SBI Life Insurance Company Shares Crossed Rs 800 Level For The First Time

SBI Life Insurance Company shares crossed Rs 800 level for the first time, rising 4 percent intraday after reporting strong growth in June quarter which prompted brokerages to stay bullish on the stock.

Citi has buy call on the stock and raised price target to Rs 1,000 from Rs 850 as annualised premium equivalent growth was at 41 percent YoY and VNB margin was healthy.

"Operational trends remained strong. SBI Life has enough headroom to grow its protection business. Company's continued focus on protection should drive VNB margins higher," the brokerage said, adding it factored in higher APE growth of 27 percent in FY20 versus 18 percent earlier.

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