Interim report
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Public SBI Life Insurance Company Ltd. Registered and Corporate Office: Natraj, M.V. Road and Western Express Highway Junction Andheri (East), Mumbai 400 069. Tel.: (022) 6191 0000/ 3968 0000 IRDAI Regn. No. 111. CIN: L99999MH2000PLC129113 www.sbilife.co.in October 27, 2026 SBIL/CS/NSE-BSE/2627/133 Vice President Listing Department, National Stock Exchange of India Limited, Exchange Plaza, Plot No. C/1, G Block, BKC, Bandra (East), Mumbai 400051 NSE Symbol: SBILIFE General Manager Listing Department, BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400001 BSE Scrip Code: 540719 Dear Sir / Madam, Subject: Outcome of Board Meeting held on October 27, 2026 In continuation to our intimation vide ref. no. SBIL/CS/NSE-BSE/2627/119 dated October 15, 2026 and pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), we wish to inform you that the meeting of the Board of Directors of the Company commenced at 03:30 P.M. and concluded at 06: 45 P.M. on Tuesday, October 27, 2026 which inter-alia approved the following items: 1. Approval of Unaudited Financial Results Pursuant to Regulation 33 of the Listing Regulations and other applicable requirements, a copy of the Unaudited Financial Results for the quarter and half year ended September 30, 2026 together with the Limited Review Reports in the prescribed format is enclosed. We would like to state that M/s. K S Aiyar & Co., Chartered Accountants and M/s. J Singh & Associates, Chartered Accountants, joint statutory auditors of the Company, have issued Limited Review Reports with unmodified opinion. Further, the trading window to deal in securities of the Company will be re-opened from Friday, October 30, 2026, for all the Designated Persons of the Company. 2. Approval of Postal Ballot notice The Board of Directors has inter alia, agreed that Shareholders’ approval be sought through Postal Ballot for the appointment of Mr. Nihar Niranjan Jambusaria (DIN: 01808733), as an Independent Director of the Company The Notice of Postal Ballot shall be circulated on Tuesday, November 03, 2026 through electronic mode to all Shareholders whose names appear on the Register of Members maintained by National Securities Depository Limited / Central Depository Services (India) Limited/ the Registrar and Share Transfer Agent, as the case may be, as on Friday, October 30, 2026 (Cut-off Date). The e-Voting period will commence from 09:00 A.M. (IST) on Wednesday, November 04, 2026 and shall conclude at 05:00 P.M. (IST) on Thursday, December 03, 2026.
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Public SBI Life Insurance Company Ltd. Registered and Corporate Office: Natraj, M.V. Road and Western Express Highway Junction Andheri (East), Mumbai 400 069. Tel.: (022) 6191 0000/ 3968 0000 IRDAI Regn. No. 111. CIN: L99999MH2000PLC129113 www.sbilife.co.in The above information is also made available on the Company’s website at www.sbilife.co.in. We request you to kindly take the above information on record. Thanking You, Yours faithfully, Girish Manik Company Secretary ACS No. 26391 Encl: A/a
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SEARCHABLE FORMAT
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(₹ in Lakhs) September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 (Unaudited) (Unaudited) (Audited) (Unaudited) (Audited) (Audited) (a) First Year Premium 5,75,586 4,95,493 5,28,946 10,71,080 8,82,893 21,84,099 (b) Renewal Premium 15,76,364 12,38,179 14,00,283 28,14,542 24,54,911 58,73,477 (c) Single Premium 5,59,563 3,95,293 5,79,160 9,54,856 9,51,974 20,71,034 2 26,87,770 20,07,821 24,84,831 46,95,591 42,02,681 99,95,592 3 (2,61,383) 25,97,702 (2,05,532) 23,36,319 19,46,982 11,06,211 4 2,783 3, 547 1,623 6,3 30 850 7,392 5 - - - - - 1,87,393 6 24,29,170 46,09,070 22,80,922 70,38,240 61,50,513 1,12,96,588 (a) First Year Premium 87,455 61,236 79,531 1,48,691 1,30,080 2,80,276 (b) Renewal Premium 41,129 25,151 35,421 66,280 57,808 1,45,226 (c) Single Premium 8,415 6,569 9,079 14,984 14,748 24,069 8 1,36,999 92,956 1,24,031 2,29,955 2,02,636 4,49,571 1,71,749 1,63,546 1,51,886 3,35,295 2,64,798 6,22,546 (a) Employees remuneration and welfare expenses 89,164 79,863 82,785 1,69,027 1,53,701 3,25,175 (b) Other operating expenses 82,585 83,683 69,101 1,66,268 1,11,097 2,97,371 10 3,08,747 2,56,502 2,75,917 5,65,249 4,67,434 10,72,117 11 24 10 20 34 49 104 12 16,442 (26) 4,206 16,415 2,971 790 13 52 40 26,774 91 52,883 52,530 14 3,614 4,7 25 1,858 8,34 0 6,383 15,945 15 15,51,449 13,12,672 13,48,211 28,64,120 23,60,048 54,32,349 16 5,13,573 29,81,156 6,03,921 34,94,729 31,93,915 43,93,816 17 23,93,900 45,55,079 22,60,907 69,48,979 60,83,683 1,09,67,651 18 35,270 53,991 20,015 89,261 66,830 3,28,937 (a) Transferred to Shareholders A/c 24,167 45,778 20,572 69,945 52,727 3,16,009 (b) Funds for Future Appropriations 11,103 8,213 (55 7) 19,316 14,103 12,928 (a) Interim & terminal bonus paid 23,932 13,433 15,659 37,365 24,645 70,333 (b) Allocation of bonus to policyholders - - - - - 2,06,055 (c) Surplus shown