SBI Life Insurance Co reported a 6% lower premium income than estimates, driven by weak group insurance and muted bancassurance growth. Despite a 3% YoY decline in Value of New Business (VNB) and a decrease in VNB margin, the company aims for a 15-17% YoY APE growth moving forward. Asit C Mehta maintains a 'Buy' rating with a target price of Rs 2,015, valuing the company at 2.5x its FY26E embedded value.
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