Dear Stakeholders,

I am pleased to present SBI Life’s FY25 Annual Report. The year was satisfying on many fronts, be it our strong performance, sustaining our market-leading position or the growing impact on the lives we protect. This is a moment of pride and brings along a heightened sense of responsibility. As the country develops and industry evolves, we must step up for the families we support and the future we aspire for.

Thread by thread, weaving dreams of unstoppable India

India’s economic narrative continued to defy global headwinds in FY25. Amidst escalating trade tensions and persistent geopolitical uncertainties, the country emerged as a pillar of stability and potential. While GDP growth moderated to 6.5%, the fundamental levers remain intact. Several factors are working in its favour, including strong domestic consumption, private investments and economic reforms. India stands at the cusp of a decadal opportunity, all set for unprecedented growth to become the world’s third-largest economy by 2030.

A nation advancing at this pace gives rise to new aspirations, growing disposable incomes and new risk exposures, all of which support the expansion of the insurance sector. The advancements in digitalisation and a conducive regulatory environment further drive innovation and improve market accessibility. On the demand side, sustained focus on driving awareness and financial inclusion supports long-term growth. These factors are bringing more vitality to the industry. Swiss Re projects India to be G20’s fastest-growing insurance market, with total premium volumes growing at an average of 7.3% annually between 2025 and 2029. Within this, the life segment is expected to grow by 6.9%.

The IRDAI’s commitment to ‘Insurance for All’ by 2047 no longer seems far-fetched. Yes, the many forward-thinking reforms are necessitating life insurers to adjust their models. However, these are rather constructive corrections. I believe that the industry is being reshaped for good. The shift to transparent, customer-centric approaches, focus on innovation and digital tools to improve accessibility, affordability and awareness is a win-win for all stakeholders. These developments will be key in enhancing insurance penetration and narrowing the protection gap, which currently stands at 2.8% and 90%, respectively.

Riding the wave of change

The magnitude of changes that have transpired in recent years is monumental. SBI Life, as India’s leading private life insurance Company, will be instrumental in shaping the industry’s future, with operations aligned with the regulatory framework.

One of the key measures that we have implemented is in our mindset. Our mantra is change as an opportunity and not a challenge, impact over scale and trust and transparency over business growth. We have integrated adaptability and innovation into our institutional framework. This will allow us to meet evolving customer expectations, regulatory shifts and market dynamics with more agility and effectiveness in the digital age and foster brand differentiation.

Every aspect of our operations reflects this shift.

Products and services are being reimagined around customer insights and industry trends. It is a shift from a push sell philosophy to addressing the life goals and evolving needs of customers. The investments in digital capabilities have extended beyond automation and streamlining to embedding intelligence, insights-driven decision-making and self-service models. Distribution, too, is being redefined. The focus is not just on expansion, but on strengthening value across every touchpoint.

With these changes, we will continue to accelerate the growth momentum and strive for excellence in everything we do. This is the essence of our strategy towards supporting the dreams of every Indian. We remain confident in staying resilient amidst changes and ensuring a future where insurance is not a product but a pillar of financial security and empowerment for all.

Our commitment to customers remains at the heart of everything we do. Active listening and a deep understanding of their needs are central to our actions.

A year of achievements

Throughout the past year, SBI Life achieved new milestones across all parameters. We revamped our product portfolio, both through relaunch and new introductions, in line with the changing customer landscape and regulatory requirements. This strengthens our product portfolio and reinforces our position as a trusted partner. Today, we serve over 12.6 million active policyholders, covering more than 80.2 million in-force lives, a testament to the continued trust placed in us. Our Individual Rated Premium grew by 12.3%, driven by strong customer engagement and product innovation.

Our market share in individual rated new business premiums in the overall industry improved by 26 basis points to 16.1% in FY25, while in the private segment, it stood at 22.8%.

Customer centricity supported by digitalisation

Our commitment to customers remains at the heart of everything we do. Active listening and a deep understanding of their needs are central to our actions. The outcome of consistently monitoring customer needs and satisfaction is reflected in the reduction of complaints. Our mis-selling ratio stands at 0.02%, one of the lowest among insurers. To further strengthen customer value and better address their grievances, we have created the position of Internal Ombudsman. Through this first-of-its-kind initiative in the insurance industry, we intend to set a new benchmark in customer satisfaction. In parallel, we continued to scale our digital capabilities, embedding intelligent automation across key service areas to enhance responsiveness, improve operational efficiency and deliver a seamless customer experience.

In an evolving industry, our ability to understand customer behaviour, anticipate needs and manage risks effectively will determine our long-term success. Over the past few years, we have evolved SBI Life through a data-driven lens, integrating technologies such as artificial intelligence (AI) and data analytics. These tools are sharpening our decisions across product design, customer outreach and service delivery throughout the lifecycle.

In recent years, transactions have increasingly shifted to digital channels. However, human interaction remains essential, whether in-person or remotely, for providing advice, conducting business and handling more complex needs. A complementary approach is necessary to ensure a seamless experience in both digital self-service and in-person or remote service.

By leveraging SBI’s deep customer insights and advanced data analytics, the Company launched a protection product on the YONO platform with a pre-approved sum assured and highly competitive pricing. The result is a seamless, three-click experience that significantly simplifies the customer journey. Building on the response and capitalising on SBI’s extensive customer base and robust digital infrastructure, the Company is working on introducing additional products on the YONO platform. For customers, it provides a frictionless, digital-first insurance experience; for us, they represent a strategic step forward in expanding insurance offering and providing financial protection to the dreams of every customer.

Prosperous future together

SBI Life is confidently positioned for the future, driven by the strength of our business and the opportunities that lie ahead.

India’s demographic advantage –with a large and growing youth population, an expanding working class and rising disposable incomes – creates a solid foundation for sustained growth in the life insurance sector. This potential is further supported by India’s resilient economic fundamentals. While global trade tensions have introduced an element of uncertainty, India’s domestic consumption-led economy is expected to function as a stabilising buffer.