in the Revenue Account 35,270 53,991 20,015 89,261 66,830 3,28,937 59,202 67,424 35,674 1,26,626 91,475 6,05,325 21 24,167 45,778 20,572 69,945 52,727 3,16,009 (a) Investment Income 2 35,583 28,155 32,233 63,738 61,519 1,29,743 (b) Other income 21 19 - 40 - - 23 1,299 694 1,464 1,992 2,219 2,974 24 - - - - - 1,87,393 25 - - - - - - 26 3,100 (1,329 ) 23 1,77 0 (386) 1,645 27 55,373 74,588 51,318 1,29,961 1,12,413 2,53,740 28 450 2,094 1,859 2,544 3,517 6,710 29 54,923 72,494 49,459 1,27,417 1,08,896 2,47,030 30 - - - - - - 31 54,923 72,494 49,459 1,27,417 1,08,896 2,47,030 (a) Interim Dividend - - - - - 2.70 (b) Final Dividend - - - - - - 33 19,10,423 18,55,499 16,71,953 19,10,423 16,71,953 17,83,006 34 1,00,341 1,00,324 1,00,257 1,00,341 1,00,257 1,00,309 35 19,39,032 18,82,201 16,92,118 19,39,032 16,92,118 18,08,305 36 14,500 29,401 37,265 14,500 37,265 (75) (a) Investments: Shareholders ' 18,83,185 18,47,759 16,71,736 18,83,185 16,71,736 16,71,008 Policyholders Fund excluding Linked Assets 2,27,68,339 2,22,19,738 1,98,82,260 2,27,68,339 1,98,82,260 2,1 0,71,296 Assets held to cover Linked Liabilities 2,79,84,331 2,83,47,942 2,65,18,637 2,79,84,331 2,65,18,637 2,5 8,94,445 (b) Other Assets (Net of current liabilities and provisions) 4,54,390 1,89,169 2,33,820 4,54,390 2,33,820 5,68,587 1 2 3 4 Year ended/ As Total Surplus Change in actuarial liability Appropriations Goods and Service Tax (GST) on charges Provision for taxes Total (10+11+12+13+14+15+16) Surplus/(Deficit) (6-17) Benefits Paid 3 (Net) 1 Provisions for diminution in value of investments and provision for standard assets & non standard assets Provisions for doubtful debts (including bad debts written off) Net Commission 1 Operating Expenses related to insurance business (a + b): SBI Life Insurance Company Limited Statement of Unaudited Financial Results for the quarter and half year ended September 30, 2026 POLICYHOLDERS' A/C 1 Gross premium income Three months ended/ As at SI. No. Particulars Half year ended/ As at Provisions for diminution in value of investments and provision for standard assets & non standard assets Profit/ (loss) before tax Profit/ (loss) after tax and before Extraordinary Items Net of amortisation and losses (including capital gains) 37 32 Provisions for tax Expenses of Management (8+9) Commission on 7 9 Provisions for doubtful debts (including write off) 22 19 Total income under Shareholders ' Account Expenses other than those related to insurance business Transfer of funds to Policyholders ' A/c 20 Details of Surplus/ ( Deficit) SHAREHOLDERS' A/C Transfer from Policyholders' Account Extraordinary Items (Net of tax expenses) Reserve & Surplus (excluding Revaluation Reserve) Paid up equity share capital Net of reinsurance Fair Value Change Account and Revaluation Reserve (Shareholders) Total Assets: Profit/(Loss) carried to Balance Sheet 4 Represents accumulated profit Net premium income 1 Income from investments (Net) 2 Other income Transfer of funds from Shareholders' A/c Total (2 to 5) Profit/ (loss) after tax and Extraordinary Items Dividend per share ( `): Inclusive of interim bonus & terminal bonus
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September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 (Unaudited) (Unaudited) (Audited) (Unaudited) (Audited) (Audited) Year ended/ As Three months ended/ As at SI. No. Particulars Half year ended/ As at 38 Analytical Ratios 1 : (i) Solvency Ratio 1.97 1.96 1.94 1.97 1.94 1.90 (ii) Expenses Management Ratio 11.39% 12.05% 11.00% 11.68% 10.90% 10.59% (iii) Policyholder's liabilities to shareholders' fund 2484.83% 2514.41% 2540.21% 2484.83% 2540.21% 2478.09% (iv) Earnings per share (₹): a) Basic EPS before and after extraordinary items (net of tax expense) for the period 2 5.47 7.23 4.93 12.70 10. 86 24.64 b) Diluted EPS before and after extraordinary items (net of tax expense) for the period 2 5.47 7.22 4.93 12.69 10. 85 24.62 (v) NPA ratios: (for policyholders' fund) a) Gross NPAs - Non Linked Par - - - - - - Non Par - - - - - - - Linked Non Par - - - - - - Net NPAs - Non Linked Par - - - - - - Non Par - - - - - - - Linked Non Par - - - - - - b) % of Gross NPAs - Non Linked Par - - - - - - Non Par - - - - - - - Linked Non Par - - - - - - % of Net NPAs - Non Linked Par - - - - - - Non Par - - - - - - - Linked Non Par - - - - - - (vi) Yield on Investments (on policyholders' fund) A. Without unrealised gains Non Linked Par 7.76% 7.19% 8.75% 7.48% 8.70% 8.34% Non Par 7.50% 7.20% 7.43% 7.35% 7.46% 7.41% Sub -Total : Non-Linked 7.58% 7.19% 7.84% 7.39% 7.84% 7.69% Linked Par NA NA NA NA NA NA Non Par 5.36% 5.48% 7.48% 5.42% 8.50% 7.35% Sub - Total : Linked 5.36% 5.48% 7.48% 5.42% 8.50% 7.35% Grand Total 6.41% 6.29% 7.65% 6.35% 8.19% 7.51% B. With unrealised gains Non Linked Par -2.61% 23.35% -0.69% 10.30% 5.14% 0.22% Non Par -4.35% 21.16% -0.50% 8.34% 3.07% 0.23% Sub - Total : Non-Linked -3.84% 21.82% -0.58% 8.92% 3.74% 0.23% Linked Par NA NA NA NA NA NA Non Par -10.31% 34.07% -9.55% 11.76% 9.75% -1.39% Sub - Total : Linked -10.31% 34.07% -9.55% 11.76% 9.75% -1.39% Grand