ICICI Direct has buy call on SBI Life Insurance Company with a target price of Rs 1350. The current market price of SBI Life Insurance Company is Rs 1136.85.

SBI Life Insurance Company, incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 113806.74 Crore) operating in Financial Services sector.

SBI Life Insurance Company key Products/Revenue Segments include Premiums Earned and Other Operating Revenue for the year ending 31-Mar-2022.

Financials

For the quarter ended 31-03-2023, the company has reported a Standalone Total Income of Rs 21310.74 Crore, down -20.57 % from last quarter Total Income of Rs 26829.77 Crore and down -1.64 % from last year same quarter Total Income of Rs 21666.15 Crore. Company has reported net profit after tax of Rs 776.85 Crore in latest quarter.

The company’s top management includes Mr.Dinesh Kumar Khara, Mr.Mahesh Kumar Sharma, Ms.Usha Sangwan, Dr.Tejendra Mohan Bhasin, Mr.Narayan K Seshadri, Mr.Deepak Amin, Mr.Shobinder Duggal, Mr.Ashwini Kumar Tewari. Company has S C Bapna & Associates as its auditors. As on 31-03-2023, the company has a total of 100 Crore shares outstanding.

Investment Rationale
SBIL’s share price has grown ~45% in the past three years. Lower proportion of high ticket business, strong distribution and diversified product mix along with lowest cost on relative basis is seen aiding business growth as well VNB margin. The stock is reasonably priced and is currently trading at 1.9xFY25E embedded value.

Promoter/FII Holdings
Promoters held 55.45 per cent stake in the company as of 31-Mar-2023, while FIIs owned 25.14 per cent, DIIs 15.09 per cent.