SBI Life Gazes Into A New Long-Term Regime  — Yes Securities Maintains 'Buy' After Q3 Results; Sees 25% Upside

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Yes Securities Report

SBI Life Insurance Company Ltd.'s growth improved in Q3, with management guiding for robust agency channel growth: New business APE grew 28.8%/13.2% QoQ/YoY. For Q3, Banca channel grew 9.1% YoY whereas the Agency channel jumped 23.2% YoY.

For FY25, individual APE growth is expected to be 14% whereas overall APE growth is expected to be 11%. Overall APE growth is slower than individual APE growth due to slowdown in the group fund business. The overall growth guidance is 15-17% in the medium term.

With the kind of base the company has, 10% growth going forward from the Banca channel is satisfactory, as per management. The agency channel is expected to grow at 30% plus in the medium term. Management is confident of this growth since the company is not dependent on large agents, which have to be pursued via high commission payouts.

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