Total -7.43% 28.60% -5.61% 10.49% 7.09% -0.67% (vii) NPA ratios: (for shareholders' fund) a) Gross NPAs - - - - - - Net NPAs - - - - - - b) % of Gross NPAs - - - - - - % of Net NPAs - - - - - - (viii) Yield on Investments (on shareholders' fund) A. Without unrealised gains 7.83% 6.74% 7.98% 7.28% 8.06% 8.19% B. With unrealised gains -5.93% 22.22% 2.00% 8.07% 8.43% 3.03% (ix) Persistency Ratio (Regular Premium/ Limited Premium payment under individual category) 3 Premium Basis For 13th month 85.82% 84.35% 85.37% 87.55% 87.11% 87.94% For 25th month 77.75% 76.75% 75.65% 78.42% 77.32% 77.97% For 37th month 71.22% 70.91% 71.37% 72.31% 72.20% 72.27% For 49th Month 68.85% 67.90% 68.04% 69.28% 68.88% 69.09% For 61st month 58.01% 59.10% 56.24% 58.70% 60.57% 58.12% Number of Policy basis For 13th month 78.60% 74.54% 78.54% 80.16% 80.38% 81.54% For 25th month 71.20% 69.01% 67.59% 71.33% 70.15% 70.42% For 37th month 62.86% 62.11% 64.18% 64.54% 65.45% 65.24% For 49th Month 60.93% 60.13% 60.55% 61.91% 61.81% 61.97% For 61st month 53.70% 54.54% 51.03% 54.29% 54.62% 53.46%
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September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 (Unaudited) (Unaudited) (Audited) (Unaudited) (Audited) (Audited) Year ended/ As Three months ended/ As at SI. No. Particulars Half year ended/ As at (x) Conservation Ratio 81.71% 87.90% 84.17% 84.32% 86.68% 85.40% Participating Life 86.09% 88.55% 89.44% 87.08% 89.72% 89.58% Participating Pension 90.08% 90.78% 85.29% 90.33% 85.15% 84.74% Group Pension 80.36% - 67.98% 35.89% 62.68% 60.36% Participating Variable Insurance 52.97% 63.42% 53.89% 57.32% 54.16% 56.58% Non Participating Life 79.27% 89.49% 81.60% 84.47% 88.51% 86.71% Non Participating Pension 80.25% 80.58% 90.04% 80.41% 87.82% 88.52% Non Participating Annuity - - - - - - Non Participating Health 93.64% 99.90% 89.19% 96.23% 88.43% 89.60% Non Participating Variable Insurance 43.37% 39.71% 98.75% 41.56% 91.64% 73.74% Linked Life 86.45% 89.86% 87.22% 87.73% 87.71% 87.57% Linked Group - - - - - - Linked Pension 66.11% 75.93% 76.81% 69.96% 78.86% 74.86% (xi) Percentage of shares held by Government of India (in case of public sector insurance companies) NA NA NA NA NA NA 1 2 3 i) Persistency ratios for the three months ended September 30, 2026 and September 30, 2025 are "for the quarter" persistency calculated using policies issued in 1st June to 31st August period of the relevant years. ii) Persistency ratios for the three months ended June 30, 2026 are "for the quarter" persistency calculated using policies issued in 1st March to 31st May of the relevant years. iii) Persistency ratios for the half year ended September 30, 2026 and September 30, 2025 are "upto the quarter" persistency calculated using policies issued in 1st September to 31st August period of the relevant years. iv) Persistency ratios for the year ended March 31, 2026 are "upto the quarter" persistency calculated using policies issued in 1st March to February end of the relevant years. Analytical ratios have been calculated as per definition given in IRDAI Analytical ratios disclosures. Basic and diluted EPS is not annualized for three/six months period. The persistency ratios are calculated as per IRDAI circular IRDAI/NL/MSTCIR/RT/93/6/2024 dated June 14, 2024. NA - Not applicable
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(₹ in Lakhs) As at As at As at September 30, 2026 September 30, 2025 March 31, 2026 (Unaudited) (Audited) (Audited) SOURCES OF FUNDS Shareholders' Funds: Share Capital 1,00,341 1,00,257 1,00,309 Share Application Money Pending Allotment 41 5 61 Reserves and Surplus 19,39,032 16,92,118 18,08,305 Credit/(Debit) Fair Value Change Account 14,500 37,265 (75) Sub-Total 20,53,914 18,29,645 19,08,600 Borrowings - - - Policyholders' Funds: Credit/(Debit) Fair Value Change Account 2,04,516 3,57,763 (21,034) Policy Liabilities 2,26,56,103 1,94,27,168 2,12,51,261 Insurance Reserves - - - Provision for Linked Liabilities 2,34,26,071 2,06,59,271 2,22,77,110 Add: Fair value change (Linked) 28,62,414 42,75,985 19,79,532 Add: Funds for Discontinued Policies (i) Discontinued on account of non-payment of premium 16,37,649 15,29,339 15,82,299 (ii) Others 58,198 54,042 55,504 Total Linked Liabilities 2,79,84,331 2,65,18,637 2,58,94,445 Sub-Total 5,08,44,951 4,63,03,568 4,71,24,672 Funds for Future Appropriation - Linked 14,837 14,868 14,645 Funds for Future Appropriation - Other 1,76,544 1,58,372 1,57,420 TOTAL 5,30,90,246 4,83,06,453 4,92,05,337 APPLICATION OF FUNDS Investments - Shareholders' 18,83,185 16,71,736 16,71,008 - Policyholders' 2,27,68,339 1,98,82,260 2,10,71,296 Assets held to cover Linked Liabilities 2,79,84,331 2,65,18,637 2,58,94,445 Loans 71,634 54,843 60,513 Fixed assets 73,486 63,159 68,769 Current Assets Cash and Bank Balances 2,54,221 1,73,387 3,20,794 Advances and Other Assets 8,02,281 6,30,111 9,17,769 Sub-Total (A) 10,56,502 8,03,498 12,38,563 Current Liabilities 7,05,660 6,45,934 7,50,808 Provisions 41,572 41,746 48,449 Sub-Total (B) 7,47,232 6,87,680 7,99,257 Net Current Assets (C) = (A - B) 3,09,270 1,15,818 4,39,306 Miscellaneous Expenditure (To The Extent Not Written Off or Adjusted) - - - Debit Balance in Profit and Loss Account (Shareholders' Account) - - - TOTAL 5,30,90,246 4,83,06,453 4,92,05,337 Contingent Liabilities 52,249 83,292 60,483 Balance Sheet as at September 30, 2026 SBI Life Insurance Company Limited Particulars
