SBI Life Insurance share price hits fresh record high, surges 48% from February lows

Shares of SBI Life Insurance Company gained another 4% in Thursday’s trade on November 20, hitting a fresh all-time high of ₹2,028 as they remained higher for the second consecutive session.

The stock has been gaining momentum as brokerages remain upbeat about the company following its September quarter results. With today’s rally, the stock’s yearly returns have risen to 46%, marking its strongest annual performance since 2019, when it gained 61%.

The surge has also pushed the company’s market capitalisation to ₹2.03 lakh crore.

SBI Life Insurance Company Q2 performance

For the September-ending quarter, the company’s value of new business (VNB) rose 14% in both Q2 and the first half of FY26, supported by an improved product mix and higher protection attachment on savings plans.

Individual annualised premium equivalent (APE) growth remained soft at 6% in H1 FY26 compared to the previous year, but growth in September showed a healthy pickup.

Total assets increased to ₹4.83 lakh crore from ₹4.42 lakh crore a year earlier, while the solvency ratio stood at 1.94 versus 2.04 last year. The 13th-month persistency ratio improved to 85.4%, reflecting better policy retention.

The management remains optimistic about a recovery in H2, driven by the GST rate cut, adjustments in select schemes, and renewed engagement with distribution partners.

SBI Life has maintained its mid-teen volume growth guidance and a healthy VNB margin outlook of 26–28% despite the GST-led cost impact, underscoring the company’s strong business fundamentals.

Among brokerages, ICICI Securities has retained its ‘buy’ rating with a target price of ₹2,140 apiece. Emkay Global Financial also reiterated its ‘buy’ call with an unchanged Sep-26E target of ₹2,100, citing strong brand equity and consistent performance. Nuvama has a ‘buy’ rating with a target price of ₹2,320 per share.

Global brokerage Citi has a ‘buy’ rating and a target price of ₹2,550 per share, while Jefferies has maintained its ‘buy’ call with a target of ₹2,270. The stock last closed at ₹1,839.8 apiece.

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