Indian insurer SBI Life set for worst day in 2024 after downbeat Q2 premium growth

Sbi Life Insurance

24/10/2024 06:47

** SBI Life Insurance  SBIL.NS  falls 4.5%; set to log
biggest daily drop in 2024
    ** Stock biggest pct loser on Nifty Financial Services
 .NIFTYFIN , which is up 0.6%
    ** Analysts say co's 3% annualised premium equivalent (APE)
growth in Q2 vs 20% y/y in Q1 was disappointing
    ** Morgan Stanley cuts FY25 APE growth forecast to 9.5% from
15%, citing high share of margin-diluting ULIPs
    ** Slashes value of FY25 new business margin forecast by 100
bps
    ** SBIL, like most peers, rated "buy" on avg - LSEG
    ** YTD, stock's 14% rise slightly better than NIFTYFIN's 11%
climb

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))