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Release
August 2026 · rev 1
Opportunities PMS · Published
As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI
Present
Internal working platform. Published figures are extracted from the August 2026 source package and reviewed; reference prices and fundamentals are unlicensed working data, not for redistribution. Past performance is not indicative of future returns.
Company Atlas/Insurance/SBI Life Insurance Company
NSE: SBILIFE· InsuranceCore · Aug 26Large cap

SBI Life Insurance Company

Lowest-cost, highest-persistency

Last close
₹1,735.00
29 Sept 2026 · reference
1D · 1M
+0.4% · −1.5%
price-only
Weight
1.1%
31 Jul 2026 · Aug rank 26
Thesis review
8 Sep 2026
Why We Own, p38
Coverage owner: Research (per book); latest results Q Jun-26Buoyant AIF I Top 30 Holdings - Aug 2026.pdf · p1Buoyant_Why_We_Own_What_We_Own_Sep2026.pdf (portfolio as of 31 July 2026) · p38Screener ↗Tijori ↗NSE ↗
OverviewBusiness & segmentsChartsFinancialsValuationThesisRisks & catalystsCompetitorsResearch & documents
Broker research · 2 reports

Sell-side views, extracted from the PDFs on file

Antique Stock Broking LimitedBUYdailymulti-company
Antique's Morning Presentation - From The Research Desk (Indian Banking Sector; NBFC 1QFY27 Review; Cement; FMCG)
19 Aug 2026 · Manjith Nair, Pashmi Chheda, Raju Barnawal · 86 pp · open PDF ↗
Target
₹2,400
At report
₹1,778
Vs our close
+38.3%

SBI Life Insurance appears only in the Valuation Guide appendix (no dedicated commentary), rated BUY.

Key points
  • Valuation Guide: TP Rs 2,400 (35% upside), Mcap $18.6bn, FY27E/FY28E/FY29E EV per share Rs 948.2/1,110.8/1,299.4, P/EV 1.9x/1.6x/1.4x

Extraction note: This is a very long (86-page) multi-sector daily; only sections/data relevant to tracked portfolio companies were extracted in depth. The daily's Banking sector report (pages 3-60) also covers non-portfolio banks in similar depth: Kotak Mahindra Bank, IndusInd Bank, Federal Bank,…

YES SecuritiesBUYresult update
SBI Life Insurance - Full year APE growth and VNB margin guidance maintained
24 Jul 2026 · Shivaji Thapliyal, Hemant Kadian, Himanshu Barot · 14 pp · open PDF ↗
Target
₹2,350
At report
₹1,859+26% printed
Vs our close
+35.4%

YES Securities maintains BUY on SBI Life with an unchanged TP of Rs.2,350 after Q1FY27 VNB margin fell to 26.2% (down 214bps QoQ, 125bps YoY) on a lumpy spike in low-margin Group Term Insurance business and a 110bps GST-related drag, while total APE grew 35.5% YoY on strong Group Protection. Management maintained its full-year VNB margin guidance of 26-28% (aiming above 27%) and reiterated APE growth guidance, with the broker valuing the stock at 2.1x FY28 P/EV.

Thesis
  • VNB margin (effective tax basis) was 26.2% in Q1FY27, down 214bps QoQ/125bps YoY, diluted mainly by a spike in Group Term Insurance business; ex-GST-impact VNB grew 35% YoY to Rs.14.7bn at a 27.4% margin
  • Total APE grew 35.5% YoY (down 6.4% QoQ) to Rs.53.8bn, driven by Group Protection; the Banca channel grew 10.4% YoY and the Agency channel grew 23.9% YoY on Agency 2.0/Agency Next investments
  • VNB grew 29.4% YoY to Rs.14.1bn; management guided FY27 VNB margin to stay in the 26-28% range with an endeavour to report above 27%
  • GST waiver had a 110bps negative impact on Q1 VNB margin; management expects some further GST impact next quarter before it fades
  • Embedded Value as of June 2026 was Rs.852.9bn, up 15% YoY; solvency ratio improved to 196% from 190% in Q4FY26
  • YES Securities values SBI Life at 2.1x FY28 P/EV for an FY27/28/29E RoEV profile of 17.9%/17.8%/17.6%, keeping TP unchanged at Rs.2,350
Risks
  • Lumpy Group Term Insurance business causes quarter-to-quarter VNB margin volatility
  • Continuing GST-related margin drag expected in the near term before fading
  • 61st month persistency declined 440bps YoY to 58.4%, linked to the Covid-era ULIP cohort
  • Other expenses expected to rise further with higher sum assured as protection sales grow
Q1FY27 highlights
  • Total APE Rs.53,800mn, up 35.5% YoY, down 6.4% QoQ
  • VNB (effective tax basis) Rs.14,100mn, up 29.4% YoY, down 13.5% QoQ
  • VNB margin 26.2%, down 214bps QoQ and 125bps YoY
  • New Business Premium Rs.89,079mn, up 22.6% YoY
  • APAT Rs.7,249mn, up 22.0% YoY
  • Embedded Value Rs.852.9bn, up 15% YoY; Solvency ratio 196% vs 190% in Q4FY26
Catalysts
  • Normalisation of the group business mix and a higher share of individual business expected to lift VNB margin through FY27
  • Continued agency channel strengthening via Agency 2.0 and Agency Next initiatives, plus a new corporate agency tie-up with J&K Bank
  • GST impact expected to fade after the next quarter
  • Rising rider attachment (45-50% of ULIP policies) and growing share of pure protection (up 41% YoY) supporting product mix
Broker estimatesUnitFY27EFY28EFY29E
APERs. mn2,79,8503,22,7913,72,365
VNBRs. mn76,95989,5741,03,331
VNB Margin%27.527.827.8
PATRs. mn41,75352,33664,482
EPSRs.41.652.264.3
EV/ShareRs.968.41,1341,325.3
VNBPSRs.76.789.3103
P/EVx1.91.61.4
P/VNBx24.220.818
ROEV%17.917.817.6

Valuation: 2.1x FY28E P/EV. YES Securities values SBI Life at 2.1x FY28 P/EV for an FY27/28/29E RoEV profile of 17.9%/17.8%/17.6%, keeping TP unchanged at Rs.2,350. No change: the change-in-estimates exhibit shows 0.0% revision to FY27E/FY28E/FY29E APE, VNB and Embedded Value versus YES Securities' earlier estimates.

