HDFC Securities: SBI Life’s Growth Recovery Underway
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HDFC Securities Report
With business recovery underway (annual premium equivalent up 113.0% QoQ), along with increasing value 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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