k+ CIFs ; Ind. APE basis ₹50 lacs 51% Share in Individual NOPs 100.0% Business sourced digitally Agency 3,10,000+ Agents (Gross addition 72k+) 36% NBP share in Private Market1 ₹2.5 lacs Agent Productivity2; Ind. APE basis ₹2 lacs 40% Share in Individual NOPs 99.9% Business sourced digitally Institutional Alliance 14,600+ Partner Branches 159 Brokers 19,600+ Specified Persons 84 Corporate Agents 16% Share of NPS in Annuity Business Direct and Corporate Top 3 in private 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 Company Overview
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Performance Update | 6M FY27 11 Basket of products catering varied customer needs Product Portfolio Mix 1. New business premium basis; Components may not add up to total due to rounding-off Individual Savings 54.2 98.4 H1 FY22 H1 FY27 Protection 12.1 32.4 H1 FY22 H1 FY27 Annuity 14.2 37.4 H1 FY22 H1 FY27 CAGR 13% CAGR 22% CAGR 21% 2x 3x 3x Product Mix1 FY 24 FY25 FY26 H1 FY26 H1 FY27 YoY Growth Mix H1 FY27 Individual Savings 178.1 207.8 224.2 90.6 98.4 9% 49% Par 8.0 7.5 16.7 4.4 5.1 16% 3% Non-Par 32.3 38.3 42.6 19.2 24.1 26% 12% ULIP 137.8 162.0 165.0 67.0 69.2 3% 34% Protection 41.7 41.0 46.2 22.1 32.4 46% 16% Individual 9.5 7.9 9.7 3.7 4.5 20% 2% Group 32.1 33.0 36.5 18.4 27.9 52% 14% Annuity 60.2 52.4 70.3 30.6 37.4 22% 18% Group Savings 102.4 54.6 84.8 40.2 34.4 -14% 17% Total NBP 382.4 355.8 425.5 183.5 202.6 10% ₹ in billion Company Overview
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Performance Update | 6M FY27 12 Wide range of offerings The product list is only indicative and not exhaustive Product portfolio suitable for a wide demographic range and income levels Basket of products catering different age brackets and life stage needs Child Education Care-Free Retirement Wealth Creation Family Protection Financial Security 39 12% 58 7% 39 28% 37 20% 38 33% Average Age % Share in Policies Smart Scholar Plus Smart Platina Young Achiever Smart Future Star Retire Smart Plus Smart Annuity Plus Smart Annuity Income Smart Elite Plus Smart Privilege Plus Smart Fortune Builder eWealth Plus Smart Shield Plus eShield Insta Smart Swadhan Neo Smart Platina Advantage Money Back Saver Smart Money Back Plus Smart Platina Plus Smart Bachat Plus Smart Platina Supreme Company Overview Smart Shield Premier Smart Swadhan Supreme
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Performance Update | 6M FY27 13 Maintaining cost efficiency, profitability and value 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. Driving sustainable growth with high levels of efficiencies to maintain profitability and creating value ₹ in billion Opex Ratio: Maintaining Cost Efficiency | Total Cost Ratio1 4.9% 5.3% 6.1% 6.2% 6.9% FY24 FY25 FY26 H1 FY26 H1 FY27 8.9% 9.7% 10.6% Profit After Tax: Consistent growth in profit 18.9 24.1 24.7 10.9 12.7 FY24 FY25 FY26 H1 FY26 H1 FY27 Solvency: Cushioned to support future growth prospects Net Worth: Zero debt company with healthy reserves 1.96 1.96 1.90 1.94 1.97 FY24 FY25 FY26 H1 FY26 H1 FY27 149.1 169.8 190.8 182.9 205.3 FY24 FY25 FY26 H1 FY26 H1 FY27 Company Overview 10.9% 11.7%
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Performance Update | 6M FY27 Persistency1 (%) 14 Customer-centricity at our core 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 September to 31st August of the relevant years & for March from 1st March to February period of the relevant years. 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 Deeper relationship with customers through quality underwriting and strong sales ethos FY25 FY26 H1 FY26 Surrender Ratio2 6.2% 6.8% 6.0% 5.7% FY25 FY26 H1 FY26 H1 FY27 13th Month 25th Month 37th Month 49th Month 61st Month Unfair Business Practice3 0.023% 0.023% 0.022% 0.035% FY25 FY26 H1 FY26 H1 FY27 Grievance Ratio4 5 8 6 13 FY25 FY26 H1 FY26 H1 FY27 77.7 78.0 77.3 78.4 72.1 72.3 72.2 72.3 68.0 69.1 68.9 69.3 63.6 58.1 60.6 58.7 87.4 87.9 87.1 87.6 Company Overview H1 FY27
