Archive · 24 Jul 2026
SBI Life reduces bancassurance reliance as agency grows
SBI Life Insurance has been reducing its dependence on bancassurance, which is selling insurance through banks, and focusing more on its agency channel.
This means they are training and adding more insurance agents to sell their products.
In the first three months of this financial year, the company saw a big increase in sales, with agents contributing more than half of the new business.
The company also made more profit and sold more new insurance policies.
However, fewer people are keeping their insurance policies for five years compared to last year.
SBI Life Insurance reduced its reliance on bancassurance, with the channel's contribution to total APE declining to 47% in Q1FY27 from 58% the previous year.
The agency channel's contribution increased to 53% of total APE in Q1FY27, up from 42% the previous year.
SBI Life reported a 36% year-on-year growth in Annualised Premium Equivalent (APE) to ₹5,380 crore in the April-June quarter.
The company added over 34,000 agents and opened more than 100 branches in the last three years.
SBI Life's net profit increased by 22% year-on-year to ₹720 crore, with new business premium growing by 23% to ₹8,910 crore.
- Who
- SBI Life Insurance
- What
- Reduced reliance on bancassurance, increased focus on agency channel
- When
- First quarter of FY27 (April-June)
- Where
- India
- Why
- To diversify distribution and improve product mix
Bancassurance Channel
Agency Channel
Contribution to Total APE
Bancassurance Channel
47% in Q1FY27, down from 58% in the previous year
Agency Channel
53% in Q1FY27, up from 42% in the previous year
Growth in Individual APE
Bancassurance Channel
10% year-on-year growth to ₹2,450 crore
Agency Channel
20% year-on-year growth to ₹1,310 crore
- Company
- SBI Life Insurance
- CEO
- Amit Jhingran
- Q1FY27 APE Growth
- 36% year-on-year to ₹5,380 crore
- Agency Channel Contribution
- 53% of total APE in Q1FY27
- Bancassurance Channel Contribution
- 47% of total APE in Q1FY27
- New Business Premium Growth
- 23% year-on-year to ₹8,910 crore
- Net Profit Growth
- 22% year-on-year to ₹720 crore
- 13th-Month Persistency Ratio
- 87.7%
- 61st-Month Persistency Ratio
- 58.4%