InCred Equities - SBI Life Insurance

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Premium (Rsm)	814,306	923,476	1,063,208	1,241,196
Investment And Other Income (Rsm)	(8,435)	(9,911)	(11,652)	(13,770)
Net Premium (Rsm)	805,871	913,565	1,051,556	1,227,425
Net Profit (Rsm)	18,946	26,156	35,014	43,582
Core EPS (Rs)	18.92	26.12	34.96	43.52
Core EPS Growth	10.1%	38.1%	33.9%	24.5%
FD Core P/E (x)	18.92	26.12	34.96	43.52
P/NB (x)
DPS (Rs)	2.70	2.50	2.50	2.50
Dividend Yield	0.177%	0.164%	0.164%	0.164%
P/EV (x)	2.61	2.18	1.82	1.51
P/BV (x)	10.20	8.73	7.28	6.00
ROE	13.6%	16.2%	18.3%	18.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue	805,871	913,565	1,051,556	1,227,425
Total Claims and Changes in Reserves
Acq. Costs/Other Underwriting Exp.
Total Underwriting Result	805,871	913,565	1,051,556	1,227,425
Investment Income on Tech Reserve
Insurance Profit / (Loss)	805,871	913,565	1,051,556	1,227,425
Total Other Technical Income
Total Other Revenues	1,326,314	1,257,118	1,444,484	1,712,659
Total Operating Costs
Other Technical Income / (Loss)
Depreciation And Amortisation	(1,357)	(1,477)	(1,945)	(2,252)
Operating Profit
Pretax Income/(Loss) from Assoc.	(1,938)	(2,421)	(3,221)	(4,775)
Post-Tax Oper. Earnings - Life/Other Biz
Head Office Costs
Non-Operating Income/(Expense)	10,341	11,681	11,038	14,129
Net Interest Income	(612)	(430)	(495)	(569)
Investment Income on Shareholders Fund	(16,276)	(6,507)	(2,603)	(1,041)
Other Income
Exceptional Items
Pre-tax Profit	19,429	27,342	36,999	46,712
Taxation	(483)	(1,186)	(1,985)	(3,130)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	18,946	26,156	35,014	43,582
Minority Interests
Preferred Dividends
Special Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	18,946	26,156	35,014	43,582

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Premium Retention Ratio (life & Health)	99.0%	98.9%	98.9%	98.9%
Benefits Ratio (life & Health)
Acquisition Expense Ratio (life & Health)
Admin Expense Ratio (life & Health)
Total Expense Ratio (life & Health)
Policyholder Dividends Ratio (life & Health)
Combined Underwriting Ratio (life & Health)
Underwriting Profit Margin (life & Health)	100.0%	100.0%	100.0%	100.0%
Operating Profit Margin (life & Health)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Fixed Assets	5,570	5,570	5,570	5,570
Intangible Assets
Other Long Term Assets
Total Non-current Assets	3,855,903	4,616,655	5,522,465	6,614,342
Total Cash And Equivalents
Trade Debtors
Other Current Assets	62,470	27,293	11,248	3,520
Total Current Assets	66,357	31,181	15,136	7,408
Creditors - Direct & Reinsurance Business
Provision For Claims Outstanding
Other Current Liabilities
Total Current Liabilities
Total Long-term Debt
Hybrid Debt - Debt Component
Other Liabilities
Total Non-current Liabilities	2,173,469	2,607,910	3,129,555	3,756,440
Total Technical & Other Provisions	1,605,276	1,871,172	2,204,405	2,617,026
Total Liabilities	3,778,744	4,479,082	5,333,960	6,373,466
Shareholders Equity	149,086	174,323	209,210	253,854
Minority Interests
Total Equity	14,930,476	17,457,902	20,951,734	25,422,674
Life Embedded Value	582,500	698,443	838,313	1,007,750

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Premium Growth	21.0%	13.4%	15.1%	16.7%
Operating Profit Growth (Life & Health)	21.0%	13.4%	15.1%	16.7%
Value Of New Life Business Growth (after-tax)
Life Embedded Value Growth	2,645.5%	1,984.2%	1,995.7%	2,021.2%
Pre-tax Margin	2.41%	2.99%	3.52%	3.81%
Net Profit Margin	2.35%	2.86%	3.33%	3.55%
Effective Tax Rate	2.49%	4.34%	5.37%	6.70%
Net Dividend Payout Ratio	14.3%	9.6%	7.2%	5.7%
Return On Average Assets	0.55%	0.62%	0.69%	0.72%
Net Gearing
Financial Leverage	24.71	26.20	26.44	26.21
Equity / Assets

(91) 22 4161 1547 jignesh.shial@incredresearch.com

(91) 22 4161 1569 rishabh.jogani@incredresearch.com

(91) 22 4161 1500 meghna.luthra@incredresearch.com

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Market Data

Source: Bloomberg