SBI Life Insurance Company (SBI Life) reported strong 9MFY23 performance with APE growth of 20% YoY, VNB growth of 44% YoY and VNB margin at 29.6% YoY. While there has been a sequential decline of 400bps in Q3FY23 margin due to increase in ULIP mix, we expect the overall business momentum to continue and result in a healthy core RoEV of more than 20% in FY23E/FY24E.