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Motilal Oswal Report
SBI Life Insurance Co remains one of the best-positioned players to benefit from the structural growth in India's life insurance industry. With insurance penetration still low and a large protection gap, the sector offers a long runway for sustained double-digit growth.
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The insurer combines this industry opportunity with a powerful distribution franchise anchored by the SBI bancassurance network, enabling consistent APE growth and strong new business profitability. Over the medium term, Motilal Oswal expects mid-teen APE growth supported by improving agent productivity, deeper penetration of the SBI ecosystem, and expansion in protection and non-par products.
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At the same time, product mix improvement, rising protection contribution, and robust operational efficiency should support stable to gradually improving VNB margins to 28.5% by FY28.
The combination of sustained APE growth, stable VNB margins, and disciplined cost management positions SBI Life to achieve ~18% operating RoEV going forward.
The brokerage reiterates its Buy rating with a target price of Rs 2,400 (based on 2.1x FY28E P/EV).
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