Motilal Oswal Recommends 'BUY' on SBI Life Insurance, Sets Target at Rs 2570
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Moneycontrol•30-01-2026, 21:03
Motilal Oswal Recommends 'BUY' on SBI Life Insurance, Sets Target at Rs 2570
- •SBI Life Insurance (SBILIFE) reported a 24% YoY growth in new business APE to INR86 billion for 3QFY26, exceeding estimates by 6%.
- •For 9MFY26, APE grew 16% YoY to INR185.2 billion, while absolute VNB increased by 22% YoY to INR22.9 billion.
- •The VNB margin for 3QFY26 stood at 26.6%, slightly down from 26.9% in 3QFY25, but 9MFY26 saw a VNB margin of 27.2% (+30bp YoY).
- •Motilal Oswal maintains APE/VNB estimates, projecting a FY25-28 CAGR of 15%/16% with an operating RoEV of 18%+.
- •The brokerage reiterates a 'BUY' rating with a revised target price of INR2,570, based on 2.2x FY28E P/EV.
Why It Matters: Motilal Oswal recommends buying SBI Life Insurance with a target of Rs 2570, citing strong growth and outlook.
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