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.
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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