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SBI Life Insurance Company Ltd - Stock Valuation and Financial Performance

BSE: 540719 | NSE: SBILIFE | Insurance | Large Cap

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SBI Life Insuran Share Price

 ₹1,440.95 -8.50 -0.59%
as on 24-Jan'25 16:59

DeciZen - make an informed investing decision on SBI Life Insuran

Overall Rating ⓘ
Bole Toh

1. Quality

Very Good
Check detailed 10 Yrs performace

2. Valuation

Undervalued
Check 10 Yrs Valuation charts

3. Price Trend

Semi Strong
Check Price chart

SBI Life Insurance Company stock performance -

PE Chart Key Ratios
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P/E Ratio (SA):
59.90
Market Cap:
1,44,396 Cr.
52-wk low:
1,307
52-wk high:
1,935

Is SBI Life Insurance Company Ltd an attractive stock to invest in?

1. Is SBI Life Insurance Company Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that SBI Life Insurance Company Ltd is a good quality company.

2. Is SBI Life Insurance Company Ltd undervalued or overvalued?

The key valuation ratios of SBI Life Insurance Company Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

3. Is SBI Life Insurance Company Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of SBI Life Insurance Company Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of SBI Life Insuran:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Standalone Basis P Consolidated Basis
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
SBI Life Insurance Company Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % ⓘ22.9%20.2%19.2%20%19.9%17.3%16.3%14.5%14.5%14.1%-
Value Creation
Index ⓘ		1.00.80.70.80.80.50.50.30.3NA-

Growth Parameters ⓘ

Growth Parameters Colour Code Guide ⓘ

Sales ⓘ00000000000
Sales YoY Gr.-NANANANANANANANANA-
Adj EPS ⓘ8.28.69.611.513.314.214.615.117.218.924.1
YoY Gr.-5%10.9%20.4%15.4%7.2%2.4%3.4%14.2%10%-
BVPS (₹) ⓘ39.746.954.763.774.688.8100.9114.1129.1145.7165.6
Adj Net
Profit ⓘ		8208619551,1501,3271,4221,4561,5061,7211,8942,411
Cash Flow from Ops. ⓘ2,7155,7788,52510,39513,47319,29923,87821,85228,65629,122-
Debt/CF from Ops. ⓘ0000000000-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘNANANANA
Adj EPS ⓘ9.7%7.3%9.1%10%
BVPSⓘ15.5%14.3%13%12.8%
Share Price - 7.6% 5.5% 4.4%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity % ⓘ		036.718.819.419.217.415.31414.113.8-
Op. Profit
Mgn % ⓘ		0000000000-
Net Profit
Mgn % ⓘ		0000000000-
Debt to
Equity ⓘ		0000000000-
Working Cap
Days ⓘ		00000000000
Cash Conv.
Cycle ⓘ		000000000020

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 15.50%

Sales growth is good in last 4 quarters at 13.46%

Sales growth has been subdued in last 3 years 0.00%

Net Profit has been subdued in last 3 years 9.10%

Latest Financials - SBI Life Insurance Company Ltd.

Standalone Consolidated
TTM EPS (₹) 24.1 -
TTM Sales (₹ Cr.) 85,316 -
BVPS (₹.) ⓘ 165.6 -
Reserves (₹ Cr.) ⓘ 15,596 -
P/BV ⓘ 8.70 -
PE ⓘ 59.90 -
From the Market
52 Week Low / High (₹) 1307.00 / 1935.00
All Time Low / High (₹) 487.00 / 1935.00
Market Cap (₹ Cr.) 1,44,396
Equity (₹ Cr.) 1,002.1
Face Value (₹) 10
Industry PE ⓘ 19.6

Management X-Ray of SBI Life Insuran:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of SBI Life Insuran

Event Update

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Analyst's Notes

SBI Life Insurance: Q3FY25 Result Update - 21 Jan 2025

SBI life reported overall steady performance.  Embedded value stands at Rs. 68,140 crores for 9MFY25, growth of 17% from FY24.

