Religare Retail Research report on SBI Life Insurance Company
SBI Life’s Q1FY24 gross premium income (GWP) increased by 19% YoY to Rs 135.6bn driven by renewal premium (RP) growth of 28% YoY and new business premium (NBP) growth of 11% YoY despite strong previous year growth. Annualized premium equivalent (APE) growth was moderate at 4% YoY as individual rated premium (IRP) remained muted with growth of 3% YoY.
Outlook
We estimate APE/NBP/VNB to grow at a CAGR of 19%/21%/23% over FY23-25E. We maintain Buy rating and revise our target price upwards to Rs 1,644 valuing the company at 2.6x of its FY25E embedded value.
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