SBI Life (SBLI) reported strong APE/VNB growth of 18%/37% in FY23. Company maintains its strong outlook of >20% growth in APE in FY24. SBLI is relatively unaffected by the new tax regulations due to its low share of >Rs500k ticket-size policies (less than 2% of total APE in 9MFY23) and has been better than peers in terms of growth in the number of policies (14% YoY growth in FY23 and 12% CAGR between FY20-23).