SBI Life Insurance Company Ltd. share price target

SBI Life delivered a largely in-line performance during Q1FY25, with APE at Rs36.4bn (+20% YoY) vs. our estimate of Rs35.8bn and VNB margin at 26.8% (Emkay: 27.2%).

SBI Life Insurance (SBILIFE) reported a decent performance in 1QFY25. APE grew 20% YoY (in line) to INR36.4b, whereas absolute VNB grew 11.5% YoY.

SBI Life Insurance (SBLI) maintains its sectoral outperformance in FY24 basis volume growth (17%), VNB growth (9%), core RoEV (21.8%) as well as overall RoEV (26%).

FY24 APE growth strong at 17% YoY with ULIPs forming 60% of total; continues to lead the market with 23.3% share in individual APE

SBI Life logged a robust performance for FY24, with APE at Rs197bn meeting
our estimate. VNB margin at 28.1% was 0.6ppt ahead of our estimate leading
to VNB at Rs55.5bn beating our estimate by 3%.

SBILIFE reported decent performance in 4QFY24. APE grew 17% YoY (in
line), while VNB rose 5% YoY as margins improved 90bp QoQ to 28.3%. PAT
grew 4.4% YoY to INR8.1b (12% beat vs. our estimate of INR7.2b).

We maintain our BUY recommendation on the stock.

BJAUT: Healthy revival but priced in; downgrade to SELL. TVSL: On a fast track raise to BUY. SBICARD: Asset quality concerns persist; downgrade to HOLD. LAURUS: Challenges galore cut to SELL. CIPLA: Healthy revenue growth, strong margins. MAHGL: Volume growth accelerating, reiterate BUY. DCBB: NII sequentially flat on high interest cost. SBILIFE: ULIP-led growth; maintains market leadership