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(₹ in Lakhs) September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 (Unaudited) (Unaudited) (Audited) (Unaudited) (Audited) (Audited) 1 Segment Income: Segment A:Par life Net Premium 1,86,514 1,34,743 1,85,857 3,21,257 3,1 0,247 7,52,844 Income from lnvestments 2 1,04,425 1,07,080 1,19,355 2,11,505 2,35,502 4,69,490 Transfer of Funds from shareholders' account - - - - - 115 Other Income 325 336 322 661 638 1,969 Segment B:Par pension Net Premium 7,440 4,101 8,264 11,541 12,787 24,144 Income from lnvestments 2 6,210 6,491 6,554 12,701 16,515 29,119 Transfer of Funds from shareholders' account - - - - - 2 Other Income 13 9 11 22 16 39 Segment C:Par Variable Net Premium 197 168 372 364 636 1,321 Income from lnvestments 2 640 968 1,010 1,608 2,308 3,965 Transfer of Funds from shareholders' account - - - - - - Other Income 0 - - (0) - 1 Segment D - Non Par Individual Life Net Premium 5,66,061 3,97,208 4,67,987 9,63,269 7,8 7,443 18,70,408 Income from lnvestments 2 1,15,865 1,39,566 1,00,906 2,55,431 1,92,836 3,86,142 Transfer of Funds from shareholders' account - - - - - 1,77,798 Other Income 2,367 3,123 1,217 5,490 26 5,064 Segment E - Non Par Pension Net Premium 118 102 150 220 276 802 Income from lnvestments 2 552 584 582 1,135 1,213 2,383 Transfer of Funds from shareholders' account - - - - - - Other Income 0 - - 0 - - Segment F - Non Par Group life Net Premium 2,63,629 3,51,522 2,84,755 6,15,152 6,24,821 12 ,17,995 Income from lnvestments 2 84,868 79,213 83,214 1,64,081 1,66,631 3,42,540 Transfer of Funds from shareholders' account - - - - - 155 Other Income 7 5 5 12 12 25 Segment G - Non Par Annuity Net Premium 2,25,513 1,48,583 1,82,439 3,74,096 3,0 6,446 7,03,435 Income from lnvestments 2 62,793 59,440 50,190 1,22,233 96,734 2,07,293 Transfer of Funds from shareholders' account - - - - - 7,803 Other Income 13 10 10 23 24 46 Segment H - Non Par Health Net Premium 385 286 409 671 692 1,604 Income from lnvestments 2 282 500 467 782 851 1,809 Transfer of Funds from shareholders' account - - - - - - Other Income 1 1 - 1 1 3 Segment I - Non Par Variable Net Premium 58 216 137 275 1,905 2,370 Income from lnvestments 2 2,625 2,567 3,279 5,191 7,153 13,028 Transfer of Funds from shareholders' account - - - - - 1 Other Income 0 - 1 1 - 1 Segment J - Linked Individual Life Net Premium 11,89,143 7,75,230 10,15,639 19,64,373 16,41,48 3 42,78,178 Income from lnvestments 2 (5,60,901) 18,46,970 (5,39,547) 12,86,069 9,70,062 (4,40,595) Transfer of Funds from shareholders' account - - - - - 273 Other Income 104 245 345 350 530 886 Segment K - Linked Group Net Premium 25,019 24,586 72,104 49,605 76,538 1,25,288 Income from lnvestments 2 1,704 9,018 (448) 10,722 1,910 (1,058) Transfer of Funds from shareholders' account - - - - - 1,201 Other Income (10) (0) - (11 ) - 2 Segment L - Linked Pension Net Premium 2,23,692 1,71,076 2,66,721 3,94,768 4,3 9,408 10,17,204 Income from lnvestments 2 (96,887) 3,45,331 (35,300) 2,48,444 2,52,296 91,303 Transfer of Funds from shareholders' account - - - - - 45 Other Income (37) (183) (287) (220) (399) (644) Shareholders Income from lnvestments 2 32,484 29,484 32,210 61,968 61,905 1,28,098 Other Income 21 19 - 40 - - SBI Life Insurance Company Limited Three months ended/ As at Particulars SI.N o. Year ended/ As Segment 1 Reporting for the quarter and half year ended September 30, 2026 Half year ended/ As at
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September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 (Unaudited) (Unaudited) (Audited) (Unaudited) (Audited) (Audited) Three months ended/ As at Particulars SI.N o. Year ended/ As Half year ended/ As at 2 Segment Surplus/ (Deficit) (net of transfer from shareholders' A/c) : Segment A - Par life 3,168 6,863 (4,079) 1 0,031 3,304 35,669 Segment B - Par pension 6,402 1,102 2,694 7,504 8,697 5,772 Segment C - Par VIP 738 851 763 1,589 1,573 1,775 Segment D - Non Par Ind Life (1,09,801) (21,401) (26,145) ( 1,31,202) (61,386) (1,77,798) Segment E - Non Par Ind Pension 474 299 177 774 349 1,1 69 Segment F - Non Par Group life 65,860 25,59 3 15,116 91,453 38,450 1,02,812 Segment G - Non Par Annuity 17,245 319 (3,880) 17,564 (7,137) (7,803) Segment H - Non Par Health 457 517 3,821 974 2,884 3,257 Segment I - Non Par VIP 1,128 1,119 971 2,247 2,413 5,941 Segment J - Linked Ind Life 26,152 21,321 16,886 47,473 49,860 1,00,225 Segment K - Linked Group 387 (162) (13) 224 (83) (1,201) Segment L - Linked Pension 23,060 17,570 13,704 40,629 27,906 71,727 Shareholders 30,758 26, 715 28,887 57,472 56,169 1,18,414 3 Segment Assets: Segment A - Par life 63,46,090 62,72,452 60,24,380 63,46,090 60,24,380 60,72,752 Segment B - Par pension 