Prabhudas Lilladher Recommends 'HOLD' on SBI Life, Sets Target at Rs 2125

• Prabhudas Lilladher maintains a 'HOLD' rating for SBI Life Insurance Company.
• The target price for SBI Life is set at Rs 2,125.
• Q3FY26 Annualized Premium Equivalent (APE) grew 24% year-on-year, driven by ULIP and PAR portfolios.
• VNB margin declined by 35 basis points year-on-year to 26.6% in Q3FY26 due to GST exemption.
• The stock price is believed to already reflect all positive factors, leading to the 'HOLD' recommendation.

Why It Matters: Prabhudas Lilladher advises holding SBI Life with a Rs 2,125 target, citing strong Q3 growth already priced in.