SBI Life Insurance CEO Amit Jhingran said the company's first-quarter earnings were in line with expectations and provided guidance for the 2027 fiscal year.

These projections provide a critical roadmap for investors as the insurer balances high-margin protection products with unit-linked insurance plans in a competitive Indian market.

Jhingran said that the Value of New Business (VNB) margin is expected to be on the upper end of 26% to 28% [1] for FY27. This metric serves as a primary indicator of the profitability of new policies issued by the insurer.

Regarding product mix, Jhingran said that the share of Unit Linked Insurance Plans (ULIPs) is expected to be around 63% [2] of retail Annualized Premium Equivalent (APE) for the fiscal year. ULIPs allow policyholders to invest in equity or debt markets while maintaining life cover.

The CEO also highlighted a strategic shift toward protection products. He said that growth in the protection segment is expected to be higher than the company's overall growth rate for FY27 [1]. Protection products, such as term insurance, typically offer higher margins than investment-linked products.

These updates follow a period of review by brokerages. Recent reports indicate that some analysts have maintained a bullish stance on the stock and raised target prices after the company's VNB figures beat initial estimates [2, 3].

The company's focus on expanding its protection portfolio suggests a move to diversify risk, and improve long-term value. By targeting the upper end of the VNB margin range, SBI Life aims to optimize its capital efficiency while scaling its retail presence across India.

“VNB margin expected to be on the upper end of 26‑28% for FY27”

SBI Life's guidance suggests a strategic pivot toward higher-margin protection insurance to offset the volatility of ULIPs. By projecting protection growth that outpaces the overall company growth, the insurer is attempting to improve its VNB margins and capitalize on the increasing demand for term life coverage in India.