Banca channel key to achieve insurance for all: SBI Life MD

Following the earnings for the first quarter of the financial year 2025-2026 Q1FY26), Amit Jhingran, MD&CEO, SBI Life Insurance, spoke to Subrata Panda in Mumbai about the company’s performance, growth strategy, challenges facing the insurance sector, and the appointment of the new IRDAI chairman.

- Amit Jhingran, MD&CEO, SBI Life Insurance

How do you look at the Q1 performance?

The overall numbers were in line with the guidance that we had given at the start of FY26. The quarter was somewhat subdued for the industry, but we are happy that our numbers were better than the industry on a strong base of last year.

Margins saw slight dip sequentially...

Our margins stand at 27.4 per cent in Q1, while it was at 26.8 per cent in Q1 last year. It is mostly related to the product mix, where the contribution of unit-linked products (ULIP) has come down as per our strategy and our focus on the products in the non-participating, participating, and protection products has improved. We continue to stick to our guidance of 26-28 per cent margins in FY26.

Are you consciously bringing down ULIPs in your product mix?