Retain BUY with an increased TP of Rs 1,230 (+23.4%) implying a DCF derived Dec-20E EV + 25.4x FY22E VNB. SBILIFE continues to be our top pick in the life insurance space. Retain BUY with an increased TP of Rs 1,230 (+23.4%) implying a DCF derived Dec-20E EV + 25.4x FY22E VNB. SBILIFE continues to be our top pick in the life insurance space. Our recent interaction with SBILIFE convinced us that growth surprises will persist. Increasing width (and depth) at activating SBIs branch network and SBILIFEs new partner addition initiatives drive our conviction. Further, a higher than expected APE growth in 8MFY20, leads us to upgrade FY20E-22E APE by 3.4-7.2%.