Motilal Oswal Recommends 'BUY' on SBI Life Insurance, Sets Target at Rs 2570

• SBI Life Insurance (SBILIFE) reported a 24% YoY growth in new business APE to INR86 billion for 3QFY26, exceeding estimates by 6%.
• For 9MFY26, APE grew 16% YoY to INR185.2 billion, while absolute VNB increased by 22% YoY to INR22.9 billion.
• The VNB margin for 3QFY26 stood at 26.6%, slightly down from 26.9% in 3QFY25, but 9MFY26 saw a VNB margin of 27.2% (+30bp YoY).
• Motilal Oswal maintains APE/VNB estimates, projecting a FY25-28 CAGR of 15%/16% with an operating RoEV of 18%+.
• The brokerage reiterates a 'BUY' rating with a revised target price of INR2,570, based on 2.2x FY28E P/EV.

Why It Matters: Motilal Oswal recommends buying SBI Life Insurance with a target of Rs 2570, citing strong growth and outlook.