JEFFERIES ON SBI LIFE ; BUY | TP ₹2,500

• Q2 FY27 results in line with expectations; growth expected to accelerate in H2. • Value of New Business (VNB) margin stood at 29%, supported by a favourable product mix. • FY27 premium growth guidance indicates stronger growth momentum in H2. • Jefferies expects FY29 VNB margin at 28.7%, above the company's 26–28% target range. • Declining share of Unit Linked Insurance Plans (ULIPs) expected to support margin improvement. • Stock valuations have corrected due to regulatory concerns, creating potential opportunities. • Jefferies sees SBI Life as relatively less exposed to regulatory risks, with emerging growth opportunities supporting its positive outlook.

SBI LIFE INSURANCE CO LTD

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