VNB margins contract due to shift in product mix

Company
24 Oct 2024
5 Min read 
  • SBI Life Insurance reported weak performance in 2QFY25
  •  APE and VNB reported 11%/14% below estimates
  •  VNB margins contracted due to shift in product mix
  •  ULIP share in total APE increased to 65% in 2QFY25
  •  Management expects 12-15% VNB growth and 26-27% VNB margin for FY25
  •  Reiterate BUY rating with TP of INR 2,100
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