VNB above estimates; margins contract 40bp YoY

29 Jan 2024
5 Min read 
  • SBI Life Insurance reported decent performance in 3QFY24 with APE and VNB surpassing estimates.
  •  APE grew 13% YoY, while VNB grew 11% YoY as margins contracted 40bp YoY.
  •  PAT grew 6% YoY to INR 3.2b, registering a 20% miss.
  •  Group Savings and ULIPs witnessed healthy YoY growth, while Par savings declined.
  •  The protection business was flat YoY.
  •  SBILIFE expects 18% CAGR in APE over FY23-26E and a 16.4% VNB CAGR.
  •  Reiterate BUY rating with a TP of INR 1,700.
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