SBI Life Insurance Company

Peer numbers are shown only where the peer is in the security master (fundamentals pulled); "n/a" otherwise — a peer is not added to the data pull without a research request. Reasons are quoted from the one-pager (8 Sep 2026).

HDFC Life is the quality benchmark but grew VNB only 2% in FY26 and trades at a premium for it; ICICI Prudential Life has a weaker bank channel. LIC is cheap for structural reasons — product mix, agency cost and a 57% share that is only going one way. In general insurance, Go Digit is a 4–5x-book growth story without ICICI Lombard's underwriting record, Star Health has the worst-in-class loss ratio in retail health and New India Assurance has a combined ratio above 110%.

ICICI Lombard (3.1%, Cyclical) is the largest position and the one clients will ask about: the market leader in private general insurance, 18% ROE through the cycle, bought after the third-party ruling knocked the stock to a two-year low. It is classified Cyclical because the thesis is a recovery in the motor-TP loss ratio, not steady-state compounding. Max Financial (2.9%, Core) owns Axis Max Life, the fastest-growing large private life insurer (VNB +26% in FY26) with Axis Bank's distribution now contractually locked in; the 128x P/E on the sheet is a holdco artefact — on ~1.9x FY27E EV it is priced with peers for faster growth. SBI Life (1.1%, Core) is the lowest-cost, highest-persistency franchise in the industry with SBI's 23,000 branches behind it.