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:
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
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