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Q4FY23 Preview: SBI Life Insurance Company: VNB margin seen at 28.6%

25 Apr 2023 , 07:51 AM

Result date: 26th April, 2023

Recommendation: Buy

Target price: Rs 1,800

 

Analysts at IIFL Capital Services expect SBI Life Insurance Company’s (SBI Life) geographical reach and distribution muscle to aid in driving growth.

SBI Life should witness ~30% growth in APE growth and VNB growth of 38% YoY, aided by 170 basis points margin improvement.

The company is all set to post healthy growth in its New Business Premium during the quarter. It is a cost leader when compared to its peers in the private sector and this trend is likely to continue.

Important management insights to watch out for:

  • Growth across product categories
  • Product mix, particularly protection products
  • Update on actual impact of the changes announced in the Union Budget
Rs Billion

March 2023 estimates

YoY change

New Business Premium

88.5

32.8%

Renewal Premium

118.1

8.9%

Total APE

53.5

29.6%

VNB

15.3

37.9%

VNB Margin

28.6%

170 bps

Source: IIFL Research

 

Related Tags

  • SBI Life
  • SBI Life Insurance Company
  • SBI Life Insurance Company Q4
  • SBI Life Q4
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