Buy SBI Life Insurance, target price Rs 1,978: ICICI Securities

ICICI Securities maintains a buy call on SBI Life with a target price of Rs 1978. The brokerage cites attractive valuation and strong long-term growth potential, despite potential near-term adjustments in channel preferences. They believe the current valuation correction is overdone, given SBI Life's distribution and margin levers. The company reported strong Q2 earnings, with net profit up significantly year-over-year.