Girish Pai

Nirmal Bang

Equity Bottom-Up

<p><strong>Errata: Corrected VNB margin for FY23E in backpage financials table. Rest of the report remains unchanged.</strong></p>
<p>4QFY21 Result Update</p>
<h2>SBI Life Insurance</h2>
<h3>Stable quarter, growth outlook +ve; valuation favorable</h3>
<p>SBI Life Insurance (SBIL) reported APE of Rs39.7bn in 4QFY21, a growth of 46.5% YoY. Overall strong growth for 4QFY21 was driven by pick-up across product lines. With demand coming back, ULIPs reported growth of 47.1% YoY, accounting for 70% of the total business (APE). Individual par grew by…</p>

<p>4QFY21 Result Update</p>
<h2>SBI Life Insurance</h2>
<h3>Stable quarter, growth outlook +ve; valuation favorable</h3>
<p>SBI Life Insurance (SBIL) reported APE of Rs39.7bn in 4QFY21, a growth of 46.5% YoY. Overall strong growth for 4QFY21 was driven by pick-up across product lines. With demand coming back, ULIPs reported growth of 47.1% YoY, accounting for 70% of the total business (APE). Individual par grew by 23.1% YoY compared to a YoY decline in the previous three quarters. Growth in non-par savings was particularly…</p>

<p>3QFY21 Result Update</p>
<h2>SBI Life Insurance</h2>
<h3>ULIP drags an otherwise strong overall growth</h3>
<p>SBI Life Insurance (SBIL) reported APE of Rs35bn in 3QFY21, a growth of 3.6% YoY. The overall growth rate for the quarter was mainly held back by the ULIP segment, which accounted for 69% of the overall APE (3QFY21). Ex-ULIP, growth in APE was at a healthy 22.5% YoY. ULIP was down 3.2% YoY in 3QFY21 while non-par and individual protection saw healthy growth of 89.5% YoY and 100% YoY, respectively. On 9MFY21…</p>

<p>2QFY21 Result Update</p>
<h2>SBI Life Insurance</h2>
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<h3>Taking a less aggressive stance on par/non-par</h3>
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<p>SBI Life Insurance (SBIL) reported NBP growth of 27.2% YoY in 2QFY21 and 15.1% for 1HFY21. APE declined by 3.6% YoY due to a 15.3% decline in individual savings business, which was in turn caused by ~13% YoY contraction in business. As of today, the company has stated that ULIP traction is far better and that people are coming back to buy ULIP products. On YoY basis, average ticket size in the ULIP…</p>
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<p>1QFY21 Result Update</p>
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<h2>SBI Life Insurance</h2>
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<p><strong>Another tough quarter; maintain BUY</strong></p>
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<p>1QFY21 proved to be another tough quarter. SBI Life Insurance (SBIL) reported a decline of 29% YoY in individual new business premium and a 32% YoY decline in overall APE. Though June 2020 has seen significant pick up in business, we remain cautious on the full year growth outlook. Group new business premium grew by 34% YoY to Rs17.2bn while the renewals saw robust growth of 30% YoY. ULIP APE was down 51% YoY…</p>
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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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