SBI Life Insurance reported a 1 per cent drop in fourth-quarter profit on Wednesday as higher commissions and a jump in operating expenses outweighed renewal premium growth.

The insurer reported a net profit of ₹805 crore ($85.85 million) for the three months ended March 31, down from ₹814 crore a year earlier.

Net premium income rose 16 per cent to ₹27,684 crore, driven by growth in renewal premiums. One-time premiums increased 37 per cent, while renewal premiums rose about 14 per cent. First-year premiums from new policies rose a modest 5 per cent.

Net commissions paid rose 10 per cent, while operating expenses increased nearly 35 per cent to ₹1,668 crore.

Analysts had expected growth to moderate during the quarter as volatile equity markets, triggered by the West Asia conflict, weighed on demand for market-linked insurance products, to which the company has a relatively higher exposure.

Published on April 22, 2026