SBI Life declares interim dividend at Rs 2.5 per share, fixes record date

Private insurer SBI Life has declared an interim dividend of Rs 2.5 for the current financial year 2022-23. The company has fixed March 16 as the record date for determining the eligibility of shareholders for interim dividend payment.

"The interim dividend for FY23 will be paid to those shareholders whose names appear on the register of members of the company or in the records of the depositories as beneficial owners of the shares determined with reference to the record date of March 16," the company said in a filing.

The interim dividend will be paid to the Shareholders on or before April 6.

On Wednesday, the stock is trading flat at Rs 1,129.40 apiece on NSE. So far this year, the scrip has lost about 8% on a year-to-date basis. In the past 12 months, SBI Life Insurance declared an equity dividend amounting to Rs 2 per share, which results in a dividend yield of 0.18%.

According to Trendlyne data, the average target for SBI Life from analysts tracking the company is Rs 1582.67. The consensus estimate represents an upside of 40.21% from the current share price levels.

Citigroup has a buy rating on SBI Life with a target price of Rs 1,657. SBI Life has a higher presence in the mass market with a low-ticket size and limited ULIP pressure as a post-taxation revision in the Budget.

In the recent December quarter, SBI Life Insurance reported over 16% decline in net profit at Rs 304 crore, while total income increased to Rs 26,626 crore in the same period as against Rs 20,458 crore in the October-December period of the previous year.

SBI Life is one of the leading life insurance companies in India, with a diverse range of products that cater to individuals as well as group customers through protection, pension, savings and health solutions. With its extensive presence across the country, the company has a vast individual agent network of about 193,635 agents, 59 corporate agents and 14 bancassurance partners.

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