SBI Life Q3 Review - On A Gradual Recovery Mode: Prabhudas Lilladher 

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Prabhudas Lilladher Report

SBI Life Insurance Company Ltd. delivered a 7% de-growth in annualized premium equivalent on nine months FY21 basis versus 14% de-growth in H1 FY21 on back of 13% new business premium YoY.

Margins also improved by 50 basis points to 19.3% from H1 to nine month mainly on higher share of non-participating especially led by individual protection.

Although, in our view, despite mix change and decent volumes margin improvement was slightly slow, offset by faster recovery in unit linked insurance plans.

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