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Performance Update | 6M FY27 27.5 5.1 0.9 (0.6) 0.9 (1.1) 32.7 H1FY26 Impact of Business Volume New Business Mix & Profile * Change in Operating Assumptions Change in Economic Assumptions # GST 2.0 Impact H1 FY27 15 Value of New Business Movement (VoNB) *Impact of change mainly in business mix and profile (Age, Term, Channel, etc.); #Risk free rate change ₹ in billion Company Overview Driving profitable growth through sustained improvement in VoNB. VoNB stands at ₹32.7 billion with Margin of 27.9% 27.8% - 0.8% (0.5%) 0.7% 27.9%VoNB Margin % (0.9%)
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Performance Update | 6M FY27 807.9 32.7 34.9 4.9 (7.3) 0.3 873.5 IEV as on Mar'26 VoNB Unwinding Operating Experience Variance Economic Assumption Change & Variance Capital / Dividends / ESOPs IEV as on Sep'26 Embedded Value The methodology, assumptions and the results have been reviewed by Willis Towers Watson Actuarial Advisory LLP; EVOP - Embedded Value Operating Profit; ROEV - Return on Embedded Value EVOP ₹72.5 billion ROEV 18.8% Company Overview 16 ₹ in billion
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Performance Update | 6M FY27 Composition of Assets Under Management 36% 40% 18% 4% 2% Government securities Equity Debentures and bonds Others Money market instruments 17 Nurturing financial wellbeing via healthy AUM growth 1. 5-year CAGR as of September; Components may not add up to total due to rounding-off Relentless pursuit for excellence leading to robust financial position ₹ in billion AUM Linked | Non-Linked 55% 53% 55% 53% 45% 47% 45% 47% FY25 FY26 H1 FY26 H1 FY27 4,480 4,872 Linked Non-Linked > Debt:Equity >90:10 >39:61 >90:10 >37:63 Investment Performance1 (%) ₹5,271 bn Assets Under Management 5.6 6.1 6.8 5.9 6.0 5.1 5.5 5.5 5.5 5.5 Equity Pension II Equity Elite II Equity Optimiser Top 300 Growth Fund Benchmark 94% Debt Investments (AAA and Sovereign) 9% AUM Growth 60:40 Debt Equity Ratio Company Overview >88:12 >36:64 4,815 5,271 >91:09 >34:66
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Focus Areas and Initiatives Performance Update | 6M FY27
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Performance Update | 6M FY27 19 Focus on key areas keeping customer at core MER - Medical Examination Reports, PIWC - Pre Issuance Welcome Call, RPA - Robotic Process Automation, TPA - Third party Administrator, PWA- Progressive Web Application Elevating the customer experience by implementing a range of initiatives at every touchpoint Focus Areas and Initiatives Widespread distribution network and product suite to cater different needs Harnessing technology in strengthening business Leveraging Best in class operating ratios Use of analytics enabling better customer engagement Disciplined Business Focus • 1,244 offices (40% in rural and semi-urban areas) and 42k+ branches of distributors • 25 individual and 9 group products to cater different needs of the customer • ~1.0mn policies issued, with share of 21.4% in private market • 14.3mn new lives with Sum Assured ~₹11,928 bn Customer Engagement • 1,709k+ times customers used WhatsApp services • Policy document through WhatsApp chat bot for customers • 556k+ Video PIWC and 171k+ Audio PIWC • 4.7 lacs+ Queries resolved through call centre • Customer Grievances – 13 per 10,000 policies Digital Capabilities • RPA - 228 bots deployed across • Digi locker integration in Onboarding journey and Aadhaar-based eKYC Facial Authentication • Revamped RIA chatbot- Enhanced UI/UX, Dual mode bot with GenAI- powered assistant • 196k+ individual protection policies sold digitally Operational Efficiencies • Video MER and Real Time Integration along with TPA • Underwriting First Approach on M-Connect PWA • One of the lowest cost ratios in the industry • 74k+ Death Claims settled with digital platforms to customers for document submissions
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Performance Update | 6M FY27 20 Five Core Pillars of Customer Centricity Enhanced PIV – Insta + Video 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 • Enables precision in Need Analysis and Risk Profiling Power by Smart Algorithm • Recommends products based on customer life-stage, needs and risk profile 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 • Integrated purchase and pre-issuance verification • Improves convenience 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 • Confirms product understanding Compliance • Regulatory compliant, ethical selling practices support informed purchase decisions Focus Areas and Initiatives
