India's SBI Life falls after report on push for changes to bank-insurer distribution model

Sbi Life Insurance

21/04/2026 09:11

** Shares of India's SBI Life Insurance SBIL.NS down 4.01% to 1,903 rupees

** Department of Financial Services Secretary is pushing for banks to avoid exclusive tie-ups with insurers and sell third-party products, according ET Now

** Adds, bank-promoted insurers should remain neutral; PSU banks told no incentives for selling insurance products

** Brokerage Macquarie notes SBIL derives over 60% of business from Banca channel, substantial part of that is from SBI which doesn't follow an open architecture model

** Says any move to mandate open architecture unlikely in near term as it requires regulatory action from IRDAI

** Shares of Canara HSBC Life Insurance CANR.NS fell 4.62%, ICICI Prudential Life Insurance ICIR.NS down 1.53%, and HDFC Life Insurance HDFL.NS up 0.75%

** YTD stock down 2.58% vs Nifty 50 .NSEI down 6.07%

(Reporting by Devika Nair in Bengaluru)

((Devika.MadhusudhananNair@thomsonreuters.com;))