3,59,987 3,55,334 3,63,385 3,59,987 3, 63,385 3,45,489 Segment C - Par VIP 41,893 34,503 40,089 41,893 4 0,089 35,684 Segment D - Non Par Ind Life 79,06,831 73,50,8 43 58,36,134 79,06,831 5 8,36,134 67,78,153 Segment E - Non Par Ind Pension 28,277 26, 558 28,226 28,277 28,226 26,627 Segment F - Non Par Group life 45,28,837 44,66,8 82 43,98,501 45,28,837 4 3,98,501 45,50,927 Segment G - Non Par Annuity 36,24,995 34,54,603 29,49,671 36,24,995 29, 49,671 33,22,232 Segment H - Non Par Health 19,503 14,497 13,597 19,503 13,597 14,926 Segment I - Non Par VIP 96,593 93,759 1,32,314 96,593 1,32,314 90,515 Segment J - Linked Ind Life 2,15,01,634 2,17,53,8 99 2,01,62,669 2,15,01,634 2,01,6 2,669 1,96,49,791 Segment K - Linked Group 2,21,573 2,01,141 1,37,083 2,21,573 1,37,083 1,79,625 Segment L - Linked Pension 63,55,788 65,82,673 64,10,956 63,55,788 64,1 0,956 62,43,613 Total 5,10,32,002 5,06,07,145 4,64,97,005 5,10,32,002 4,64,97,005 4,73,10,334 Shareholders 20,53,914 20,12,098 18 ,29,645 20,53,914 18,29,645 19,08,600 Unallocated 4,330 (14,636) (20,197) 4,330 (20,19 7) (13,597) Grand Total 5,30,90,246 5,26,04,607 4,83,06,453 5,30,90,246 4,83,06,453 4,92,05,337 4 Segment Policy Liabilities 3: Segment A - Par life 63,39,891 62,68,658 60,24,053 63,39,891 60,24,053 60,71,517 Segment B - Par pension 3,53,140 3,51,687 3,61,833 3,53,140 3, 61,833 3,43,735 Segment C - Par VIP 32,316 34,123 38,294 32,316 3 8,294 34,188 Segment D - Non Par Ind Life 79,04,896 73,57,6 85 58,33,876 79,04,896 5 8,33,876 67,77,650 Segment E - Non Par Ind Pension 24,693 25, 662 28,011 24,693 28,011 26,134 Segment F - Non Par Group life 44,76,686 44,63,7 61 43,95,252 44,76,686 4 3,95,252 45,46,455 Segment G - Non Par Annuity 36,35,941 34,53,847 29,49,448 36,35,941 29, 49,448 33,21,135 Segment H - Non Par Health 14,143 14,198 13,530 14,143 13,530 14,190 Segment I - Non Par VIP 88,837 89,283 1,30,280 88,837 1,30,280 89,439 Segment J - Linked Ind Life 2,15,52,990 2,17,49,9 72 2,01,59,722 2,15,52,990 2,01,5 9,722 1,96,49,693 Segment K - Linked Group 2,22,644 2,01,373 1,36,513 2,22,644 1,36,513 1,79,107 Segment L - Linked Pension 63,90,155 65,82,259 64,05,996 63,90,155 64,0 5,996 62,43,494 Total 5,10,36,332 5,05,92,509 4,64,76,808 5,10,36,332 4,64,76,808 4,72,96,737 Shareholders 20,53,914 20,12,098 18 ,29,645 20,53,914 18,29,645 19,08,600 Unallocated - - - - - - Grand Total 5,30,90,246 5,26,04,607 4,83,06,453 5,30,90,246 4,8 3,06,453 4,92,05,337 Footnotes: 1 2 3 Segment policy liabilities includes fund for future appropriation and Credit/(debit) fair value change account on policyholders fund. Net of Provisions for diminution in value of investments and provision for standard and non-standard assets. c. Variable insurance further segregated into Life, General Annuity and Pension and Health where any such segment contributes ten per cent or more of the total premium of the Company . 2. Participating Policies : (i) Life (ii) General Annuity and Pension (iii) Health (iv) Variable 1. Non-Participating Policies: (i) Life (ii) General Annuity and Pension (iii) Health (iv) Variable b. Non-Linked a. Linked Policies: (i) Life (ii) General Annuity and Pension (iii) Health (iv) Variable Segments include :
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(₹ in Lakhs) CASH FLOW FROM OPERATING ACTIVITIES Premium received from policyholders, including advance receipts 48,97,583 1,02,12,017 44,07,462 Other receipts - - - Payments to the re-insurers, net of commissions and claims (74,767) (35,264) (26,424) Payments to co-insurers, net of claims recovery - - - Payments of claims (29,14,590) (55,29,959) (23,59,557) Payments of commission and brokerage (2,11,480) (4,42,179) (1,78,183) Payments of other operating expenses 1 (2,83,703) (5,11,552) (2,48,626) Preliminary and pre-operative expenses - - - Deposits, advances and staff loans (729) (1,670) (540) Income taxes paid (Net) (52,603) (1,01,971) (44,255) Good & Service tax paid (58,384) (1,37,155) (92,063) Other payments - - - Cash flows before extraordinary items 13,01,327 34,52,267 14,57,814 Cash flow from extraordinary operations - - - Net cash flow from operating activities (A) 13,01,327 34,52,267 14,57,814 CASH FLOW FROM INVESTING ACTIVITIES Purchase of fixed assets (15,441) (18,500) (9,266) Proceeds from sale of fixed assets 81 43 18 Purchases of investments (1,43,09,769) (2,91,85,402) (1,43,64,912) Loans disbursed - - - Sales of investments 1,26,86,882 2,44,16,322 1,21,56,443 Repayments received - 3,125 625 Rents/Interests/ Dividends received 10,91,773 19,46,190 9,68,697 Investments in money market instruments and in liquid mutual funds (Net) (2,64,706) (3,65,128) (1,35,770) Expenses related to investments (Net of Other Income) (640) 2,814 (694) Security deposit 14,189 (3,15,806) (1,77,873) Loan against Policies (net) (11,121) (15,457) (7,298) Net cash flow from investing activities (B) (8,08,752) (35,31,799) (15,70,030) CASH FLOW FROM FINANCING ACTIVITIES Proceeds from issue of share capital (net) 3,175 9,200 4,043 Proceeds from short term borrowing - - - Repayment of short term borrowing - - - Interim