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Performance Update | 6M FY27 21 Five Core Pillars of Customer Centricity Free-Look Cancellation Option • Offering the assurance of Free-Look Cancellation (FLC) 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 digital onboarding Renewal Persistency • Persistency Risk score for predictive insights and advanced interventions • Interactive Video based customer education Customer Self-Servicing • 24x7 self-service through app, web, chatbot, WhatsApp, SMS and IVR • In-person servicing through Branches Post Purchase Policy Servicing • Personalised communication through WhatsApp and email • Audio-visual nudges for engagement and premium payment Grievance Redressal Mechanism • Industry expert as Internal Ombudsman • Claims Redressal Committee chaired by a retired High Court judge • Policy-led investigation and corrective action Focus Areas and Initiatives Understanding Customer Needs Transparent Communication Seamless Digital Experience Proactive Engagement and Service Excellence Upholding Trust and Delivering Long-Term Value
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Performance Update | 6M FY27 Customer at the core 22 Future-Led Digital Ecosystem Scalable platforms combining reach, automation, analytics and customer convenience Resulting in increased efficiency, increased productivity, lower cost and improved customer experience 810 BitSight Score 76.1 mn Servicing Inforce Lives ~4 hrs Average digital training hours on E-Shiksha 30+ digital services Smart Care - Bespoke customer self-servicing app 99.9% Digital adoption for sourcing new business Agility • Strategic collaborations (YONO branch portal, KVP, India Post, etc.) • Adopting new technology and products Flexibility • 914 varied product features built in PMS • 8 products in group policy system with different versions Robustness • Stronger digital capabilities with 40+ digital apps and 7 analytics tools • Robust cybersecurity practices Scalability • Supporting double digit growth of NBP and renewal premiums • Efficient handling of service requests People-Oriented • 24x7 connectivity for WFH • 172 active training Modules in E-Shiksha • Digital onboarding Focus Areas and Initiatives ~10 Average role plays per user on Eklavya
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Performance Update | 6M FY27 23 Integrating digitalisation with our enablers Secure digital enablers improving productivity, control and customer experience Key Metrics 100% Customer emails enquiries handled by email bot 1,700 Tasks (RPA) 6.8mn Activities and transactions through Smart Care (Self Service App) 280 Processes automated 10+ Live automated modules across operational processes for risk mitigation IT Enablers IT Service Desk and Central IT Monitoring System Centralised IT Service Management, Digital Onboarding Workflow, IT Asset Management and IT Compliance Management One view dashboard for critical application monitoring (Uptime, performance and transactions) Data Loss Prevention with Data Classification Protection of Personal identifiable Information of customer. Compliance requirement of Digital Personal Data Protection Act Enterprise Service Bus and API Common Service platform for consumption by multiple application with secure and scalable way Secure Code Review and Github Secure by Design principle to ensure applications are designed with security framework 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 Focus Areas and Initiatives EDR: Endpoint Detection and Response XDR: Extended Detection and Response SDWAN : Software-Defined Wide Area Network API : Application Programming Interface