Extraction note: Broker is YES Securities (India) Limited, not SBI itself; the filename slug refers to the covered company (SBI Life). Company id used is 'sbi-life' per the provided portfolio id list.

Figures are transcribed from each broker's PDF as printed (units as the broker states them) and are the broker's estimates, not Buoyant's. "Vs our close" recomputes the target against the latest reference close (29 Sept 2026).

SWOT

Strengths · Weaknesses · Opportunities · Threats

Draft
Strengths
  • Growth re-accelerating on distribution diversification: Q1FY27 APE +36% (individual rated NBP +14%, agency +20%, banca +10%) and Aug-2026 individual APE +21.8%, the highest among the four listed private insurers.
  • Margin resilience despite GST/ITC loss: VNB margin 26.2% in Q1FY27 (27.4% ex-GST) with guidance of 26-28% for FY27; non-par share of APE rose to 49% from 38% and pure protection APE +41%.
  • Scale and cost leadership: largest private insurer (22.9% private IRP share), FY26 EV Rs 80,790 cr (+15%) with 19.7% operating RoEV, solvency 1.96x, lowest mis-selling ratio (0.02%) and 87.7% 13-month persistency.
  • Earnings visibility: Axis Direct forecasts EPS of Rs 28.3/37.5 for FY27/FY28 (23% CAGR from FY26's Rs 24.63) as the back book unwinds; street TPs Rs 2,350-2,600 vs Rs 1,732 (27-50% upside).
Weaknesses
  • vs HDFC Life: HDFC Life (59x PE, ROE 11.3%, Nuvama P/EV 1.6x/1.4x) grew FY26 VNB only 2% and Aug-2026 individual APE 17.4% vs SBI Life's 12% and 21.8%; SBI Life's 0.2x P/EV premium is paid for faster VNB growth, a higher operating RoEV (19.7%) and SBI's captive distribution.
  • vs LIC: LIC is optically cheap (8.7x PE, ROE 37.8%, FY26 VNB +41.6% to Rs 14,179 cr) but carries a state-owned agency-only model, a 56.7% but falling NBP share, low free float and less EV growth predictability; SBI Life offers cleaner private-sector governance and a 20%+ APE growth engine.
Opportunities
  • H1FY27 results (late Oct-2026): margin recovery toward 27-28% guidance as group business normalises and non-par mix stays high.
  • Monthly IRDAI new-business data (Sep-Oct-2026) confirming 20%+ individual APE growth ahead of peers.
  • Any IRDAI/GST Council move to restore input-tax credit for insurers, which would reverse the ~120 bps GST margin drag.
Threats
  • Bancassurance dependence: SBI channel is ~60% of FY26 APE (47% in Q1FY27); any regulatory cap on banca share or a change in SBI's priorities would cut growth.
  • ULIP/market sensitivity: ULIPs were 60% of FY26 APE (46% in Q1FY27); an equity-market correction would slow ULIP sales and compress the mix-driven margin, while 61-month persistency fell to 58.4% from 63.6%.
  • GST/ITC and product regulation: exemption from 22-Sep-2025 with ITC withdrawal cost ~120 bps of Q1FY27 margin (27.4% ex-GST vs 26.2% reported); further surrender-value or commission rules could pressure VNB.

Compiled from the approved one-pager (Why We Own What We Own, 8 Sep 2026): why-we-own → strengths, catalysts → opportunities, key risks → threats, peer caveats → weaknesses. Editorial mapping pending review. · author: compiled from the approved one-pager

Research reports · upload with a check step

0 approved · 0 pending · 0 rejected

Only approved reports are readable from the company page; the reviewer must differ from the uploader. Files are hashed (duplicates skipped) and held in the private store.

Internal evidence

Buoyant sources for this name

  • August 2026 top-30 disclosure — rank 26, Insurance, Core. Buoyant AIF I Top 30 Holdings - Aug 2026.pdf
  • One-pager, "Why We Own What We Own" — p38, 8 Sep 2026. Buoyant_Why_We_Own_What_We_Own_Sep2026.pdf (portfolio as of 31 July 2026)
  • Sales playbook, Aug 2026 — holdings matrix (PMS/AIF I/AIF II, $31 Jul 2026). Buoyant_Capital_Sales_Playbook_Aug_2026_Full_Holdings.pdf

Original PDFs are in the supplied package on disk; private object storage is not configured, so source pages are referenced, not served.

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Ownership

Shareholding · Jun'26

Promoter55.32%
Indian Promoters55.32%
STATE BANK OF INDIA55.32%
SBICAP Trustee Company Limited0.00%
SBI General Insurance Company Limited0.00%
SBI Funds International (IFSC) Limited0.00%
SBI Cards and Payment Services Limited0.00%
SBI Funds Management (International) Private Limited0.00%
SBI DFHI Limited0.00%
SBI Factors Limited0.00%
SBI Macquarie Infrastructure Management Private Limited0.00%
SBICAP Securities Limited0.00%
Public Shareholding44.68%
Institutions40.61%