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SBI Life — Solid all-round Q1 numbers, best placed among private life insurers

While the better product mix and higher VNB margin is encouraging, three things differentiate SBI Life from other private players – market leading share, largest bancassurance channel and lowest cost structure

July 29, 2022 / 12:38 PM IST
SBI Life — Solid all-round Q1 numbers, best placed among private life insurers

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PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

SBI Life (CMP: 1,191; Mcap: Rs 119,127 crore) has posted a solid performance in the first quarter of FY23 (Q1 FY23). A strong growth in the top line along with the changing product mix increased the value of new business (VNB) and led to margin expansion. The life insurance sector in India is on a structural growth path and the best stock to play the sector is the one whose company is seeing the fastest growth in top line, having...

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