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Performance Update | 6M FY27 24 Empowering distributors with cutting-edge technologies Supporting with avenues and platforms to foster growth and simplify processes Establishing a robust distributor ecosystem Aasaan BI Key Metrics 95% 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 Latest updates at fingertips Personalized Website for more than 1,55,000 Agents Grievance Redressal for Agents through Smart advisor Predictive Analytics - 27 live data models across policy life cycle aiding support to distributors Initiatives 89 reports on Aaram Nxt (Anytime, Anywhere reporting and more) and 58 on Aasaan BI (MIS & Business intelligence tool) developed. Integrated M-Connect with products and Need Assessment and Suitability Analysis Group platform revamped with intuitive interface, making navigation smoother and user friendly EIA dashboard in Smart Advisor Seamless new partner Integration – single platform for all partners Digi LM recruitment - Home page is now available in 10 different regional languages 1 2 3 4 5 6 Focus Areas and Initiatives
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Performance Update | 6M FY27 25 Digital Journey: Prospecting to Policy Issuance Ensuring seamless and hassle-free experience throughout the customer life cycle Outcome 84% Digital KYC <10 mins For customer onboarding 82% Insta PIWC 99.8% E – IA E – IA: Electronic Insurance Account YONO Lives includes e-shield Insta and Redirection Prospecting Executing a focused strategy to evolve it into a need-based customer-centric process Onboarding Enhancing the process for greater efficiency, accessibility, and a seamless experience Underwriting and Issuance Improving accuracy and efficiency of underwriting and policy issuance 36.6mn Visits on SBI Life Website 55k+ New Yono Lives 784k+ PaisaGenie Downloads 7+ Partner Apps 1,360k+ Bitly (Upsell / Cross-sell Leads) 3.8mn Unique Users accessed Smart Care 154k+ Active Users and 1,032k+ Proposals in M-Connect 500k Downloads with 9.1mn documents uploads in Smart Advisor 7,640 Login Count in NPS Parivartan 11.6mn Cases Issued in NB Workflow 13.2mn+ New lives issued in Bancs 2.4mn+ Transaction in Ingenium 1.7mn Portal / CMI 42mn Individual Transactions in RENOVA Focus Areas and Initiatives
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Performance Update | 6M FY27 26 Digital Journey: Servicing, Renewals and Claims Faster, transparent and convenient post-issuance service Policy Serving Personalised service with streamlined processes Renewals Automating tasks, while utilising data and insights to optimise our renewal strategy Claim Payouts Accelerating claims settlements, enhancing transparency, while up- holding data security 823k+ Pay Service Transactions 215k+ IVRS Self Service Option 5.6mn+ Renewal Receipts on WhatsApp 1,840k+ E-Sampark Requests Handled 1.7mn WhatsApp Registrations 16mn+ Service Requests (eKYC, CIBIL, Data Vault) 429k+ Servicing Requests handled through CRM 1mn+ Smart Care Downloads 120k+ I-Pay Requisitions 25k+ Claim Transactions in Ingenium 286k+ Apex Payouts 1.3mn+ E-Pravah Claims Focus Areas and Initiatives Outcome 98% Renewal Premium through Digital Mode 29% reduction Overall Issuance TAT 88% 0-2 Days Individual Issuance 71% Automated Underwriting
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Macro Economic Indicators and Industry Overview Performance Update | 6M FY27
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Performance Update | 6M FY27 28 Life insurance catalysing growth decades ahead 1. United Nations, Department of Economic and Social Affairs, World Population Prospects 2024; 2. Swiss RE Sigma No.2/2026 Strong demographic tailwinds supporting India growth story Composition of Population1 (%) Life Insurance Penetration2 (Premium as % of GDP) Life Insurance Density2 (US$) 24 21 19 17 17 15 13 12 51 54 55 54 8 10 13 17 2026 2036 2046 2056 0-14yrs 15-24yrs 25-64yrs 65+yrs 3.7 2.9 2.8 2.8 1.4 0.7 Malaysia China Thailand India Philippines Indonesia 501 400 229 77 58 35 Malaysia China Thailand India Philippines Indonesia Macro Economic Indicators and Industry Overview Advantage India 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. 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 One of the highest young population nations with median age of 28 years.
