Buy SBI Life Insurance; target of Rs 1600: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on SBI Life Insurance

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 enabling 34% VNB CAGR, while RoEV sustain at ~19%. SBILIFE remains our preferred pick in the Life Insurance space. We reiterate our Buy rating.

Outlook

We maintain our Buy rating with a revised TP of INR1,600/share (2.9x Sep’23E EV).

More Info on Trent

At 15:09 hrs SBI Life Insurance Company was quoting at Rs 1,145.15, up Rs 18.95, or 1.68 percent.

It has touched an intraday high of Rs 1,149.85 and an intraday low of Rs 1,108.05.

It was trading with volumes of 55,208 shares, compared to its thirty day average of 38,009 shares, an increase of 45.25 percent.

In the previous trading session, the share closed down 0.43 percent or Rs 4.90 at Rs 1,126.20.

The share touched its 52-week high Rs 1,293.00 and 52-week low Rs 840.00 on 17 January, 2022 and 22 March, 2021, respectively.

Currently, it is trading 11.43 percent below its 52-week high and 36.33 percent above its 52-week low.

Market capitalisation stands at Rs 114,547.44 crore.

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