External broker reports(aggregated public sources), Axis Direct

Axis Direct

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

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External broker reports(aggregated public sources)

Equity Bottom-Up

SBI Life Insurance Co Ltd / Equity Bottom-Up

<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