External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades.

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External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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

SBI Life Insurance Co Ltd / Equity Bottom-Up

<ul><li>SBI Life delivered an impressive performance in Q3FY25 with growth rebound in the banca channel (10% YoY in Q3 vs 7% in H1), which led to Retail APE growth of 13% in Q3 on a strong base of last year, and VNB margins for the quarter coming in at 26.95% vs 26.86% of 9M despite implementation of the new surrender regulations.</li><li>Overall, 9M/Q3 numbers came in better than our estimates, on both – growth and margins.</li><li>The growth and profitability trajectory looks predictable, with growth rebounding in the banca channel, performance of the agency channel improving, clarity on changes in surrender regulations, and limited impact, if any, from possible removal of the Section 80C exemption in the upcoming budget.</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 delivered an impressive performance in Q3FY25 with growth rebound in the banca channel (10% YoY in Q3 vs 7% in H1), which led to Retail APE growth of 13% in Q3 on a strong base of last year, and VNB margins for the quarter coming in at 26.95% vs 26.86% of 9M despite implementation of the new surrender regulations.Overall, 9M/Q3 numbers came in better than our estimates, on both – growth and margins.The growth and profitability trajectory looks predictable, with growth rebounding in the banca channel, performance of the agency channel improving, clarity on changes in surrender regulations, and limited impact, if any, from possible removal of the Section 80C exemption in the upcoming budget.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 - Growth Rebounds, While Margins Are Stable; ; Upgrade to BUY