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Buy SBI Life Insurance Co; target of Rs 1520: Geojit

Geojit is bullish on SBI Life Insurance Co has recommended buy rating on the stock with a target price of Rs 1520 in its research report dated August 04, 2022.

August 06, 2022 / 08:08 AM IST
 
 
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Geojit's research report on SBI Life Insurance Co


SBI Life Insurance Company Limited, incorporated in 2001, is a joint venture between State Bank of India and BNP Paribas. It provides individual and group insurance plans, including traditional and unit-linked plans. Its products cover life, health, annuity, pension, and variable insurance. Gross written premium (GWP) grew 35.5% YoY to Rs. 11,349cr, mainly driven by 66.9% YoY growth in new business premium and 14.6% YoY rise in renewal premium. Value of new business (VNB) improved 2.3x YoY and VNB margin widened 670bps YoY owing to change in product mix. Resilient business model, wide distribution reach, trained workforce, technological innovation, and digitalisation auger well for the company’s performance.



Outlook


We remain positive on the stock and reiterate our BUY rating with a revised target price of Rs. 1,520 based on 2.7x FY24E EV.

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SBI Life Insurance Co - 040822 - geo

Broker Research
first published: Aug 6, 2022 08:08 am
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ISO 27001 - BSI Assurance Mark