dividend paid (Gross of TDS on Dividend) (2) (27,080) (1) Net cash flow from financing activities (C) 3,173 (17,880) 4,042 - - Effect of foreign exchange rates on cash and cash equivalents (net) (D) - - - - - Net increase/(decrease) in cash and cash equivalents (A+B+C+D) 4,95,748 (97,412) (1,08,174) Cash and cash equivalents at beginning of the year 9,16,464 10,13,876 10,13,876 Cash and cash equivalents at end of the year 14,12,212 9,16,464 9,05,702 4,101 6,146 8,339 2,30,763 2,88,159 1,32,256 - - - 11,77,348 6,22,159 7,65,107 14,12,212 9,16,464 9,05,702 6,526 21,026 20,695 - - - 12,831 5,463 12,097 (11,77,348) (6,22,159) (7,65,107) 2,54,221 3,20,794 1,73,387 (₹ in Lakhs) Period ended September 30, 2026 Year ended March 31, 2026 Period ended September 30, 2025 - - - 2,026 2,026 1,695 Fixed Deposits less than 3 months 3 Includes fixed deposits kept with bank for issuance of bank guarantees Particulars Add:- Stamps / franking on hand Less:- Money Market instruments Cash & Bank Balances as per Schedule 11 Name of the Insurer: SBI LIFE INSURANCE COMPANY LIMITED Registration Number: 111 dated 29th March, 2001 with the IRDAI RECEIPTS AND PAYMENTS ACCOUNT (CASH FLOW STATEMENT) FOR THE PERIOD ENDED SEPTEMBER 30, 2026 Add:- Fixed deposit more than 3 months - Shareholder & Policyholder 3 Period ended September 30, 2026 Particulars The above Receipts and Payments Account has been prepared as prescribed by Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024 and Master Circular on Actuarial, Finance and Investment Functions of Insurers 2024 under the "Direct Method" laid out in Accounting Standard-3 on Cash Flow Statements issued by the Institute of Chartered Accountants of India. 2 Includes balance in dividend account which is unclaimed amounting to ₹ 12 lakhs (Previous year ended March 31, 2026 : ₹ 12 lakhs and Previous period ended September 30, 2025: ₹ 12 lakhs) 1 Includes cash paid towards Corporate Social Responsibility expenditure ₹ 1,593 lakhs (Previous year ended March 31, 2026 : ₹ 2,001 lakhs and Previous period ended September 30, 2025: ₹ 1,589 lakhs) Year ended March 31, 2026 Period ended September 30, 2025 Cash (including cheques, drafts) Bank Balances (includes bank balances in unit linked funds) 2 Fixed Deposits(Less than 3 months) 3 Money Market instruments Total Reconciliation of Cash & Cash Equivalents with Cash & Bank Balance (Schedule 11) Less:- Fixed deposit less than 3 months - Schedule 8B - Unit Linked Policyholder Fixed Deposits more than 3 months
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Other disclosures: SI. No. Three months ended September 30, 2026 Half year ended September 30, 2026 1 - - 2 5 12 3 5 12 4 - - Status of Shareholders Complaints for the quarter and half year ended September 30, 2026 No. of investor complaints disposed off during the period No. of investor complaints remaining unresolved at the end of the period Particulars No. of investor complaints pending at the beginning of the period No. of investor complaints received during the period
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1 2 3 4 5 6 7 8 9 10 For and on behalf of Board of Directors Place: Mumbai Amit Jhingran Managing Director & CEO Date: October 27, 2026 (DIN: 10255903) The Company doesn't have any subsidiary/associate/joint venture companies requiring consolidation under AS-21; therefore consolidated financial statements are not applicable to the Company. Notes: The above financial results for the half year and quarter ended September 30, 2026 have been reviewed by the Board Audit Committee and approved by the Board of Directors at its meeting held on October 26, 2026 and October 27, 2026 respectively. The financial results have been prepared in accordance with the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended and IRDA circular IRDA/F&I/REG/CIR/208/10/2016 dated October 25, 2016 on publication of financial results for life insurance companies. Figures of the previous period/year have been regrouped/ reclassified/restated wherever necessary, in order to make them comparable. In accordance with requirement of IRDAI Master Circular on 'Presentation of Financial Statements and Filing of Returns' and IRDAI circular no. IRDAI/F&A/CIR/MISC/256/09/2021 dated September 30, 2021, the Company will publish the financials on the Company's website latest by November 11, 2026. During the quarter ended September 30, 2026 the Company has allotted 164,539 equity shares with face value of Rs.10 each to its eligible employees pursuant to exercise of employee stock options in accordance with the Company's Employee Stock Option Scheme 2018 ("ESOS 2018"). The above financial results have been reviewed by the Joint Statutory Auditors, M/s. K S Aiyar & Co, Chartered Accountants and M/s J Singh & Associates, Chartered Accountants. Insurance Regulatory and Development Authority of India (‘IRDAI’) vide its order dated June 2, 2023 (‘IRDAI order’) passed in terms of section 52B (2) of the Insurance Act, 1938 has directed to transfer the life insurance business of Sahara India Life Insurance Company Limited (‘SILIC’) involving policy liabilities and policyholders’ investment/ assets to SBI Life Insurance Company Limited (‘SBI Life’ or ‘the Company’). On appeal filed by SILIC against the said IRDAI order, the Securities Appellate Tribunal ('SAT' or 'Tribunal') vide its order dated June 13, 2023 has granted stay on the effect and operation of the said IRDAI order. Subsequently, the IRDAI has filed an appeal with Hon’ble Supreme Court against the stay order passed by SAT. The Hon’ble Supreme Court in its hearing held on July 17, 2023 has set aside Securities Appellate Tribunal’s (SAT) stay and directed the SAT to hear the case and decide it afresh. Thereafter, the SAT, vide its order dated December 5, 2025, has dismissed the appeal filed by SILIC and upheld the order passed by the IRDAI dated June 2, 2023 therefore the order is no longer sub judice. The Company had sought necessary directions from IRDAI for compliance with the IRDAI Order dated June 2, 2023. As per the Authority’s directions, the Company shall continue to maintain separate books of account for SILIC during FY 2026-27. Accordingly, the closing balance of SILIC portfolio as at March 31, 2027 and transactions from April 1, 2027, pertaining to SILIC’s Policyholder’s shall be reflected in the Company’s financial statements. In view of seasonality of the industry, the financial results for the quarter or interim period are not necessarily indicative of the results that may be expected of any other interim period or full year. IRDAI has issued the IRDAI (Actuarial, Finance and Investment Functions of Insurers) (Amendment) Regulations, 2026 (“Amended Regulations”), mandating that all insurance companies prepare their financial statements in accordance with the applicable Indian Accounting Standards (Ind AS) with effect from April 1, 2026. The Amended Regulations also provide insurers the option to seek a one year forbearance, subject to prior approval of IRDAI, for deferring the implementation of Ind AS. In accordance with the above regulatory provisions and the Board approved Ind AS transition plan, the Company submitted an application to IRDAI seeking a one year forbearance. IRDAI has granted the forbearance for FY 2026-27, permitting the Company to defer the adoption of Ind AS by one year. Accordingly, these financial results of the Company are prepared in accordance with Indian GAAP (accounting principles generally accepted in India).
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K. S. Aiyar & Co. Chartered Accountants No. F-7, Shakti Mills Lane, Laxmi Mills Compound, Off Dr. E. Moses Road, Mahalaxmi, Mumbai-400011 J SINGH & ASSOCIATES, Chartered Accountants 505/506/507 Hubtown Viva Western Express Highway Shankar Wadi, Andheri (E) Mumbai – 400 060 1 Limited Review Report on Statement of Unaudited Financial Results of SBI Life Insurance Company Limited for the quarter and six months period ended on September 30, 2026 pursuant to Regulation 33 of Securities and Exchange Board of India (“SEBI”) (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended, read with Insurance Regulatory and Development Authority of India (“IRDAI”) Circular Reference: IRDAI/F&I/REG/CIR/208/10/2016 dated October 25, 2016 The Board of Directors of SBI Life Insurance Company Limited 1. We have reviewed the accompanying Statement of unaudited Financial Results of SBI Life Insurance Company Limited (“the Company”), for the quarter and the six months period ended on September 30, 2026 (‘Financial Results’) attached herewith being submitted by the Company, pursuant to Regulation 33 of Securities and Exchange Board of India (“SEBI”) (Listing Obligations and Disclosure Requirements) Regulations 2015 as amended (“Listing Regulations”), read with Insurance Regulatory and Development Authority of India (“IRDAI”) Circular Reference: IRDAI/F&I/REG/CIR/208/10/2016 dated October 25, 2016 (“IRDAI Circular”). 2. Management responsibility The Financial Results, which is the responsibility of the Company’s Management and approved by the Company’s Board of Directors, have been prepared in accordance with the requirements of recognition and measurement principles laid down in Accounting Standard 25 Interim Financial Reporting (“AS 25”) notified by the Companies (Accounting Standards) Rules, 2021, as prescribed under section 133 of the Companies Act, 2013 (‘the Act’) including the relevant provision of the Insurance Act, 1938, (the “Insurance Act”) as amended from time to time, the Insurance Regulatory and Development Authority Act, 1999 (the “IRDA Act”) and other accounting principles generally accepted in India, to the extent considered relevant and appropriate for the purpose of the Financial Results and are not inconsistent with the accounting principles as prescribed by the Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024, as amended (“the AFI Regulations”) and orders/directions/circulars issued by Insurance Regulatory and Development Authority of India (“IRDAI”) to the extent applicable. Our responsibility is to express conclusion on the Financial Results based on our review.
