KR Choksey's research report on SBI Life Insurance Company
The Gross Written Premium (GWP) for Q4FY24 stood at INR 252,411 Mn, a growth of 26.1%/ 12.4% QoQ, primarily led by surge in the New Business Premium (NBP). GWP was 5.5% higher than our estimates because a single premium segment performed better than expected. The Annualized Equivalent Premium (APE) was INR 53,300 Mn in Q4FY24, a jump of 17.1% YoY but declined by 13.1% QoQ on account of a sharp decline in the first-year premium segment. APE was 1.1% higher than our estimates. The Value of the New Business (VNB) declined by 10.1% QoQ but grew by 4.9% YoY to INR 15,100 Mn. VNB was 4.5% higher than our estimates due to higher-than-estimated margins. We have tweaked our FY26E VNB margins slightly from 29.2% to 28.5%.
Outlook
We maintain our target price at INR 1,705 per share for SBILIFE assigning a multiple of 2.2x for its FY26E embedded value.
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
