We upgrade SBI Life to BUY from Add with revised up Dec-25E TP of Rs1,850, implying FY26E P/EV of 2.3x. SBI Life delivered an impressive performance in Q3FY25 with growth rebound in the banca channel (10% YoY in Q3 vs 7% in H1), which led to Retail APE growth of 13% in Q3 on a strong base of last year, and VNB margins for the quarter coming in at 26.95% vs 26.86% of 9M despite implementation of the new surrender regulations.