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Performance Update | 6M FY27 Protection gap highest amongst peers1 (%) 29 India’s underpenetrated insurance market 1. Swiss Re, "Closing Asia's Mortality Protection Gap 2020”; 2. As of FY20 (for USA & Japan as of FY18); 3. McKinsey estimates; 4. RBI: Sectoral Deployment of Non-Food Gross Bank Credit Unexplored Indian markets paving way for high insurance growth Sum Assured as % of GDP2,3 (%) Housing Loans (₹ in trillion) 4 332 252 251 153 143 127 85 Singapore Japan US Malaysia Thailand South Korea India 15 17 20 27 30 34 FY21 FY22 FY23 FY24 FY25 FY26 Advantage India 83 76 71 70 55 55 India Indonesia Thailand China South Korea Singapore Underpenetrated Insurance Market Share of life insurance in savings expected to rise 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 housing loans indicates opportunity for group protection products. Macro Economic Indicators and Industry Overview
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Performance Update | 6M FY27 Pension Assets / GDP Ratio1 (2025) (%) 30 Annuity solutions for retirement bliss 1. Global Pension Assets Study, 2025; 2. UN World Population Report; 3. Ministry of Statistics and Program implementation, Crisil, PFRDA, Census of India Annuity demands to soar with increasing life expectancy and higher income levels Ageing Population (60+)2 (%) Life Expectancy at 603 Advantage India 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. 146.4 130.3 81.1 55.7 6.9 Australia USA Japan Hongkong India Scope of Annuities Business 11.4 12.6 16.0 20.6 2026 2030 2040 2050 17 17 2018 19 22 2000-05 2011-15 2030E Male Female Macro Economic Indicators and Industry Overview
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Performance Update | 6M FY27 Fastest Growing G20 Economy1 Average Annual Real GDP Growth (%) 31 India’s Financial Evolution 1. Swiss Re Report; 2. Reserve Bank of India, Handbook of Statistics; 3. GNDI – Gross National Disposable Income India expected to be the fastest growing economy with higher need for financial planning Household Savings Composition2 (%) Share of Life Insurance in Financial Savings2 (%) Advantage India Share of Life Insurance in Household Savings expected to rise 6.7 5.0 4.3 3.0 2.6 2.4 2.0 1.9 1.8 1.7 India Indonesia China Saudi Arabia Australia Turkey Canada Mexico South Korea South Africa 52 36 27 28 33 48 64 73 72 67 FY21 FY22 FY23 FY24 FY25 Net Financial Savings Physical Savings 12 10 8 3 6 41 32 38 40 35 19 19 19 17 15 16 21 21 21 22 3 8 7 8 15 9 10 7 10 7 FY21 FY22 FY23 FY24 FY25 Currency Deposits Life Insurance Pension Shares Others Macro Economic Indicators and Industry Overview 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 net financial savings have improved from 5.8% of GNDI3 in 2023-24 to 7.0% in 2024-25. 04 Financial savings of India households may more than double in next 5 years. 01 Economic and demographic developments can help growth to improve further to 6.8% in real terms from 2026 to 2030.
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Performance Update | 6M FY27 Industry (%) 32 Industry Composition 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 Industry channel and segment mix Product Portfolio1 Channel Mix2 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 Banca Agency Others 13 13 14 16 18 19 58 55 53 51 49 48 29 32 33 33 33 33 FY21 FY22 FY23 FY24 FY25 FY26 Private Players (%) Banca Agency Others 22 22 24 25 28 28 23 23 23 23 23 22 55 55 53 52 50 49 FY21 FY22 FY23 FY24 FY25 FY26 Industry (%) ULIP Traditional 90 89 90 87 81 10 11 10 13 19 FY21 FY22 FY23 FY24 FY25 Private Players (%) ULIP Traditional 71 71 77 72 6429 29 23 28 36 FY21 FY22 FY23 FY24 FY25 Macro Economic Indicators and Industry Overview
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Annexure Performance Update | 6M FY27
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Performance Update | 6M FY27 34 Annualised Premium Equivalent (APE) Components may not add up to total due to rounding-off ₹ in billionAPE Product Mix and Channel Mix Segment FY25 FY26 H1 FY26 H1 FY27 Y-o-Y Growth Mix H1 FY27 Individual Savings 182.8 204.3 81.3 89.9 10% 77% Par 7.4 17.3 4.6 5.1 9% 4% Non-Par 39.1 42.7 19.5 24.7 27% 21% ULIP 136.2 144.2 57.2 60.2 5% 51% Protection 20.5 22.4 10.6 20.3 92% 17% Individual 8.3 10.3 3.7 4.3 16% 4% Group 12.2 12.1 6.8 16.0 134% 14% Annuity 5.3 7.1 3.1 3.8 22% 3% Group Savings 5.6 8.9 4.2 3.5 (16%) 3% Total 214.2 242.7 99.2 117.5 18% Channel FY25 FY26 H1 FY26 H1 FY27 Y-o-Y Growth Mix H1 FY27 Bancassurance 131.3 145.7 56.9 62.2 9% 53% Agency 60.0 69.1 28.9 32.9 14% 28% Others 22.8 27.8 13.4 22.3 67% 19% Total 214.2 242.7 99.2 117.5 18% Annexure
