SBI Life Q3 Results Review - Sectoral Outperformance Magnifies In FY24: ICICI Securities

ICICI Securities Report

SBI Life Insurance Company Ltd. maintains its sectoral outperformance basis volume growth (17% YoY in nine months-FY24) as well as margins (28.1% in 9M FY24), resulting in higher embedded value operating profit (~20% for five years ending FY24 likely).

Its distribution capacity (both in bancassurance as well as other channels) is allowing for better access in beyond-tier-I locations, leading to volume outperformance.

Basis management guidance as well as product pipeline, SBI Life is likely to show better margin resilience around 28% levels despite expenses of management regulations. Maintain 'Buy'.

Key risks include regulatory changes such as smaller tax exemptions on insurance and/or higher surrender value for non-linked savings.

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