SBI Life Insurance Company Ltd. share price target

We remain positive on the stock and maintain a BUY rating with a Target Price of Rs 1,530/share (2.7x FY24EV), implying an upside potential of 37% from the CMP.

SBI Life has reported strong Q4FY22 performance with FY22 APE/VNB/operating RoEV of Rs143bn/Rs37bn/21% along with a stable VNB margin of 25.9%. We see levers available for both volume and margin improvement. We expect the business momentum to continue and result in healthy RoEV of 18.7/18% in FY23/24E.

SBI Life Insurance Company Limited, is a joint venture between SBI and BNP Paribas formed in 2001, which offers individual and group insurance plans, including traditional and unit linked plans. It's products cover life, health,...

We recommend a BUY on the stock for a target price of Rs 1328 implying an upside of 10% from CMP.

The Company has strong distribution network of 194,177 trained insurance professionals consisting of agents, CIFs and SPs along with widespread operations with 947 offices across country. The Company has diversified distribution network comprising of strong bancassurance channel, agency channel and others comprising of corporate agents, brokers, micro agents,...