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Performance Update | 6M FY27 35 Individual Annualised Premium Equivalent (APE) Components may not add up to total due to rounding-off ₹ in billionChannel Mix – Segment Wise Channel Segment FY25 FY26 H1 FY26 H1 FY27 Y-o-Y Growth Mix H1 FY27 Bancassurance Participating 2.9 8.4 1.8 1.5 (16%) 2% Non-Participating 30.0 32.9 14.2 15.9 12% 16% Unit Linked 94.6 99.9 38.6 42.4 10% 43% Total 127.4 141.2 54.7 59.9 10% 61% Agency Participating 3.7 7.5 2.4 3.0 27% 3% Non-Participating 16.5 19.0 8.6 12.1 40% 12% Unit Linked 39.3 42.1 17.6 16.9 (4%) 17% Total 59.5 68.6 28.6 32.0 12% 33% Others Participating 0.8 1.5 0.4 0.5 20% 1% Non-Participating 5.8 7.6 3.1 4.3 38% 4% Unit Linked 2.4 2.3 1.0 0.9 (7%) 1% Total 9.0 11.3 4.6 5.8 26% 6% Total 195.9 221.1 87.8 97.7 11% Annexure
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Performance Update | 6M FY27 36 Sensitivity Analysis 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 Scenario % Change in VoNB % Change in IEV Reference Rate +100 bps (0.8%) (2.4%) Reference Rate –100 bps 0.4% 2.7% Decrease in Equity Value 10% (0.6%) (2.6%) Proportionate Change in Lapse Rate +10% (4.5%) (1.2%) Proportionate Change in Lapse Rate –10% 4.8% 1.2% Mortality / Morbidity +10% (6.5%) (2.1%) Mortality / Morbidity –10% 6.6% 2.1% Maintenance Expense +10% (1.9%) (0.7%) Maintenance Expense –10% 1.9% 0.7% Mass Lapse for ULIPs in the year after the surrender penalty period of 25%1 (7.5%) (2.6%) Mass Lapse for ULIPs in the year after the surrender penalty period of 50%1 (16.2%) (5.7%) Tax Rate Change to 25% (9.6%) (5.8%) Annexure
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Performance Update | 6M FY27 37 Customer Age and Policy Term Age and term for all Individual products for the period September 2026, in years Average customer age 36 37 40 42 39 Par Protection ULIP Non-Par Overall Average policy term 20 19 16 20 19 Par Protection ULIP Non-Par Overall Annexure
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Performance Update | 6M FY27 Particulars FY25 FY26 H1 FY26 H1 FY27 Premium Earned 849.8 1012.9 429.0 484.0 Premium on Reinsurance Ceded (9.2) (13.3) (8.7) (14.5) Net Premium Earned 840.6 999.6 420.3 469.6 Investment Income1 328.6 123.4 200.6 238.2 Other Income 0.002 0.7 0.1 0.6 Total Income (A) 1,169.2 1,123.7 620.9 708.4 Commission Paid 37.4 45.0 20.3 23.0 Operating and Other Expenses2 56.3 67.8 32.0 33.7 Provision for Tax – Policyholders’ 2.0 1.6 0.6 0.8 Claims / Benefits Paid (net)3 489.0 543.2 236.0 286.4 Change in Actuarial Liability4 559.5 440.7 320.8 351.4 Total Expenses (B) 1,144.3 1,098.3 609.7 695.4 Profit Before Tax (A – B) 24.9 25.4 11.2 13.0 Provision for Tax – Shareholders’ 0.8 0.7 0.4 0.3 Profit After Tax 24.1 24.7 10.9 12.7 38 Revenue and Profit & Loss A/C 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 appropria tion; Components may not add up to total due to rounding-off ₹ in billion Annexure
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Performance Update | 6M FY27 Particulars FY25 FY26 H1 FY27 Source of Funds Share Capital 10.0 10.0 10.0 Reserves and Surplus 157.9 180.8 193.9 Credit / (Debit) Fair Value Change Account 1.9 (0.01) 1.4 Sub Total 169.9 190.9 205.4 Credit / (Debit) Fair Value Change Account 48.3 (2.1) 20.5 Policy Liabilities 1,798.8 2,125.1 2,265.6 Provision for Linked Liabilities (includes change in fair value) 2,333.6 2,425.7 2,628.8 Funds for Discontinued Policies 142.8 163.8 169.6 Funds for Future Appropriation 15.9 17.2 19.1 Total Liabilities 4,509.2 4,920.5 5,309.0 Application of Funds Investments Shareholders 146.0 167.1 188.3 Policyholders 1,852.3 2,107.1 2,276.8 Assets held to cover Linked Liabilities 2,476.4 2,589.4 2,798.4 Loans 4.8 6.1 7.2 Fixed Assets 5.9 6.9 7.3 Net Current Assets 23.8 43.9 30.9 Total Assets 4,509.2 4,920.5 5,309.0 39 Balance Sheet Components may not add up to total due to rounding-off ₹ in billion Annexure
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Performance Update | 6M FY27 Annexure Latest Ratings - DJSI : 45; MSCI: A; NSE: 76; CRISIL : 60 Embedding Sustainability for Long-Term Value Creation 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 C Embedding inclusivity, accessibility and best practices across the value chain Accountability & Ethics A Maintain high ethical standards while advancing sustainable practices Responsible Governance R Robust governance and enhanced reporting improving transparency Environmental Stewardship E Focus on reducing environmental footprint and strengthening climate resilience 40 CC WM HCM CE VACG RM AB Human Capital Management Community Engagement Value Chain AssessmentCorporate Governance Risk Management Anti Bribery & Corruption Climate Change Management Waste Management ENVIRONMENT SOCIALGOVERNANACE