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K. S. Aiyar & Co. Chartered Accountants J Singh & Associates Chartered Accountants 2 3. Auditors’ responsibility We conducted our review of the Financial Results in accordance with the Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information performed by the Independent Auditor of the Entity” issued by Institute of Chartered Accountants of India (“ICAI”). This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial results are free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than audit conducted in accordance with the Standards on Auditing specified under section 143(10) of Companies Act, 2013 and consequently, does not enable us to obtain reasonable assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Review conclusion Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Financial Results prepared in accordance with the requirements of the recognition and measurement principles laid down in AS 25 notified by the Companies (Accounting Standards) Rules, 2021, as prescribed under section 133 of the Act and other accounting principles generally accepted in India, read with the accounting and presentation principles as prescribed in the relevant provisions of the Insurance Act, the IRDAI Act and the AFI Regulations and orders/ directions/ circulars issued by IRDAI, to the extent applicable, has not presented and disclosed the information required to be disclosed in terms of the IRDAI Circular and the Listing Regulations, including the manner in which it is to be disclosed or that it contains any material misstatement. 5. Other Matter: We report that the actuarial valuation of liabilities for life policies in force and for policies in respect of which premium is discontinued but liability exists as at September 30, 2026 are the responsibility of the Company’s Appointed Actuary (‘the Appointed Actuary’). The Appointed Actuary has estimated and duly certified the actuarial valuation of liabilities for policies as at September 30, 2026 and has also certified that in his opinion the assumptions for such valuation are in accordance with the guidelines and norms issued by the IRDAI and the Institute of Actuaries of India (‘IAI’) in concurrence with the IRDAI. Accordingly, we have relied upon the Appointed Actuary’s certificate in this regard for forming our conclusion on the valuation of liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists, as contained in the Financial Results of Company. Our review conclusion is not modified in respect of this matter.
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K. S. Aiyar & Co. Chartered Accountants J Singh & Associates Chartered Accountants 3 For K.S. Aiyar & Co. For J Singh & Associates. Chartered Accountants Chartered Accountants Firm Registration No.: 100186W Firm Registration No. 110266W Rajesh Joshi J. Singh Partner Partner Membership No: 038526 Membership No: 042023 UDIN: UDIN: Place: Mumbai Place: Mumbai Date: October 27, 2026 Date: October 27, 2026
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Willis Towers Watson Actuarial Advisory LLP Registered Office: A-210, Pioneer Urban Square Sector - 62 Golf Course Extension Road Gurugram-122003, India 23 October 2026 The Board of Directors SBI Life Insurance Company Limited Natraj, M.V. Road and Western Express Highway Junction Andheri (East), Mumbai - 400 069 WTW Opinion on Embedded Value as at 30 September 2026 Willis Towers Watson Actuarial Advisory LLP (“WTW”, “we”, “us” or “our”) has been engaged by SBI Life Insurance Company Limited (“SBI Life” or “the Company”) to review and provide an independent actuarial opinion on the embedded value results prepared by SBI Life. The review covered the embedded value as at 30 September 2026 of INR 873.5 billion and the value of six month’s new business written during the period 1 April 2026 to 30 September 2026 of INR 32.7 billion (together, “embedded value results”). Scope of work Our scope of work covered: ■ A review of the model, methodology and assumptions used to determine the embedded value results; ■ A review of the results of SBI Life’s calculation of the embedded value results; ■ A review of movement in embedded value from 31 March 2026 to 30 September 2026; ■ A review of movement in value of new business from 30 September 2025 to 30 September 2026; and ■ A review of select sensitivities as defined by the Company. Opinion WTW has concluded that the methodology and assumptions used to determine the embedded value results of SBI Life materially comply with the standards issued by the Institute of Actuaries of India within the Actuarial Practice Standard 10 (“Indian Embedded Value Principles”), and in particular that: ■ the economic assumptions used are internally consistent and result in the projected cash-flows being valued in line with the prices of similar cash-flows that are traded on the capital markets; ■ the operating assumptions have been set with appropriate regard to the past, current and expected future experience; ■ the Required Capital has been determined and projected on the basis of SBI Life’s internal capital target of 180% of the Required Solvency Margin and has been assessed from a shareholders’ perspective; ■ allowance has been made for the Cost of Residual Non-Hedgeable Risks; and ■ for participating business, the assumed bonus rates, and allocation of profit between policyholders and shareholders, are consistent with the projection assumptions, established company practice and local market practice. WTW has performed high-level reasonableness checks, commensurate to the reporting schedule, on the results of the calculations performed by SBI Life. On the basis of this review, WTW has confirmed that no issues have been discovered that have a material impact on the disclosed embedded value as at 30 September 2026, value of six month’s new business written during the period 1 April 2026 to 30 September 2026, the movement in embedded value over 31 March 2026 to 30 September 2026, movement in value of new business from 30 September 2025 to 30 September 2026 and the sensitivity analysis as at 30 September 2026. Based on an incremental model review for material new products and key model changes incorporated by SBI Life during the quarter, WTW has confirmed that the model used to prepare the results align with, in all material respects, the intended methodology and assumptions. In arriving at these conclusions, WTW has relied on data and information provided by SBI Life. This Opinion is made solely to SBI Life in accordance with the terms of WTW’s engagement letter dated 17 November 2022 and addendum to engagement letter dated 16 July 2026. To the fullest extent permitted by applicable law, WTW does not accept or assume any responsibility, duty of care or liability to anyone other than SBI Life for or in connection with its review work, the opinions it has formed or for any statements set forth in this opinion. Vivek Jalan, FIAI Partner Kunj Behari Maheshwari, FIAI Partner