SBI Life jumps over 3.15% after reporting above Street estimate Q4 results; brokerages raise targets

SBI Life Share Price: SBI Life jumped over 3.15 per cent on BSE on Monday (April 29, 2024) after the insurance company reported good fourth-quarter results, and brokerages such as Jefferies and CLSA raised their share price targets.

Opening at Rs 1,442.70 on Monday, the stock of the company jumped to the day's high of Rs 1,460.35, a 3.19 per cent rise from the previous close of Rs 1,415.25. 

The stock closed trading higher by 0.57 per cent, or Rs 8.00, at Rs 1,423.25 on Monday.

SBI Life Q4FY24 Standalone YoY Results 

The company's net premium was up by 26.2 per cent to Rs 25,116 crore in Q4 against Rs 19,897 core Year-on-Year (YoY).

It was below Zee Business research estimates of Rs 23,678 crore.

Its profit after tax (PAT) was up by 4.3 per cent to Rs 811 crore against Rs 777 crore, above analyst estimates of Rs 720 crore. 

Other Q4 result features

The net premium earned increased in the fourth quarter.

There was strong growth in 49th month and 61st month.

There was a better product mix and strong distribution network.

There was a decline in VNB margins due to higher contribution from ULIPs.

Brokerage views

Jefferies and CLSA both have maintained a 'buy' stance on the insurance company. 

While Jefferies has raised the share price to Rs 1,740 from Rs 1,700, CLSA has also raised the price from to Rs 1,730 to Rs 1,780.