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Performance Update | 6M FY27 41 Our Sustainability Commitments for Environment Committed to sustainability and minimising carbon footprint Data pertains to FY26 Digital Onboarding • 100% paperless onboarding for distributors • 99.7% new business proposals logged digitally • 97.6% renewal premium collected digitally Decarbonisation Strategy • Corporate office, Processing Centre and select 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 maintained through Miyawaki technique • Mangrove Restoration in Sundarbans of West Bengal, with > 9 lakhs saplings planted Rainwater Harvesting • Water stored through rainwater harvesting at Corporate office building Climate Policy • Climate change management policy adopted and is available on company’s website Energy Efficiency • LED lights were installed in all offices where interior or ambience work was undertaken • Procurement of energy-efficient appliances for installation across all offices. Water Management • 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 Waste Recycling • 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 6,400 kgs of paper and cardboard waste recycled through certified vendors Other Initiatives • Building is certified with IGBC Green Rating – Gold (Corporate Office & Processing Centre) Annexure
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Performance Update | 6M FY27 42 Our Sustainability Commitments for Social Empowering communities around us, enabling an inclusive world Data pertains to FY26 Customer Centricity Human Capital Management • Customer satisfaction at core – Net Promoter Score – 86 • Robust Grievance Redressal Mechanism – 8 per 10,000 policies • 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 • Maternity & Paternity leaves for employees • Annual event Sangam, for employees and their families • Employee engagement activities - 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 • 0.16% cost incurred on well being measures. • SAMVAD Platform for all employee grievances • Employee Stock Option Scheme to drive performance and for retention of performers Financial Inclusion Diversity and Inclusion • 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 • 24% women employees • Project Shakti – 38% women advisors • Creche facility at select locations • 20 differently abled employees Annexure
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Performance Update | 6M FY27 43 Our Sustainability Commitments for Social Empowering communities around us, enabling an inclusive world Data pertains to FY26 Skill Development Social Inclusion • ₹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 • Imparted training to 99% of Employees and 96% of distributors. • Average ~14 hours of e-learning for employees • 261 modules created to train employees & intermediaries Health and Safety • 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 Privacy Protection • Data Privacy Policy and classification tool in place • Zero complaints received for data privacy Human Rights • Offices accessible for differently abled individuals – wheelchairs facility at offices • PoSH Policy – Zero tolerance for sexual harassment Annexure
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Performance Update | 6M FY27 44 Our Sustainability Commitments for Governance Integrity, Excellence and Ethics – Three pillars of our Corporate Governance philosophy Data pertains to FY26 Information Security Corporate Governance • 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% • 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 Risk and Crisis Management • 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 ESG Governance • 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 Transparency and Reporting • 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 Annexure
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Performance Update | 6M FY27 45 Abbreviations Term Description GWP Gross Written Premium NBP New Business Premium NOP Number of Policies APE Annualised Premium Equivalent IRP Individual Rated Premium AuM Assets Under Management Banca Bancassurance ULIP Unit Linked Insurance Plan Par Participating Non-Par Non-Participating Term Description Opex Operating Expenses (excluding commission) CAGR Compounded Annual Growth Rate GDP Gross Domestic Product INR (₹) Indian Rupee USD ($) United States Dollar TAT Turn Around Time VoNB Value of New Business VoNB Margin Value of New Business Margin Annexure
