SBI Life Insurance Company Ltd. share price target

Value of new business (VoNB) rose 12% YoY in FY26 to Rs. 6,670cr and VoNB margin was 27.5% vs 27.8% in FY25, driven by consistent growth of the protection business, positive shift in product mix and stronger 13th-month persistency at 87.9% vs 87.4%, reflecting improved policy retention and operational discipline....

SBI Life has been able to maintain mid-teen growth with healthy 26–28% VNB margin as per guidance, despite multiple challenges. We believe this is a sound achievement and a further testimony to its resilient business moats.

Focus on favorable product mix and agency channel: Growth outlook remains constructive with management guiding for ~1314% APE growth over FY27E, supported by consistent execution and more balanced product mix. The company continues to diversify beyond ULIPs, with improving traction in non-par, par and protection, which should support better growth quality as well as profitability. While banca remains the anchor channel with ~60% of APE, regulatory commentary around open architecture has created some overhang on the long-term reliability of...

Q4 APE grew 5% YoY; margin in-line with expectation Expect ~13% APE growth in FY27E FY26 VNB margin stood at 27.5%; expect gradual...

We maintain our BUY recommendation on the stock

SBI Life (SBILIFE) delivered a healthy performance in Q4FY26, with industryleading VNB margin at 28.3%, beating consensus’/our estimate of 28%/27.4%, respectively.

SBI Life Insurance (SBILIFE) reported 6% YoY growth in new business APE to INR57.5b (in line). For FY26, APE grew 13% YoY to INR242.7b.

SBI Life Insurance (SBILIFE) has been a consistent compounder with FY20-25 APE CAGR at 15% vs. 6% for the industry (15% YoY in YTDFY26 vs 13% for the industry), supported by an extensive SBI branch network and one of the largest agent bases in the private life insurance industry.

We maintain our BUY recommendation on the stock

SBI Life Insurance (SBILIFE) reported a 24% YoY growth in new business APE to INR86b (6% beat) for 3QFY26. For 9MFY26, APE grew 16% YoY to INR185.2b.

In H1FY26, VNB rose 14% YoY to Rs. 2,750cr, with VNB margin at 27.8% (vs 26.8% in H1FY25), led by steady protection growth, favourable product mix and stronger 13th-month persistency at 87.1% vs 86.4%, reflecting improved policy...

We maintain our BUY recommendation on the stock

Strong parentage led distribution remains key catalyst Q2FY26 performance: SBI Life reported a steady Q2FY26 performance, with APE growth of 10% YoY, driven by strong traction in non-par savings (20% of APE) and protection business (33% YoY), while ULIP maintained a balanced 55% share. Bancassurance remained the key growth driver with a 57% APE contribution, supported by healthy productivity in SBI and RRB channels, whereas agency momentum revived in September aided by 64,000 new agent addition and higher non-par share. VNB margin improved to 27.8% (vs 26.8% YoY) despite 80 bps GST...

SBI Life has been able to maintain its mid-teen growth guidance in volume and healthy 26–28% VNB margin guidance despite the adverse GST impact on costs.

SBI Life delivered an impressive performance during H1FY26, with APE growth at ~10% beating consensus’/our estimate by ~2%/4%, and VNB margin at 27.8% coming in higher than consensus’/our estimate of 27.3%/26.9%, respectively.

In Q1FY26, Gross Written Premium grew by 14.4% YoY (-25.8% QoQ) to INR 178,139 Mn., driven by strong growth in first year premiums, was largely in-line with our estimates.

We maintain our BUY recommendation on the stock

SBI Life has provided a mid-teen growth guidance in volume and maintains a healthy 26–28% VNB margin guidance for FY26.

Significant VNB margin expansion of 60bps YoY to 27.4%, aided by a favourable product mix

SBI Life Insurance (SBILIFE) reported 9% YoY growth in new business APE to INR39.7b (in line). VNB margin for the quarter stood at 27.4% vs our estimate of 28.5% (26.8% in 1QFY25). Absolute VNB grew 12% YoY to INR10.9b (in-line), driven by the product mix shift toward non-linked products.