Motilal Oswal keeps SBI Life Insurance at Buy with a Rs 2,100 target
Motilal Oswal kept its Buy rating on SBI Life Insurance and raised its FY27 VNB margin forecast after a stronger second quarter.
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what happened
According to TradingView, citing a Motilal Oswal research report, SBI Life's new business APE reached INR63.7 billion in the second quarter of FY27, up 7% year on year and in line with expectations. Shareholder profit rose 11% to INR5.5 billion, but came in 10% below forecasts.
The VNB margin for the quarter was 29.2%, compared with 27.9% a year earlier and the brokerage's estimate of 27.5%. For the first half, VNB grew 19%, and embedded value at the end of the period stood at INR873.5 billion, 15% higher year on year.
why it matters
The brokerage left its APE estimates unchanged but raised its FY27 VNB margin by 50 basis points. The Rs 2,100 target is based on 1.9x FY28E price-to-embedded-value. For the market this is a routine note on one insurer, but it shows margin growth is still holding up.
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sources
- Buy SBI Life Insurance; target of Rs 2100: Motilal Oswal — TradingView, 28 October 2026 at 08:38 UTC
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