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Q4FY21 Result Update - SBI Life Insurance - ICICI Direct

Posted On: 2021-05-05 04:52:54 (Time Zone: UTC)

SBI Life Insurance reported strong growth on the premium front while controlled cost ratios, sequential decline in actuarial liabilities aided the company to have a healthy surplus and PAT. Premium growth remained healthy at 31% YoY, 13% QoQ to Rs. 15556 crore, led by higher traction in first year premium (up 45% YoY) and single premium (up 97% YoY). Growth in renewal premium continued to remain healthy at ~16% YoY to Rs. 9459 crore. New business premium (NBP) also witnessed a sequential pick-up in growth as it was up 13.8% QoQ, 62% YoY to Rs. 6189 crore, led by traction in individual business at Rs. 2930. Protection business (individual + group) continued to report strong growth at Rs. 840 crore vs. Rs. 710 crore QoQ; proportion of total protection NBP to total NBP was at ~13.6% in Q4FY21 vs. 13.1% in previous quarter. As a result of increased quantum of protection and non-par business, VNB margins improved from 19.3% to 20.4%.

Valuation & Outlook

A pick-up in business with focus on high yield products including protection and non-par products is seen aiding premium growth as well VNB margins. Strong distribution (banca as well as agency) channel would enable it to pedal business growth, though opex is seen touching floor. Thus, operational efficiency and steady persistency is expected to further aid profitability. We continue to remain positive on businesses with long term growth potential and relatively lower balance sheet risk. Hence, we upgrade our target price to Rs. 1100/share (earlier Rs. 1000), valuing the stock at ~2.7x FY23E EV. We maintain our BUY recommendation.

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Shares of SBI Life Insurance Company Ltd was last trading in BSE at Rs.983.25 as compared to the previous close of Rs. 959.45. The total number of shares traded during the day was 359068 in over 16962 trades.

The stock hit an intraday high of Rs. 1005.05 and intraday low of 943.65. The net turnover during the day was Rs. 352241892.

Source: Equity Bulls

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