SBI Life - Business Growth Recovering Sharply; Operating Metrics Steady: Motilal Oswal
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Motilal Oswal Report
SBI Life Insurance Company Ltd. has reported strong traction in new business growth, with Individual weighted received premium growth of 52%/67% over July 2021/August 2021.
In FY22 year-to-date, it has delivered Individual WRP growth of 48% YoY, while two-year compound annual growth rate stands healthy at 20%.
Our recent interaction with the 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 annual premium equivalent growth over FY21-24E.
SBI Life does not see any major challenge with respect to Covid-19 related claims. However, it may take a few months for the trend to stabilise completely.
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