InCred Equities - SBI Life Insurance

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Premium (Rsm)	814,306	922,320	1,059,545	1,233,340
Investment And Other Income (Rsm)	(8,435)	(9,911)	(11,650)	(13,766)
Net Premium (Rsm)	805,871	912,410	1,047,894	1,219,574
Net Profit (Rsm)	18,946	26,185	35,055	43,617
Core EPS (Rs)	18.92	26.15	35.00	43.55
Core EPS Growth	10.1%	38.2%	33.9%	24.4%
FD Core P/E (x)	18.92	26.15	35.00	43.55
P/NB (x)
DPS (Rs)	2.70	2.50	2.50	2.50
Dividend Yield	0.173%	0.160%	0.160%	0.160%
P/EV (x)	2.68	2.23	1.87	1.56
P/BV (x)	10.45	8.94	7.45	6.14
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	912,410	1,047,894	1,219,574
Total Claims and Changes in Reserves
Acq. Costs/Other Underwriting Exp.
Total Underwriting Result	805,871	912,410	1,047,894	1,219,574
Investment Income on Tech Reserve
Insurance Profit / (Loss)	805,871	912,410	1,047,894	1,219,574
Total Other Technical Income
Total Other Revenues	1,326,314	1,255,963	1,440,822	1,704,808
Total Operating Costs
Other Technical Income / (Loss)
Depreciation And Amortisation	(1,357)	(1,478)	(1,946)	(2,253)
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	27,371	37,040	46,747
Taxation	(483)	(1,186)	(1,985)	(3,130)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	18,946	26,185	35,055	43,617
Minority Interests
Preferred Dividends
Special Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	18,946	26,185	35,055	43,617

(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	27,322	11,318	3,625
Total Current Assets	66,357	31,210	15,206	7,513
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	174,352	209,280	253,959
Minority Interests
Total Equity	14,930,476	17,460,820	20,958,750	25,433,194
Life Embedded Value	582,500	697,997	836,302	1,001,904

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Premium Growth	21.0%	13.2%	14.8%	16.4%
Operating Profit Growth (Life & Health)	21.0%	13.2%	14.8%	16.4%
Value Of New Life Business Growth (after-tax)
Life Embedded Value Growth	2,645.5%	1,976.6%	1,974.5%	1,980.2%
Pre-tax Margin	2.41%	3.00%	3.53%	3.83%
Net Profit Margin	2.35%	2.87%	3.35%	3.58%
Effective Tax Rate	2.49%	4.33%	5.36%	6.69%
Net Dividend Payout Ratio	14.3%	9.6%	7.1%	5.7%
Return On Average Assets	0.55%	0.62%	0.69%	0.72%
Net Gearing
Financial Leverage	24.71	26.20	26.43	26.20
Equity / Assets

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

(91) 22 4161 1553 meghna.luthra@incredresearch.com

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Market Data

Source: Bloomberg