SBI Life Insurance Company Ltd. share price target

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,...

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SBILIFE reported a strong 3QFY22, with APE growth of 31% YoY and stellar VNB growth of 54% (10% beat). VNB margin stood broadly stable QoQ at 25.6%. Shareholders' PAT grew 56% YoY to INR3.64b (20% beat). Among segments, ULIP saw an APE growth of 28% YoY. Non-PAR/Protection grew better than its peers at 67%/27% YoY. Persistency improved across cohorts, with 13th month persistency at 87.2% (up 103bp YoY). We raise our growth projections and expect SBILIFE to deliver 29% CAGR in APE over FY21-24E. VNB margin is estimated to touch 26.3% by FY24E, thus...

The company has achieved private market leadership in Individual Rated Premium of Rs 4990 crore with 23.6% private market share in H1FY22. The company has posted strong growth in Individual New Business Premium by 54% to Rs 6480 crore in H1FY22. New Business Premium...

We maintain a BUY rating on the stock with a revised target price of Rs 1,425 (2.7x FY24E EV).

SBILIFE has reported strong traction in new business growth, with Individual WRP growth of 52%/67% over Jul'21/Aug'21. In FY22 YTD, it has delivered Individual WRP growth of 48% YoY, while two-year CAGR stands healthy at 20%. Our recent interaction with the management indicates pick up in business momentum, with growth bouncing back strongly across all segments. The management is aiming at healthy double-digit growth over FY22E (20-25%), which...

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. Its products cover life, health,...