SBI Life Insurance Company Ltd

₹ 1,478 -2.95%

21 Nov - close price

About

SBI Life Insurance Company Ltd is engaged in the business of life insurance and annuity. It was started as a Joint-venture between State Bank of India and BNP Paribas Cardif S.A.^[1]

Key Points

Ratios FY21
Solvency Ratio - 215%^[1]
Claim Settlement Ratio - 100%^[2]
Cost Ratio - 8%
Commission Ratio - 3.5%
Persistency Ratio (13 months) - 88%
Persistency Ratio (61 months) - 62%
VNB Margin - 20%^[1]
Net Retention Ratio - 99%^[3]

Website BSE NSE

Market Cap ₹ 1,48,074 Cr.
Current Price ₹ 1,478
High / Low ₹ 1,936 / 1,307
Stock P/E 67.9
Book Value ₹ 162
Dividend Yield 0.18 %
ROCE 13.2 %
ROE 12.0 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Company is expected to give good quarter

Cons

Stock is trading at 9.11 times its book value
Tax rate seems low
Company has a low return on equity of 12.9% over last 3 years.
Earnings include an other income of Rs.1,657 Cr.
Dividend payout has been low at 14.0% of profits over last 3 years

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Insurance Industry: Finance & Investments

Part of Nifty 50 Equal Weight Nifty 100 Low Volatility 30 BSE Diversified Financials Revenue Growth Index (I BSE 100 LargeCap TMC Index Nifty LargeMidcap 250 Nifty100 ESG Nifty 200 Nifty Financial Services Nifty 100 Equal Weight BSE Allcap BSE LargeCap BSE SENSEX 50 Nifty 500 Nifty 50 Nifty Financial Services 25/50 BSE 100 BSE 200 BSE Dollex 200 Nifty Total Market Nifty 500 Multicap 50:25:25 Nifty Services Sector BSE 500 BSE Financial Services Nifty 100 BSE 250 LargeMidCap Index

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	25,636	20,672	20,671	4,806	27,717	26,817	21,296	27,895	28,805	39,033	36,255	34,654	40,302
	25,364	20,272	20,941	4,516	27,292	26,483	22,197	27,471	28,392	38,681	37,043	34,060	39,696
Operating Profit	272	400	-270	290	426	333	-901	424	413	352	-788	594	606
OPM %	1%	2%	-1%	6%	2%	1%	-4%	2%	1%	1%	-2%	2%	2%
	11	10	995	11	11	13	1,723	9	12	18	1,639	3	-4
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before tax	282	410	725	301	437	346	822	433	424	370	851	597	601
Tax %	13%	11%	7%	13%	14%	12%	5%	12%	10%	13%	5%	13%	12%
	247	364	672	263	377	304	777	381	380	322	811	520	529
EPS in Rs	2.47	3.64	6.72	2.63	3.76	3.04	7.76	3.81	3.80	3.21	8.10	5.19	5.28
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Profit & Loss

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	14,870	17,258	23,299	19,324	30,548	34,068	44,604	43,798	81,913	82,983	80,636	131,988	150,243
	14,443	16,747	22,505	18,404	29,479	32,736	43,130	42,447	81,040	82,254	80,514	131,742	149,480
Operating Profit	427	511	794	920	1,068	1,332	1,474	1,351	872	730	122	246	763
OPM %	3%	3%	3%	5%	4%	4%	3%	3%	1%	1%	0%	0%	1%
	292	344	183	129	139	156	266	529	867	1,032	1,862	1,917	1,657
Interest	4	5	4	5	5	6	8	0	0	0	10	9	0
Depreciation	25	35	34	37	48	59	92	89	99	75	68	76	0
Profit before tax	690	816	939	1,007	1,154	1,422	1,642	1,790	1,640	1,687	1,906	2,078	2,419
Tax %	9%	11%	13%	16%	17%	19%	19%	21%	11%	11%	10%	9%
	630	728	815	844	955	1,150	1,327	1,422	1,456	1,506	1,721	1,894	2,181
EPS in Rs	6.30	7.28	8.15	8.44	9.55	11.50	13.27	14.22	14.56	15.05	17.19	18.91	21.78
Dividend Payout %	8%	14%	15%	14%	16%	17%	15%	0%	17%	13%	15%	14%

