SBI Life Insurance shares rise 3% on decent Q3 earnings. Brokerages Jefferies, CLSA, Motilal Oswal, and Nuvama remain optimistic. Jefferies highlights softer premium growth, retail protection segment decline, and weaker margins. CLSA raises price target, emphasizes limited impact of surrender value regulations. Nuvama tweaks VNB lower but maintains ‘Buy’ rating, cites healthy APE growth and low-cost ratios. Motilal Oswal reiterates ‘Buy’, expects 18% APE CAGR and improved channel productivity.
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