The SBI Life Insurance (SBIL) shares hit a record high of Rs 1,049.85, up 1.5 per cent on the BSE in the intra-day trade on Tuesday. The insurance company’s stock surpassed its previous high of Rs 1,040, touched on May 7, 2021.

In the past three months, SBIL has beaten the market by gaining 16 per cent, compared to an 8 per cent rise in the S&P BSE Sensex. In the January-March quarter (Q4FY21), SBIL had reported a 31.1 per cent year-over-year (YoY) increase in gross premium to Rs 15,647 crore in Q4FY21, driven by strong growth in new business premium (NBP) as well as renewal premium. Net premium income (net of reinsurance) grew 31.1 per cent YoY to Rs 15,556 crore million in the quarter.

Brokerage firm Anand Rathi believes SBIL is well-positioned for long-term growth given its strong market position, solid product portfolio, diversified distribution network, and healthy capital position.

Meanwhile, those at ICICI Securities observed that continued revival in individual business during April-June quarter (Q1FY22), focus on the single premium is expected to get partially offset by partial lockdowns keeping NBP at around 5 per cent YoY to Rs 3,197 crore for SBIL. Accretion of regular premium is seen keeping annualized premium equivalent (APE) growth higher at 19.4 per cent YoY to Rs 1535 crore. Pick up in standard premium, offset by lower traction in single premium business, may keep overall premium growth at 4 per cent YoY to Rs 7,867 crore, the brokerage firm said result preview.