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02 December, 2021 08:49 IST
SBI Life Insurance: Business growth recovering sharply, operating metrics steady
Source: IRIS | 30 Sep, 2021, 12.24PM
Rating: NAN / 5 stars.
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SBILIFE has reported strong traction in new business growth, with Individual WRP growth of 52%/67% over Jul'21/Aug'21. In FY22 YTD, it has delivered Individual WRP growth of 48% YoY, while two-year CAGR stands healthy at 20%.

Motilal Oswal Institutional Equities reiterates 'Buy' on SBI Life Insurance Company (SBILIFE) with a target price of Rs 1,400 per share.

The company's management indicates pick up in business momentum, with growth bouncing back strongly across all segments. The management is aiming at healthy double-digit growth over FY22E (20-25%), which would be among the best in the past few years. "We estimate 20% CAGR in APE growth over FY21-24E. SBILIFE is among our preferred picks in the Life Insurance space. We reiterate our BUY rating with a TP of Rs 1,400/share (2.6x 1HFY24E EV)," it added.

Agency channel has shown a strong bounce back and is contributing well to business growth. Strong momentum in high margin segments such as Annuity and Credit Life would aid further improvement in VNB margin, the broking firm said.

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