  • Quarterly annual premium equivalent grew by 13.2% YoY to Rs.6940 crores.
  • Absolute Value of new business (VNB) grew by 9.5% to ~Rs.1870 crores. This shift in VNB is mainly on account of ULIP share increasing. Company reported 26.9% VNB Margins (which decreased marginally by ~50 bps YoY).
  • Cost ratio increased on back of (a) Operating expense ratio increasing to 5.3% (vs. 5.1% in 9MFY24) and (b) Commission ratio increasing to ~4.9% (vs. 4.8% for 9MFY24).
  • Operational highlights- 
    • As of 9MFY25, channel mix stood at ~ 63%/28%/10% for Bancassurance, Agency and other channels, respectively. 
    • The agency channel APE grew by 28% vs 7% for Bancassurance with other channels degrowing by 4%. The growth in Agency channel was mainly due to management’s focus on expanding to tier 3 and tier 4 cities.
    • There has been news reports stating IRDAI will ask companies to reduce dependency on Banca channel, management commented that such worries are overemphasized and speculative as nothing concrete has come from the regulator or the ministry.  
    • 61st month persistency came in at 63.29%, which improved by 521bps.
    • Group business witnessed headwinds, and contributed ~Rs.6400 crores, to the New Business Premium, accounting for 24% share vs ~Rs. 8240 crores and a 32% share when compared to the previous period, exhibiting a de growth of ~22%.

Management outlook: Management expects growth in Individual Ape to be in the range of 15% to 17% and VNB growth to be in single digits or around 10%, with the company striving to maintain the VNB margin in the region of 27% to 29%. Management also expects PAT to grow in the range of 10% to 15% on a YoY basis.

SBI Life Insurance: Q4FY23 Result Update - 28 Apr 2023

SBI Life APE growth of 10%/18% YoY during Q4FY23/FY23 to 168.1 Billion, led by individual Non-Par savings APE growth of +64%/119% YoY while Ind. Par APE grew by +36%/+27% YoY during Q4FY23/FY23 respectively.

On APE basis, share of non-par increased to 22% in FY23 (12% in FY22), while share of ULIPs declined (55% vs. 66%). Value New Business (VNB) margin expanded to 30.1% (vs. 25.9% in FY22) driven by improved product mix. VNB grew by 37% to 50.7 Bn. Operating Return on Embedded Value (EV) stood at 22.8%. PAT grew by 14% growth in PAT to 17.2 Bn.

Good Results driven by margin improvement and EV operating profit increase.

 

SBI Life Insurance Company Ltd: Q3FY23 Result Update - 28 Jan 2023

SBI Life Insurance Company Ltd

Market Cap 125,129Cr

CMP 1250

 

Results

INR Cr

YoY Growth

Comments

Net Premium Income

19,170.8

6.4%

Driven by increase in First year & renewal premiums

PAT

304.1

-16.4%

Due to higher allocation to fund liabilities (Benefits)

 

Key Highlights –

  •  Annual premium Equivalent (APE) grew by 19.3% to 5440 Cr, Value of New Business (VNB) grew by 31.3% to 1510 Cr. VNB Margins at 29.6% improved by 4.1% on yearly basis.
  •   Commission ratio increased by 1.1% to 4.5%. While expense ratio rose by 1.4% to 9.1%.
  •   Investment income grew by 207% to 744.3 Cr.
  •  On APE basis, Bancassurance channel distribution share increased to 69.2% through increasing penetration via partnership (SBI and other Banks).

Management Outlook –

  • Management highlighted on achieving growth of 20-25% on an APE basis for FY23.
  • Management expects demand momentum for its ULIP offerings to continue through Q4, along with non-par guaranteed products to have good traction.
  • Management guided on VNB Margins to be in range of 28-30% in FY23.

SBI Life Insurance: Q2FY23 Result Update - 31 Oct 2022

SBI Life Insurance
Market Cap 126,916 Cr
CMP 1,268
Price/Embedded Value 2.6xFY23E

Results

(INR Cr)

YoY Growth

Comments

Annual Premium Equivalent

3,930

-1%

Decline in ULIP business

Net Profit

380

53%

Aided by controlled expenses and lower claims

Click here for 10 year X-ray

  • Decline in APE came due to ULIP which saw a decline of 26% YoY. Non-Par savings and Annuity business grew 121% and 86% YoY, respectively. Protection business grew 10% YoY led by 28% growth in Group protection while Individual protection saw a decline YoY.
  • Absolute VNB grew 24% YoY to Rs. 1240 Cr driven by a rise of ~640bp in VNB margin to 31.6% in 2QFY23. EV grew 10% YoY to Rs. 42,410 Cr.
  • Within the distribution front, banca channel declined by a modest 2% YoY while agency channel saw a higher decline of 10% YoY on an APE basis.
  • Persistency improved across cohorts with 13 month and 61 month persistency improving 45bp and 360bp YoY to 85.2% and 52.5%, respectively.
  • As per the management, the company is not chasing a VNB margin number. The focus is to grow premiums and VNB margin is an outcome of the product mix. The aim is to grow premiums by 20-25%+ on a sustainable basis.
  • A changing product mix within Non-Par portfolio has supported margins. There are no internal targets on the share of this segment and SBILIFE will continue to write as long as it can hedge the interest rate risk.

