External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

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SBI Life Insurance Co Ltd / Equity Bottom-Up

<p>SBILIFE has reported strong traction in new business growth, with Individual WRP growth of 52%/67% over Jul'21/Aug'21. In FY22 YTD, it has delivered Individual WRP growth of 48% YoY, while two-year CAGR stands healthy at 20%. Our recent interaction with the management indicates pick up in business momentum, with growth bouncing back strongly across all segments. The management is aiming at healthy double-digit growth over FY22E (20-25%), which...</p><div class="content-highlight"><em>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.</em></div>

SBILIFE has reported strong traction in new business growth, with Individual WRP growth of 52%/67% over Jul'21/Aug'21. In FY22 YTD, it has delivered Individual WRP growth of 48% YoY, while two-year CAGR stands healthy at 20%. Our recent interaction with the management indicates pick up in business momentum, with growth bouncing back strongly across all segments. The management is aiming at healthy double-digit growth over FY22E (20-25%), which...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.

Business growth recovering sharply; operating metrics steady

External broker reports(aggregated public sources), Axis Direct

Axis Direct

<p>SBI Life Insurance (SBIL) reported a strong Q1FY22 with APE growth of 28% YoY and VNB margin expansion of 110 bps leading to 50% YoY growth in VNB. With less pressure from reinsurance, individual protection grew 86% YoY, better than the competition. Protection share has improved to 13.5% YoY, the highest-ever for the company so far. Covid-19 related at 5.7 Bn was manageable given its scale. It has Rs 4.5 Bn of Covid reserves for future claims if they arise in FY22E.</p><p>We maintain a BUY with a target price of Rs 1290 (2.5xFY24E EV), implying an upside of 20% from CMP.</p><div class="content-highlight"><em>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.</em></div>

SBI Life Insurance (SBIL) reported a strong Q1FY22 with APE growth of 28% YoY and VNB margin expansion of 110 bps leading to 50% YoY growth in VNB. With less pressure from reinsurance, individual protection grew 86% YoY, better than the competition. Protection share has improved to 13.5% YoY, the highest-ever for the company so far. Covid-19 related at 5.7 Bn was manageable given its scale. It has Rs 4.5 Bn of Covid reserves for future claims if they arise in FY22E.We maintain a BUY with a target price of Rs 1290 (2.5xFY24E EV), implying an upside of 20% from CMP.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: Strong Performance Continues

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>HSIE Results Daily Kotak Mahindra Bank: Kotak Mahindra Banks (KMB) 1QFY22 performance was broadly in line with our estimates on the back of continued funding cost tailwinds resulting in sequentially stronger NIMs even as loans shrank 2.8% QoQ. Annualised slippages were up at 2.8% (FY21: 2.4%) as collections were affected during Apr-May21 on account of the second wave (as witnessed by peers), with most of the stress emerging from secured retail portfolio. KMB maintained its stock of COVID provisions and the loan loss coverage at ~65%.</p><div class="content-highlight"><em>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.</em></div>

HSIE Results Daily Kotak Mahindra Bank: Kotak Mahindra Banks (KMB) 1QFY22 performance was broadly in line with our estimates on the back of continued funding cost tailwinds resulting in sequentially stronger NIMs even as loans shrank 2.8% QoQ. Annualised slippages were up at 2.8% (FY21: 2.4%) as collections were affected during Apr-May21 on account of the second wave (as witnessed by peers), with most of the stress emerging from secured retail portfolio. KMB maintained its stock of COVID provisions and the loan loss coverage at ~65%.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.

HSIE Results Daily: Kotak Mahindra Bank, Axis Bank and More

<p>VNB growth robust; margins expand on steady product mix Motilal Oswal values your support in the Asiamoney Brokers Poll 2021 for India Research, Sales, Corporate Access and...</p><div class="content-highlight"><em>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.</em></div>

VNB growth robust; margins expand on steady product mix Motilal Oswal values your support in the Asiamoney Brokers Poll 2021 for India Research, Sales, Corporate Access and...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.

VNB growth robust; margins expand on steady product mix

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)

Business growth recovering sharply; operating metrics steady

SBILIFE has reported strong traction in new business growth, with Individual WRP growth of 52%/67% over Jul'21/Aug'21. In FY22 YTD, it has...

Motilal Oswal

SBI Life Insurance: Strong Performance Continues

We maintain a BUY with a target price of Rs 1290 (2.5xFY24E EV), implying an upside of 20% from CMP. SBI Life Insurance (SBIL) reported a strong...

Axis Direct

HSIE Results Daily: Kotak Mahindra Bank, Axis Bank and More

HSIE Results Daily Kotak Mahindra Bank: Kotak Mahindra Banks (KMB) 1QFY22 performance was broadly in line with our estimates on the back of...

HDFC Securities

VNB growth robust; margins expand on steady product mix

VNB growth robust; margins expand on steady product mix Motilal Oswal values your support in the Asiamoney Brokers Poll 2021 for India Research,...

Motilal Oswal

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