Buy SBI Life, target price Rs 1000: ICICI Direct

ICICI Direct has given a buy rating to SBI Life with a target price of Rs 1000. The share price moved down by 1.23 per cent from its previous close of Rs 785.45. The stock’s last traded price is Rs 775.80.

SBI Life Insurance Company Ltd., incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 77633.81 Crore) operating in Financial Services sector.

SBI Life Insurance Company Ltd. key Products/Revenue Segments include Amount transferred from Policyholder Account which contributed Rs 1462.65 Crore to Sales Value (75.41 % of Total Sales), Interest, Dividend & Rent which contributed Rs 466.56 Crore to Sales Value (24.05 % of Total Sales) and Profit/Loss on Sale/Redemption of Investments which contributed Rs 10.14 Crore to Sales Value (0.52 % of Total Sales)for the year ending 31-Mar-2020.

Financials
For the quarter ended 30-06-2020, the company reported a Standalone sales of Rs 282.23 Crore, down 69.35 % from last quarter Sales of Rs 920.92 Crore and up 30.97 % from last year same quarter Sales of Rs 215.50 Crore Company reported net profit after tax of Rs 390.89 Crore in latest quarter.

Promoter/FII Holdings
Promoters held 60.7 per cent stake in the company as of June 30, 2020, while FIIs held 26.2 per cent, DIIs 7 per cent and public and others 6.1 per cent.