SBI Life: Quarterly Result update - 29 Jul 2022

SBI Life: Quarterly Result update - 24 Jan 2022

SBI Life Company Ltd | Market Cap 124,100 Cr

CMP 1,241 | Price to Embedded Value 2.9x FY23; Price to VNB 26x FY23

 

Results: SBI Life reported 31% growth in Annual Premium Equivalent (APE) with higher share of ULIP business. VNB was up 66% on low base and VNB margin was 25.5% vs 21.8% (in previous month).

Click here for 10 year X-ray

Key highlights:

  • . The company has a market share of 13.6% of the industry on an individual received premium (IRP) basis and 6.2% on NBP basis.
  • The strong business momentum witnessed in Q2 continues in Q3 with 30% growth in total APE in the quarter.
  • ULIP formed around 43% of total premium mix while protection was 12%.
  • 61st Month Persistency was 52.5% which is better than long term track record but still lower to ensure higher profitability for life insurers.
  • New business value margins was up at 21.9% (vs 19.3% in 9MFY21).
  • Banking channel forms 51% of total premium for SBI versus ~60% for HDFC Life.

 

View All Notes

Key Ratios of SBI Life Insuran

Standalone Basis Consolidated Basis

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Income From Investments2763184024525064776889837951,034
Other Income ⓘ 788111476510
Expenses211790108129525856113917451679
Profit Before Tax8348749751,1841,3731,4141,5421,5611,7581,942
Tax ⓘ 1413203446-987553848
Adjustments 0000000000
Net Profit 8208619551,1501,3271,4221,4561,5061,7211,894
Adjusted EPS (₹)8.208.619.5511.5013.2714.2214.5615.0517.1918.91
Dividend Payout Ratio (%)15%17%16%17%15%0%17%13%15%14%

Balance Sheet

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Share Capital ⓘ 1,0001,0001,0001,0001,0001,0001,0001,0001,0011,001
Reserve and Surplus2,9743,6914,4655,3746,4607,8849,09210,41711,92213,588
Fair Value A/C654287153116-14130820493317
Borrowings ⓘ 0000000000
Policy Holders Fund 5013357769431,056-1,5872,7273,2072,0394,719
Funds For Appropriations1001932827148429941,1431,337
Total Liabilities ⓘ 72,21180,72599,2251,18,1561,42,9981,62,5582,22,5922,68,2073,09,5873,92,783

Assets

Investment0000000000
Loans2124178171173364358363389389
Total Net block 265301507511563568564524520551
Total Assets ⓘ 72,21180,72599,2251,18,1561,42,9981,62,5582,22,5922,68,2073,09,5873,92,783

Cash Flow

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity ⓘ 2,7155,7788,52510,39513,47319,29923,87821,85228,65629,122
PBT ⓘ 0000000000
Adjustment ⓘ 3,3147,3529,45011,38414,87120,89125,55623,83630,84631,558
Changes in Working Capital ⓘ 0000000000
Tax Paid ⓘ -600-1,574-924-989-1,398-1,593-1,678-1,984-2,190-2,437
Cash Flow From Investing Activity ⓘ -182-7,204-9,031-8,910-13,553-16,987-19,203-21,611-30,203-31,221
Capex -25-178-148-107-141-81-104-56-63-114
Net Investments -3,293-10,906-13,654-14,796-20,336-25,053-29,920-33,353-43,161-46,036
Others ⓘ 3,1363,8804,7715,9936,9258,14710,82111,79813,02114,929
Cash Flow From Financing Activityⓘ -117-144-144-221-241-1983-231-415-227
Net Proceeds from Shares ⓘ 0000013193543
Net Proceeds from Borrowing ⓘ 0000000000
Interest Paid ⓘ 0000000000
Dividend Paid ⓘ -100-120-120-150-200-2000-250-450-270
Others ⓘ -17-24-24-71-4100000
Net Cash Flow ⓘ 2,416-1,570-6511,264-3212,1134,67810-1,962-2,327

Finance Ratio

Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)
ROCE (%)
Asset Turnover Ratio0.190.20.230.230.250.260.260.240.230.23
PAT to CFO Conversion(x)3.316.718.939.0410.1513.5716.414.5116.6515.38
Working Capital Days
Receivable Days0000000000
Inventory Days0000000000
Payable Days0000000000

SBI Life Insurance Company Ltd Stock News

SBI Life Insurance Company Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of SBI Life Insuran on 24-Jan-2025 16:59 is ₹1,441.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 24-Jan-2025 16:59 the market cap of SBI Life Insuran stood at ₹1,44,396.
The latest P/E ratio of SBI Life Insuran as of 24-Jan-2025 16:59 is 59.90.
The latest P/B ratio of SBI Life Insuran as of 24-Jan-2025 16:59 is 8.70.
The 52-week high of SBI Life Insuran is ₹1,935 and the 52-week low is ₹1,307.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of SBI Life Insuran is ₹85,316 ( Cr.) .

