External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>SBILIFE has delivered a robust NBP growth of 26% in FY23YTD, outperforming the leading private players.</li><li>We estimate SBILIFE to deliver an APE CAGR of 26% over FY22-24, the highest in our LI coverage universe.</li><li>The company’s premium mix has improved with the share of annuity and protection in total NBP increasing 900bp over the last three years, while the mix of ULIP/PAR has reduced.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

SBILIFE has delivered a robust NBP growth of 26% in FY23YTD, outperforming the leading private players.We estimate SBILIFE to deliver an APE CAGR of 26% over FY22-24, the highest in our LI coverage universe.The company’s premium mix has improved with the share of annuity and protection in total NBP increasing 900bp over the last three years, while the mix of ULIP/PAR has reduced.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SBI Life Insurance - Well Poised to Capture Growth Opportunities

<div><ul><li>RoEV grows 9% YoY - <span style="font-size: var(--content-font-size);">SBILIFE reported a soft 4QFY22 with APE growth of 4% YoY and flattish VNB growth (missed our estimate by 2%).</span></li></ul><div><div><div><div><ul><li>Premium growth modest; methodology change drives robust EVOP growth</li><li>Highlights from the management commentary - SBILIFE launched a new product during the quarter namely – SBI Life Smart Platina plus. </li></ul></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

RoEV grows 9% YoY - SBILIFE reported a soft 4QFY22 with APE growth of 4% YoY and flattish VNB growth (missed our estimate by 2%).Premium growth modest; methodology change drives robust EVOP growthHighlights from the management commentary - SBILIFE launched a new product during the quarter namely – SBI Life Smart Platina plus. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SBI Life Insurance - Performance in Line with Modest Premium Growth

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Strong APE growth led by non-par: Overall APE grew by 4% YoY in 4QFY22 while FY22 growth stood at 25% YoY.</li></ul><div><div><div><div><ul><li>Product mix moves in favor of non-par: Overall product mix improved, leading to margin expansion in FY22.</li></ul><div><div><div><div><ul><li>Distribution mix largely stable: During FY22, banca APE grew by 25% YoY, in line with the overall company growth.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Strong APE growth led by non-par: Overall APE grew by 4% YoY in 4QFY22 while FY22 growth stood at 25% YoY.Product mix moves in favor of non-par: Overall product mix improved, leading to margin expansion in FY22.Distribution mix largely stable: During FY22, banca APE grew by 25% YoY, in line with the overall company growth.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SBI Life Insurance - Growth and Margin Expansion Led by Non-Par

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>SBI Life Insurance (SBIL) reported another consistent performance in Q4FY22. APE growth of 3.8% YoY was largely in line with expectations.</li><li>VNB margin was reported at 25.9 (effective tax basis) witnessing an expansion of 270bps YoY with best-in-class cost ratios and improved persistency</li><li>We remain positive on the stock and maintain a BUY rating with a Target Price of Rs 1,530/share (2.7x FY24EV), implying an upside potential of 37% from the CMP.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

SBI Life Insurance (SBIL) reported another consistent performance in Q4FY22. APE growth of 3.8% YoY was largely in line with expectations.VNB margin was reported at 25.9 (effective tax basis) witnessing an expansion of 270bps YoY with best-in-class cost ratios and improved persistencyWe remain positive on the stock and maintain a BUY rating with a Target Price of Rs 1,530/share (2.7x FY24EV), implying an upside potential of 37% from the CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SBI Life Insurance: Consistent Performance; Maintain BUY

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>SBI Life (SBIL) is among most dominant players in the Indian life insurance industry with strong distribution network, parentage, operating metrics</li><li>Balanced product mix with focus on opex ratio ahead of industry</li><li>Target Price &amp; Valuation: We value SBIL at 2.8x FY24 EV with revised TP of Rs 1400.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

SBI Life (SBIL) is among most dominant players in the Indian life insurance industry with strong distribution network, parentage, operating metricsBalanced product mix with focus on opex ratio ahead of industryTarget Price &amp; Valuation: We value SBIL at 2.8x FY24 EV with revised TP of Rs 1400.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SBI Life Insurance: Healthy Premium Growth; Outlook Optimistic

India

SBI Life Insurance Co. Ltd. is a prominent Indian life insurance company, operating as a joint venture between the State Bank of India and BNP Paribas Cardif. The company offers a comprehensive suite of individual and group life insurance and savings products, including traditional plans, unit-linked plans (ULIPs), pension plans, and health plans. It also provides accident, disability, and critical illness insurance. SBI Life Insurance is headquartered in Mumbai, Maharashtra, India, and was founded in October 2000.

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SBI Life Insurance (SBILIFE IN)

SBI Life Insurance - Well Poised to Capture Growth Opportunities

SBILIFE has delivered a robust NBP growth of 26% in FY23YTD, outperforming the leading private players. We estimate SBILIFE to deliver an APE CAGR...

Motilal Oswal

SBI Life Insurance - Performance in Line with Modest Premium Growth

RoEV grows 9% YoY - SBILIFE reported a soft 4QFY22 with APE growth of 4% YoY and flattish VNB growth (missed our estimate by 2%).

Motilal Oswal

SBI Life Insurance - Growth and Margin Expansion Led by Non-Par

SBI Life Insurance delivered strong APE growth of 25% YoY in FY22, led by non-par products; 4QFY22 growth was affected by a high growth in 4QFY21

Nirmal Bang

SBI Life Insurance: Consistent Performance; Maintain BUY

We remain positive on the stock and maintain a BUY rating with a Target Price of Rs 1,530/share (2.7x FY24EV), implying an upside potential of 37%...

Axis Direct

SBI Life Insurance: Healthy Premium Growth; Outlook Optimistic

SBI Life (SBIL) is among most dominant players in the Indian life insurance industry with strong distribution network, parentage, operating metrics

ICICI Securities Limited

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