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SBI Life reported strong Q2 FY26 financial results with half-year new business premium at ₹18,350 Cr (+17% YoY) and PAT at ₹1,089 Cr (+4% YoY). Value of New Business (VoNB) grew 14% to ₹2,750 Cr, with VoNB margin at 27.8% despite GST changes. This was attributed to a strategic product mix shift towards high-margin protection, targeting over 10% of APE. Management is optimistic for H2, expecting sustained growth in banca and agency channels after recent adjustments. They project 13-14% individual APE growth for FY26 and remain confident in maintaining margins within the 26-28% range.