About SBI Life Insurance Company Ltd

SBI Life Insurance Company Limited (SBI Life), incorporated in the year 2000, established as joint venture between State Bank of India and BNP Paribas Cardif S.A. and is one of the leading life Insurance companies in India. SBI Life has a multi-channel distribution network comprising of an expansive Bancassurance channel with SBI, which has an unrivalled strength of many branches across the country. SBI Life also has a large and productive agent network. The Company’s other distribution channels include direct sales and sales through corporate agents, brokers, insurance marketing firms and other intermediaries. The Company is listed on National Stock Exchange (NSE) and The Bombay Stock Exchange (BSE).

Business area of the company

SBI Life offers a comprehensive range of life insurance and pension products at competitive prices, ensuring high standards of customer service and world class operating efficiency. The Company offers individual and group products which include savings and protection plans to address the insurance needs of diverse customer segments.

Products

SBI Life has a wide range of products catering to various customer needs in the life, health, pension & micro-insurance segments. These products are customer centric, simple to understand and have competitive features. The products include Individual Life Insurance Plans and Group Insurance Plans.

Awards

  • 2016: Outlook Money Awards 2016
  • 2016: CLO Chief Learning Officer Summit India - 2016
  • 2016: LIMRA and LOMA Social Media Silver Bowl Awards 2016
  • 2016: CLO Chief Learning Officer Summit India - 2016
  • 2016: Life Insurance Company of the Year
  • 2016: Bancassurance Leader Life Insurance
  • 2017: Skoch Resilient India awards 2017
  • 2017: DSCI Excellence Awards 2017
  • 2017: CTO Leadership Award 2017
  • 2017: Digital Innovation Award 2017
  • 2017: TISS Leapvault CLO Awards 2017
  • 2017: Fintelekt Insurance Awards 2017 -Data Analytics Initiative of the Year (Overall Award Across Life, General, Health)
  • 2017: Fintelekt Insurance Awards 2017 -Bancassurance Leader, Life Insurance (Large Companies Category)
  • 2017: Fintelekt Insurance Awards 2017 - Private Sector Life Insurance Company of the Year (Large Category)
  • 2017: Brand of the Year 2016-17
  • 2018: TISS Leapvault CLO Awards 2018
  • 2018: 30th Qualtech Prize 2018
  • 2018: Risk & Insurance Management Society (RIMS), USA 2018
  • 2018: Golden Peacock Award for Risk Management 2018
  • 2019: Indian Television BrandVid Awards 2019
  • 2019: Foxglove Awards 2019
  • 2019: ICC Emerging Asia Insurance Conclave & Awards 2019
  • 2019: SMART Award-Life Insurance in Large Category
  • 2019: Gold Shield from ICAI for FY 2018-19
  • 2020: India's Leading Life Insurance Company - Private
  • 2020: Financial Services Company of the Year
  • 2020: Life Insurance Provider of the Year

Milestones

  • 2000: Startup Information (Important Events of Financial Year 2000-01)
  • 2000: SBI Life Insurance Co. Ltd. incorporated under Companies Act,1956 on October 11, 2000 Joint Venture agreement signed with BNP Cardif on February 27, 2001.
  • 2001: Actual Commencement of Business
  • 2002: Launch of Bancassurance Channel
  • 2004: Launch of Unit Linked Product
  • 2005: First new generation Private Life Insurance Company to make profit for the year at Rs 2.03 crore
  • 2007: Wipes of entire accumulated loss, GWP (Gross Written Premium) benchmark of Rs 5000 crore achieved
  • 2009: GWP (Gross Written Premium) crosses Rs 10,000 crore benchmark
  • 2010: Number of branches exceeded 500 branches
  • 2011: Profits cross Rs 500 crore
  • 2012: Assets under Management cross Rs 50,000 crore
  • 2014: Declaration of higher Dividend
  • 2015: GWP (Gross Written Premium) crosses milestone of 15,000 crore - Rs 15825 crore
  • 2016: Renewal Premium Collection crosses milestone of Rs 10,000 crore - Rs 10,871 crore
  • 2017: Assets under Management cross Rs 1,00,000 crore
  • 2018: SBI Life got listed on BSE and NSE
  • 2018: Total Asset under Management (AuMs) of the Company crossed Rs 1 trillion
  • 2018: The Company clocked in profit after tax of Rs 10 billion
  • 2019: The Company crossed the Rs 300 billion revenue mark in Gross Written Premium
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