Analysts/Institutional Investor Meet/Con. Call Updates

November 03, 2026 SBIL/CS/NSE-BSE/2627/137 Vice President General Manager Listing Department, Listing Department, National Stock Exchange of India Limited, BSE Limited, Exchange Plaza, Phiroze Jeejeebhoy Towers, Plot No. C/1, G Block, BKC, Dalal Street, Bandra (East), Mumbai 400051 Mumbai 400001 NSE Symbol: SBILIFE BSE Scrip Code: 540719 Dear Sir / Madam, Subject: Transcript of Earnings Conference call for Q2 of FY 2026-27 This is in continuation to our intimation letter SBIL/CS/NSE-BSE/2627/131 dated October 22, 2026 and in compliance with the provision of Regulation 30 read with Schedule III (Part A) (Para A) (15) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose transcript of the earnings conference call held on Tuesday, October 27, 2026. The transcript of the earnings conference call with analysts or institutional investors is also hosted on the Company's website at www.sbilife.co.in You are requested to kindly take the same on record. Thanking you, Yours faithfully, Girish Manik Company Secretary ACS No. 26391 Encl: A/a 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 “SBI Life Insurance Company Limited Q2 FY27 Earnings Conference Call” October 27, 2026 Management: Mr. Amit Jhingran – Managing Director and Chief Executive Officer Mr. Sangramjit Sarangi – President and Chief Financial Officer Mr. Subhendu Bal – President and Chief Risk Officer Mr. Prithesh Chaubey – President and Appointed Actuary Mr. Santosh Chacko – President, Business Strategy Ms. Smita Verma – Executive Vice President, Finance and Investor Relations Page 1 of 20 SBI Life Insurance Company Limited October 27, 2026 Moderator: Ladies and gentlemen, good day and welcome to the SBI Life Insurance Company Q2 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Amit Jhingran, Managing Director and CEO, SBI Life Insurance Company Limited. Thank you, and over to you, sir. Amit Jhingran: Good evening, everyone. It is our privilege to welcome you to the SBI Life Insurance Results Update Call for the period ended September 30, 2026. We sincerely appreciate your time and efforts in analyzing our performance and thank you for participating in today's earnings call. Updates on our financial results are available on our website as well as on the websites of both the stock exchanges. Along with me, Mr. Sangramjit Sarangi, President and CFO; Mr. Subhendu Bal, President and CRO; Mr. Prithesh Chaubey, President and Appointed Actuary; Mr. Santosh Chacko, President, Business Strategy and Mrs. Smita Verma, Executive Vice President, Finance and Investor Relations are present. India's resilient economy supported by strong underlying fundamentals, rising household aspirations and evolving customer needs provides a sound foundation for the life insurance sector's long-term growth. Given the long-term nature of life insurance, short-term market volatility is unlikely to materially alter the sector's underlying growth drivers, although it may influence customer preferences across products. Demand for guaranteed saving products and ULIPs is expected to be shaped by customers' differing needs for financial certainty and long-term market-linked wealth creation. We remain well positioned to capitalize on these opportunities through customer- centric solutions, a diversified product portfolio and a strong distribution network. Recent IRDAI's consultation papers on recalibrating economics of insurance distribution is a constructive step towards strengthening the insurance ecosystem with a continued focus on policyholder interest, transparency and improved customer outcomes. This is consistent with the broader direction of recent regulatory reforms, including the GST exemption revised surrender value framework, which reinforces the importance of policyholder protection. Page 2 of 20 SBI Life Insurance Company Limited October 27, 2026 While the final guidelines are awaited, we look forward to engaging constructively with the regulators. A balanced and sustainable distribution ecosystem remains essential for expanding insurance awareness, deepening penetration and advancing insurance for all by 2047. SBI Life's existing structure is broadly aligned with the proposed framework. Therefore, we expect limited impact. We remain confident in our ability to adapt while creating value for customers and distributors and delivering sustainable profitable growth. During H1 FY27, SBI Life pursued sustainable, profitable growth by strengthening distribution, expanding insurance penetration and offering customer-centric protection-led solutions across a diversified portfolio. Now let me give you some key highlights of the period ended 30th September 2026: New business premium stands at INR202.6 billion with a growth of 10% and private market share of 20%. Individual rated new business premium stands at INR97.2 billion with a growth of 12% and private market share of 22.6%. Gross written premium stands at INR484 billion with a growth of 13%. Profit after tax stood at INR12.7 billion, registering a strong growth of 17% over the corresponding period last year. Value of new business stands at INR32.7 billion with a growth of 19%. VoNB margin stands at 27.9%. Embedded value as on September 30, 2026 stands at INR873.5 billion with a growth of 15%. Our assets under management stand at INR5.3 trillion with a growth of 9% over the corresponding period last year. We will now update you on each of the key parameters in detail. Individual rated premium stands at INR97.2 billion with a year-on-year growth of 12%, while retaining our leadership position with a 22.6% private market share and 16% total market share. The company's 3-year CAGR of IRP stands at 11%. Individual APE stood at INR97.7 billion, growing by 11% year-on-year. Total new business premium is INR202.6 billion with private market share of 20% and total market share of 8.2%. Group new business premium stands at INR65.3 billion with contribution of 32% in new business premium and year- on-year growth of 6%. APE stands at INR117.5 billion, registering a growth of 18%. Out of this, individual APE stands at INR97.7 billion with a growth of 11%. Renewal premium grew by 15% to INR281.5 billion, which accounts for 58% of the gross written premium. To sum up, gross written premium stands at INR484 billion with a growth of 13% over corresponding period of last year. Page 3 of 20 SBI Life Insurance Company Limited October 27, 2026 During the period, a total of 9.78 lakh new policies were sold, covering 1.43 crore lives. The growth in sum assured reflects strong consumer confidence and increasing awareness of financial protection. Individual and group new business sum assured grew by 36% and 78%, respectively, year-on-year, while rider sum assured continued to expand, now accounting for 40% of individual sum assured. Let me give you detail about the product mix. The company continues to strengthen its product portfolio through focused and customer-centric initiatives. During the quarter, the company launched riders to enhance product propositions, provide comprehensive coverage and address evolving customer protection needs. Individual APE for participating products stand at INR5.1 billion with a growth of 9%. The Par segment also witnessed a considerable growth of 40% in sum assured during the period. For the period ended September 2026, guaranteed non-par savings have garnered business [Showing first 8,000 characters — download PDF for full document]