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Performance Update | 6M FY27 46 Glossary New Business APE The sum of annualized first year premiums on regular premium policies, and 10.00% of single premiums, written by the Company during the fiscal year from both retail and group customers New Business Premium (NBP) Insurance premium that is due in the first policy year of a life insurance contract or a single lump sum payment from the policyholder Institutional Alliance Business partners comprising of Corporate Agents, Brokers, IMF, CSC and POSP Value of New Business (VoNB) Value of New Business is the present value of expected future earnings from new policies written during a specified period and it reflects the additional value to shareholders expected to be generated through the activity of writing new policies during a specified period Individual Rated Premium (IRP) New business premiums written by the Company under individual products and weighted at the rate of 10.00% for single premiums Renewal Premium Life insurance premiums falling due in the years subsequent to the first year of the policy Bancassurance Bancassurance includes SBI & RRB’s VoNB Margin VoNB Margin is the ratio of VoNB to New Business Annualized Premium Equivalent for a specified period and is a measure of the expected profitability of new business Gross Written Premium (GWP) The total premium written by the Company before deductions for reinsurance ceded Sum Assured The predetermined amount payable by the insurer on the occurrence of a specified contingency Solvency Ratio Solvency ratio means ratio of the amount of Available Solvency Margin to the amount of Required Solvency Margin as specified in form-KT-3 of IRDAI Actuarial Report and Abstracts for Life Insurance Business Regulations Embedded Value (EV) Embedded Value is the sum of the net asset value and present value of future profits of a life insurance company Annexure
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Performance Update | 6M FY27 47 Disclaimer The information contained in this presentation is for information purposes only and does not constitute an offer or invitatio n to sell or purchase any securities of SBI Life Insurance Company Limited in India or in any other jurisdiction. This presentation is not intended to be a prospectus or an offer document under any applicable law. Except for the historical information contained herein, statements in this presentation which contain words or phrases such a s 'will', 'would', ‘indicating’, ‘expected to’ etc., and similar expressions or variations of such expressions may constitute ‘forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to successfully implement our strategy, our growth and expansion in business, the impact of any acquisitions, technological implementation and changes, the actual growth in demand for insurance products and services, investment income, cash flow projections, our exposure to market risks, policies and actions of regulatory authorities; impact of competition; experience with regard to mortality and morbidity trends, lapse rates and policy renewal rates; the impact of changes in capital, solvency or accounting standards, tax and other legislations and regulations in the jurisdictions as well as other. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. Past performance is not a reliable indication of future performance. The assumptions, estimates and judgments used in the calculations are evaluated internally where applicable and have been ext ernally reviewed. They represent the best estimate based on the company’s experience and knowledge of relevant facts and circumstance s. While the management believes that such assumptions, estimates and judgments to be reasonable; the actual experience could di ffer from those assumed whereby the results may be materially different from those shown herein. The recipients of this presentati on should carry their own due diligence in respect of the information contained in the presentation. Annexure
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Thank You Investor Relations SBI Life Insurance Co. Ltd, Fifth Floor, Natraj, M. V. Road, Western Express Highway Junction, Andheri (E), Mumbai – 400 069. Dial: +91 22 6191 0281 / 0399 Email: investorrelations@sbilife.co.in Website: www.sbilife.co.in