SBI Life is India’s leading life insurance company with good track record. SBI’s network and brand are key strengths and Bancassurance is the largest channel for the company. Life Insurance is a very long term business and secular earnings growth is realized as persistency (renewal) ratio improves over time. Recent covid 19 pandemic had impacted new business especially from SBI network, but with normalcy being gradually restored we expect this channel to pick up. Post a health crisis like the Corona virus, the demand for insurance is expected to improve and increased financialization of savings is a positive trend. We have an over weight rating on this count and expect decent compounding of returns as embedded value gradually moves up – 29-07-2021 Price: 1127.75 Rating: Over Weight Recommendation: Buy
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