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Buy SBI Life Insurance, target Rs 800

We recommend a 'Buy' with a target price of Rs 800 by FY19 end implying an upside of 20 percent.



We believe life insurance segment is underpenetrated, rising share of insurance in financial savings and given the big opportunity present in this sector, we recommend investors to have a slice of it in their portfolio. India continues to be under penetrated as compared to countries like Thailand and Korea.
At CMP of Rs 664, SBI Life Insurance is valued at 3x of Market Cap/Embedded Value. The company boasts of a strong distribution network owing to its parent SBI reach in the country and low cost to income ratio as compared to peers. We recommend a 'Buy' with a target price of Rs 800 by FY19 end implying an upside of 20 percent.
MORE WILL UPDATE SOON!!
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