India's SBI Life Insurance to benefit from improving product mix in second quarter, analysts say

Sbi Life Insurance

24/10/2025 06:56

** India's SBI Life Insurance SBIL.NS trade largely flat at 1854.9 rupees ahead of second-quarter results

** Centrum says co to report the highest value of new business (VNB) margin among listed insurers in second quarter at 27.5%, as it benefits from improving product mix

** Adds that co's product mix to improve with higher share of more profitable policies, such as non-par insurance in which policyholders don't get a share of insurer profits through bonus or dividend

** Elara Capital picks SBIL as top buy in the life insurance segment

** Emkay Global expects SBIL to deliver subdued annual premium equivalent (APE) growth of ~4% in Q2, owing to impact of festivities and a slowdown in ULIPs, which are market-linked insurance products

** However, Emkay also expects strong VNB margins on higher mix of non-par products

** Emkay and Prabhudas Lilladher expect negligible impact from goods and services tax cuts disruptions, given SBIL's low-cost advantage

** SBIL rated "buy" on avg by 33 analysts, with median PT at 2140 rupees

** YTD, SBIL up 33.2%

 (Reporting by Ananta Agarwal in Bengaluru)

 ((Ananta.Agarwal@thomsonreuters.com))