BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
HDFC Securities Report
With business recovery underway (annual premium equivalent up 113.0% QoQ), along with increasing of new business (VNB up 114.5% QoQ), we believe SBI Life Insurance Company Ltd. is on track to deliver a respectable FY21E- (APE and VNB down 8.9% and 8.3% YoY).
We, however, take a longer term view on the business and appreciate the strong distribution footprint of its parent State Bank of India (24,000 plus branches), improving protection share (H1 FY21: 12.6%, up 545 basis points YoY), and lowest operating cost ratios (H1 FY21: 8.6%, down 180 basis points YoY).
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