AAO (1B) Exam Prep | Study4Insurance | FY 2025–26 (Results: May 21, 2026)
📊 Top Financial Figures — FY26
The twenty numbers most likely to appear in the data-retrieval section of the exam.
| Metric | FY26 Figure |
|---|---|
| Profit After Tax (PAT) | ₹57,419 Crore (+19.25%) |
| Total Premium Income | ₹5,35,984 Crore (+9.80%) |
| First Year Premium (FYPI) | ₹41,935.30 Crore (+13.26%) |
| Renewal Premium | ₹2,76,135.59 Crore (+5.37%) |
| Single Premium | ₹2,18,677.67 Crore (+15.24%) |
| Annual Premium Equiv. (APE) | ₹66,961 Crore (+17.83%) |
| Indiv. Business APE | ₹43,335 Crore |
| Group Business APE | ₹23,626 Crore (35.28%) |
| Total Income | ₹9,74,797 Crore |
| Investment Income (Net) | ₹4,31,573 Crore |
| Metric | FY26 Figure |
|---|---|
| AUM (All-time High) | ₹57,29,396 Crore (+5.08%) |
| Indian Embedded Value (IEV) | ₹7,89,185 Crore (+1.58%) |
| Value of New Business (VNB) | ₹14,179 Crore (+41.63%) |
| VNB Margin | 21.2% (+360 bps) |
| Solvency Ratio | 2.35 (up from 2.11) |
| Expense Ratio | 11.91% (down 51 bps) |
| Non-Par Share of Indiv. APE | 35.11% (up from 27.69%) |
| Death Claim Settlement Ratio | 99.44% |
| Total Maturity Claims Paid | ₹2,79,951 Crore |
| Policyholder Bonus Declared | ₹59,726 Crore |
📈 FY25 vs FY26 — Year-on-Year at a Glance
Know the direction and the exact magnitude of each change.
| Parameter | FY25 | FY26 | Change |
|---|---|---|---|
| PAT | ₹48,151 Cr | ₹57,419 Cr | +19.25% |
| Total Premium Income | ₹4,88,148 Cr | ₹5,35,984 Cr | +9.80% |
| VNB | ₹10,011 Cr | ₹14,179 Cr | +41.63% |
| VNB Margin | 17.6% | 21.2% | +360 bps |
| AUM | ₹54,52,297 Cr | ₹57,29,396 Cr | +5.08% |
| Solvency Ratio | 2.11 | 2.35 | +24 bps ↑ |
| Expense Ratio | 12.42% | 11.91% | −51 bps ↓ |
| Non-Par APE Share | 27.69% | 35.11% | +7.42 pp |
| GNPA Ratio | 5.47% | 4.34% | Improved ↓ |
| 61st-Month Persistency | 63.12% | 59.31% | Declined ↓ |
🏢 Network & Workforce
Exact counts — common in objective questions.
- Individual Agents: 14,86,851
- Employees: 91,606
- Zonal Offices: 8
- Divisional Offices: 113
- Branch Offices (computerized): 2,048
- Satellite Offices: 1,584
- Mini Offices: 1,168
- Internal Audit Centres: 13
- Banks (Bancassurance): 95
- Other Corp Agents: 88 | Brokers: 301
🏛️ Governance & Legal
Section numbers matter — know which section does what.
- Section 26 — Actuarial Valuations
- Section 28 — Surplus Distribution:
90% par surplus → Policyholders (from FY25)
10% → Shareholders - Section 37 — Government Guarantee on policies
- Surplus Distribution Policy: published every 5 years
- PPGR&CMC meetings in FY26: 4
- D-SII designation retained by IRDAI for FY26
- Market Share (FYPI): 57.05%
- Global brand rank: 3rd strongest insurance brand
- Motto: “Yogakshemam Vahamyaham” — Your welfare is my responsibility
⭐ Key Events & Corporate Actions
Landmark firsts — these appear frequently as MCQ hooks.
- Bima Sakhi Yojana: Launched December 9, 2024 | 1,48,888 Bima Sakhis appointed by March 2025
- Guinness World Record: 5,88,107 policies sold in 24 hours — January 20, 2025
- Bonus Share Issue: 1:1 — paid-up equity capital doubled to ₹12,650 Crore
- Final Dividend: ₹10 per equity share for FY26
- Bancassurance milestone: Crossed ₹5,000 Crore for the FIRST TIME (₹5,076 Crore | +45.19% YoY)
- ANANDA platform: +56.08% YoY | 12.48% share of total individual policies
🧠 Memory Tricks — Lock These In Before the Exam
Rule of 57: Both PAT and AUM start with 57. PAT = ₹57,419 Cr | AUM = ₹57,29,396 Cr
VNB 21-14: Margin = 21.2% → Absolute VNB = ₹14,179 Crore. The percentage leads; the crores follow.
SR-ER Inverse Swap: Solvency Ratio (SR) ↑ to 2.35 | Expense Ratio (ER) ↓ to 11.91% — always opposite directions.
35-35 Target: Non-Par APE = 35.11% ≈ Group APE share = 35.28% — two different things, nearly the same number.
✅ Exam Tips — Watch for These Traps
Common confusion points that cost marks.
360 bps ≠ Solvency Ratio change. 360 bps = VNB Margin expansion. 24 bps = Solvency Ratio improvement. 51 bps = Expense Ratio decline.
IEV only grew 1.58% despite strong operations. Why? Negative economic variance of ₹72,740 Crore (equity MTM: ₹53,698 Cr + debt MTM: ₹46,853 Cr).
61st-month persistency declined — from 63.12% to 59.31%. Counter-strategy: raise minimum sum assured to attract higher-ticket, loyal customers.
Non-Par APE at 35.11% directly caused VNB Margin to expand to 21.2% (+360 bps). These two facts are always tested together.