External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

SBI Life Insurance Co Ltd / Equity Bottom-Up

<ul><li>GST Impact to be Offset By Favourable Product Mix Shift: In Q2, SBILIFE’s VNB growth (+14.5% YoY) outpaced APE growth (+10% YoY), driving VNB margins (calc.) higher at 27.9% vs 26.9%/27.5% YoY/QoQ.</li><li>During the quarter, the impact of the GST rate cut was 80bps, of which 20bps was attributable to business booked post-GST rationalisation (after 22nd Sep’25) due to Input Tax Credit (ITC) disallowance.</li><li>Excluding the GST impact, H1 VNB margins would have been strong at 28.5%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GST Impact to be Offset By Favourable Product Mix Shift: In Q2, SBILIFE’s VNB growth (+14.5% YoY) outpaced APE growth (+10% YoY), driving VNB margins (calc.) higher at 27.9% vs 26.9%/27.5% YoY/QoQ.During the quarter, the impact of the GST rate cut was 80bps, of which 20bps was attributable to business booked post-GST rationalisation (after 22nd Sep’25) due to Input Tax Credit (ITC) disallowance.Excluding the GST impact, H1 VNB margins would have been strong at 28.5%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SBI Life Insurance Ltd - Margins Surprise Positively; GST Impact Manageable!

<ul><li>Focus on Improving Branch Partner Distribution: Despite the growth in the agency channel being a tad muted in Q1, the management remains confident of delivering a strong performance over the rest of FY26.</li><li>The management has retained its guidance for a strong ~25% growth through the agency channel in FY26.</li><li>The banca channel saw an uptick in Jun’25 vs AprMat’25, with the company having mobilised field officers. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Focus on Improving Branch Partner Distribution: Despite the growth in the agency channel being a tad muted in Q1, the management remains confident of delivering a strong performance over the rest of FY26.The management has retained its guidance for a strong ~25% growth through the agency channel in FY26.The banca channel saw an uptick in Jun’25 vs AprMat’25, with the company having mobilised field officers. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SBI Life Insurance Ltd - VNB Margins Expansion Led By Product Mix Shift...

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently eleven pair trade opportunities across three markets and six sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently eleven pair trade opportunities across three markets and six sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (22 Dec)

<ul><li>Agency channel ramp-up to continue: In line with the company’s renewed focus on the agency channel, the focus during the quarter was on improving agency activation through traditional and protection products, which have been selling ULIP products until now.</li><li>SBILIFE remains committed to strengthening the agency channel, with plans to open 87 new branches, expand into Tier 2/3 cities, onboard more agents, and enhance agent productivity and activation.</li><li>The company is streamlining its agency network by weeding out underperforming agents. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Agency channel ramp-up to continue: In line with the company’s renewed focus on the agency channel, the focus during the quarter was on improving agency activation through traditional and protection products, which have been selling ULIP products until now.SBILIFE remains committed to strengthening the agency channel, with plans to open 87 new branches, expand into Tier 2/3 cities, onboard more agents, and enhance agent productivity and activation.The company is streamlining its agency network by weeding out underperforming agents. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SBI Life Insurance Ltd - VNB Margins Surprise Positively...

<ul><li>SBI Life Insurance Company Ltd. (SBILIFE) was founded as a joint venture between the State Bank of India and BNP Paribas Cardif, the insurance subsidiary of BNP Paribas.</li><li>The company benefits from a strong competitive edge due to its bancassurance partnership with SBI.</li><li>Additionally, its well-diversified product portfolio and extensive distribution network position it for accelerated growth and market share expansion.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SBI Life Insurance Company Ltd. (SBILIFE) was founded as a joint venture between the State Bank of India and BNP Paribas Cardif, the insurance subsidiary of BNP Paribas.The company benefits from a strong competitive edge due to its bancassurance partnership with SBI.Additionally, its well-diversified product portfolio and extensive distribution network position it for accelerated growth and market share expansion.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week - SBI Life Insurance Company Ltd - 15th February, 2025

India

SBI Life Insurance Company Limited offers financial services. The Company provides claims, general insurance, online banking, retirement plans, tax calculators, revival of lapsed policies, and other services. SBI Life Insurance serves customers in India.

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SBI Life Insurance Co Ltd (SBILIFE IN)

SBI Life Insurance Ltd - Margins Surprise Positively; GST Impact Manageable!

In Q2, SBILIFE’s VNB growth (+14.5% YoY) outpaced APE growth (+10% YoY), driving VNB margins (calc.) higher at 27.9% vs 26.9%/27.5% YoY/QoQ.

Axis Direct

SBI Life Insurance Ltd - VNB Margins Expansion Led By Product Mix Shift...

Despite the growth in the agency channel being a tad muted in Q1, the management remains confident of delivering a strong performance over the rest...

Axis Direct

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (22 Dec)

Statistical methodology identifies eleven pair trade opportunities across three markets and six sectors, offering unique insights into relative...

Gaudenz Schneider

SBI Life Insurance Ltd - VNB Margins Surprise Positively...

SBILIFE remains committed to strengthening the agency channel, with plans to open 87 new branches, expand into Tier 2/3 cities, onboard more...

Axis Direct

Pick of the Week - SBI Life Insurance Company Ltd - 15th February, 2025

SBI Life Insurance Company Ltd. (SBILIFE) was founded as a joint venture between the State Bank of India and BNP Paribas Cardif, the insurance...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SBI Life Insurance Ltd - Margins Surprise Positively; GST Impact Manageable!

In Q2, SBILIFE’s VNB growth (+14.5% YoY) outpaced APE growth (+10% YoY), driving VNB margins (calc.) higher at 27.9% vs 26.9%/27.5% YoY/QoQ.

Axis Direct

SBI Life Insurance Ltd - VNB Margins Expansion Led By Product Mix Shift...

Despite the growth in the agency channel being a tad muted in Q1, the management remains confident of delivering a strong performance over the rest...

Axis Direct

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (22 Dec)

​Statistical methodology identifies eleven pair trade opportunities across three markets and six sectors, offering unique insights into relative...

Gaudenz Schneider

SBI Life Insurance Ltd - VNB Margins Surprise Positively...

SBILIFE remains committed to strengthening the agency channel, with plans to open 87 new branches, expand into Tier 2/3 cities, onboard more...

Axis Direct

Pick of the Week - SBI Life Insurance Company Ltd - 15th February, 2025

SBI Life Insurance Company Ltd. (SBILIFE) was founded as a joint venture between the State Bank of India and BNP Paribas Cardif, the insurance...

Axis Direct

Statistical methodology identifies eleven pair trade opportunities across three markets and six sectors, offering unique insights into relative...