Buy SBI Life Insurance; target of Rs 1500: ICICI Direct

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ICICI Direct's research report on SBI Life Insurance

SBI Life (SBIL) is among the most dominant players in the Indian life insurance industry with strong distribution network, parentage, operating metrics. Balanced product mix with focus on opex ratio ahead of industry • Strong parentage led distribution remains key catalyst.

Outlook

We retain our BUY rating on the stock. Rolling to FY25E, we value SBIL at ~2.5x FY25 EV and maintain our target price at Rs 1500 per share.