India's SBI Life gains on Q1 profit climb

Sbi Life Insurance

25/07/2024 09:02

** Shares of SBI Life Insurance  SBIL.NS  climb ~3% to 1,681
rupees 
    ** Insurer's Q1 profit up 36% Y/Y led by strong investment,
interest income
    ** Bigger than expected annualised premium equivalent
growth, a key metric that gives the annualised total value of
all single premium and recurring premium policies, offset by
bigger than expected decline in value of new business margins,
says Macquarie
    ** Brokerage expects margins to improve in near term; sees
FY25 margins in line with prev fiscal's
    ** Mean rating of 31 analysts is "strong buy"; median PT is
1,842 rupees - LSEG data
    ** Stock up ~17% YTD, set for fourth straight annual gain 
    

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))