SBI Life Insurance Company Ltd. share price target

The Company has achieved private market leadership in Individual Rated Premium of Rs 1390 crore with private market share of 18.9% in Q1FY2022. Total Cost ratio for Q1FY2022 is 10.5% against 10.1% for Q1FY2021. Commission ratio for Q1FY2022 is 3.2% against 3.1% for Q1FY2021. Operating Expense for Q1FY2022 is 7.2% compared with 7.0% in Q1FY2021....

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VNB growth robust; margins expand on steady product mix Motilal Oswal values your support in the Asiamoney Brokers Poll 2021 for India Research, Sales, Corporate Access and...

We maintain a BUY with a target price of Rs 1290 (2.5xFY24E EV), implying an upside of 20% from CMP.

SBI Life Insurance reported strong growth on the premium front while controlled cost ratios, sequential decline in actuarial liabilities aided the company to have a healthy surplus and PAT. AUM growth accelerated 38% YoY to | 220870 crore. Shareholders and policyholders (excluding linked liabilities) assets witnessed healthy growth at ~26% and ~28% YoY, respectively. Assets held in lieu of linked products jumped ~48% YoY to | 116215 crore. Commission increased 29% YoY to | 585 crore while commission ratio remained steady at 3.8% YoY, QoQ,...

We maintain a Buy with a target price of Rs 1150 (2.6xFY23E EV), implying an upside of 20% from CMP.

SBI Life ended the FY21 with 6.6% of APE growth which grew 48% YoY/13% QoQ on back of 24% growth in New business premium in FY21 & 62% YoY/14% QoQ in Q4FY21. Strong top line and mix also enhanced margins to be better than expectations at 20.4% in FY21 (PLe: 19.9%) and implying 22.2% exit margin in Q4FY21 (PLe:21.2%). This led to a strong 20% YoY growth in absolute VNB. Strong growth was seen in non-par savings, individual protection, group business and recovery in ULIPs happening quarter to quarter. Going ahead, with non-par (both saving & protection) still at 23-24%...

The Value of New Business (VoNB) improved 63% to Rs 880 crore in Q4FY2021, while VoNB margins improved to 20.4% in FY2021 from 18.7% in FY2020. Individual rated premium (IRP) has rose 46% to Rs 3640 crore in Q4FY2021, while Individual...

SBI Life Insurance (SBILIFE) reported a robust quarter, with strong APE growth led by recovery in ULIP and continued strong traction in NonPAR/Annuity and Individual Protection. Also, it reported strong VNB growth of 93% YoY on an effective tax rate (ETR) basis with margins improving sharply to 27.7%. FY21 VNB margins improved to 23.2%. Persistency improved across cohorts, with 13th/61st month persistency improving 180bp/170bp YoY to 87.9%/61.6%. The company continues to maintain cost leadership, with the total expense ratio declining to 8.3% in FY21 (v/s 9.9% in FY20). The Embedded Value (EV) based on actual tax rate...

We re-iterate BUY with a target price of Rs 1035.