SBI Life Insurance Company Limited CC-Feb26.pdf · 2026-01-28
Hi, good evening. Congratulations on a good set of numbers. I have a couple of questions. First on the VNB margin, I think in the first half call you had mentioned that ceteris paribus the impact of GST is about 175 basis points. That would be sort of on a full year basis compared to like FY '25 full year margins. I wanted to get a sense that now that this quarter is over, what would that number be? And, what is the sort of benefit that we have got because of a better product mix in 3Q? So, if I were to just look at 3Q margins, where are we tracking in terms of the impact of just the 3Q margins, just GST on the 3Q margins? And second, so when I look at, protection growth, so versus peers, our individual protection growth has been lower. And in this environment, because of the GST cut, etc., one would expect like even stronger protection growth. So, what's the thought process over there? And how are you sort of looking at protection over next couple of years, if we can see further acceleration happening over there? Lastly, for these new labor laws, can you quantify what is the impact? I may have missed that in your opening remarks. And have you accounted for this impact in your EV disclosure that you have given? Those would be my three questions. Thanks.
Got it. And just one follow up. We are seeing a reduction in persistency in the 25th, 37th, 61st month a little bit. Any comments on that and have we assumed enough or do we have some margin of error over there or would that result in some negative operating experience?