Objective: ₹ 1,975
CMP: ₹ 1,694.55
The new commercial APE of SBI Life Insurance for Q4-FY25 De-Grew/Grw -21.5/2.3 percent Qoq/Yoy. The total appeal for fiscal year 2015 increased 9 percent year -on -year to ₹ 21,420 million rupees, where individual APE increased 12 percent to ₹ 19,590 million rupees.
In the future, management has guided that in Ape Basic Individual it will grow by 13-14 percent, which is slightly ahead of the expected growth for the total industry with 12 percent. The productivity of the SBI branch in terms of individual APE was ₹ 54 Lakh, 9 percent more. The Banca channel, which grew 8 percent for the year for the 2015 fiscal year, is expected to grow to 10 percent or two two -digit bass for the 2016 fiscal year.
The agent’s productivity was ₹ 2.9 Lakh in individual NBP for fiscal year 200, 20 percent more. Management has guided that it will focus on the agency channel and is expected to grow 25 percent. While the company will work in a growing participation of not stopping, protection and annuities, the proportion of pair under margin is also expected to increase. The VNB margin for Fy26 is expected to remain at 28 percent.
We value SBIL at 2.0x Fy27 P/EV for a Roev Fy26/27 or 18.6/18.5 percent profile.
Posted on April 25, 2025