Compounded Sales Growth
10 Years:	23%
5 Years:	24%
3 Years:	17%
TTM:	43%

Compounded Profit Growth
10 Years:	9%
5 Years:	6%
3 Years:	5%
TTM:	18%

Stock Price CAGR
10 Years:	%
5 Years:	9%
3 Years:	9%
1 Year:	3%

Return on Equity
10 Years:	16%
5 Years:	14%
3 Years:	13%
Last Year:	12%

Balance Sheet

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,001	1,001	1,002
Reserves	1,736	2,356	3,056	3,733	4,552	5,528	6,576	7,743	9,400	10,622	12,017	13,907	15,257
	0	0	0	0	0	0	0	0	0	0	0	0	0
	50,978	57,284	70,064	78,696	96,687	115,193	139,157	156,837	216,430	261,715	301,582	383,390	432,238
Total Liabilities	53,714	60,640	74,121	83,429	102,240	121,720	146,734	165,580	226,830	273,337	314,599	398,299	448,497
	283	304	292	301	507	511	563	568	564	919	867	1,198	563
CWIP	3	4	7	146	31	70	32	13	1	3	1	6	0
Investments	50,047	56,275	69,385	77,843	95,830	114,436	139,325	158,813	218,756	264,437	303,988	384,943	435,926
	3,382	4,058	4,437	5,139	5,871	6,703	6,814	6,186	7,509	7,978	9,743	12,152	12,009
Total Assets	53,714	60,640	74,121	83,429	102,240	121,720	146,734	165,580	226,830	273,337	314,599	398,299	448,497

Cash Flows

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	1,130	166	2,711	5,778	8,525	10,395	13,473	19,299	23,878	21,852	28,656	29,122
	-227	-708	-178	-7,204	-9,032	-8,910	-13,552	-16,986	-19,203	-21,611	-30,203	-31,221
	-58	-58	-117	-144	-144	-221	-241	-198	3	-231	-415	-227
Net Cash Flow	845	-600	2,416	-1,570	-651	1,264	-321	2,114	4,677	10	-1,962	-2,327

Ratios

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	0	0	0	0	0	0	0	0	0	0	0	0
Inventory Days
Days Payable
Cash Conversion Cycle	0	0	0	0	0	0	0	0	0	0	0	0
Working Capital Days	-5	-2	0	-6	3	3	4	11	1	-3	1	4
ROCE %	28%	27%	25%	23%	23%	24%	22%	22%	17%	15%	15%	13%

Shareholding Pattern

Numbers in percentages

1 Recently

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	55.69%	55.48%	55.48%	55.46%	55.45%	55.45%	55.45%	55.44%	55.43%	55.42%	55.41%	55.39%
	24.47%	24.15%	23.90%	24.33%	25.09%	25.14%	26.22%	26.17%	25.92%	25.16%	24.70%	25.18%
	12.00%	12.46%	12.29%	15.65%	14.93%	15.09%	14.15%	14.27%	14.63%	15.40%	15.88%	15.32%
	7.84%	7.91%	8.33%	4.56%	4.54%	4.34%	4.19%	4.11%	4.01%	4.01%	3.98%	4.10%
No. of Shareholders	4,10,175	4,08,081	4,03,407	3,93,398	3,84,772	3,74,674	3,58,088	3,49,407	3,38,525	3,35,114	3,45,541	3,35,864

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	84.10%	69.80%	62.80%	55.70%	55.48%	55.45%	55.42%	55.39%
	4.44%	14.06%	25.87%	30.51%	24.15%	25.14%	25.16%	25.18%
	4.41%	4.36%	5.74%	6.94%	12.46%	15.09%	15.40%	15.32%
	7.05%	11.78%	5.59%	6.85%	7.91%	4.34%	4.01%	4.10%
No. of Shareholders	3,88,613	3,25,560	3,21,095	4,01,475	4,08,081	3,74,674	3,35,114	3,35,864

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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