SBI Life Share Price Target 2025: Emkay Global has maintained a Buy rating on SBI Life Insurance (NSE: SBILIFE) with a revised target price of Rs 1,950 (Rs 1,850 earlier). On Friday, SBI Life closed 5.40 percent higher at Rs 1,695.10 apiece from the previous close of Rs 1,608.20. In comparison, the BSE Sensex was down 0.74 percent at 79,212.53. Over the last one year, SBI Life has outperformed the sector, Nifty 50, Sensex, and industry.
SBI Life is a large-cap company with a market cap of Rs 1.699 trillion, operating in the financial services sector. SBI Life key products/revenue segments are Individual life insurance, group insurance (including group savings and protection), pensions, and annuities.
Investment Rationale: SBI Life delivered a good performance in Q4FY25/FY25, with a VNB margin of 30.5 percent and 27.8 percent, respectively. VNB grew by 7.2 percent in FY25. The reason for the margin improvement was a lower share of ULIPs, a higher share of non-par and protection products (especially term and rider attachments), and a lower contribution from the group savings business. APE growth was normal, but the margin was above expectations. FY25 APE stood at Rs 214.2 billion (+8.6 percent YoY) and Q4 APE at Rs 54.5 billion (+2.3 percent YoY). FY25 PAT was Rs 24.1 billion (+27 percent YoY), and the EV reached Rs 702.5 billion (+21 percent YoY).
The company will maintain its focus on the agency channel, from which it expects a 20-25 percent retail APE growth; the overall retail APE growth guidance for FY26 is 13-14 percent. The share of ULIPs will decrease further, which will be balanced by Par products, keeping margins at approximately 28 percent. According to the report, FY26-27E VNB estimates have been increased by 2 percent. The target price has been revised to Rs 1,950 (from Rs 1,850 earlier), assuming an FY27E P/EV of 2.0x.
In other recent news, SBI Life stock surged nearly 9.6 percent to an intraday high of Rs 1,762 on Friday after reporting a slight growth in net profit for Q4FY25, driven by strong growth in first-year and renewal premiums despite a drop in single premiums. The company’s Assets Under Management (AUM) grew 15 percent YoY to Rs 4.48 lakh crore.
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