Brokerages issue upbeat updates on SBI Life Insurance after the company’s June-quarter results beat expectations on key performance measures. Multiple analyst notes say the improvement is driven by stronger new business performance and a higher value of new business (VNB) than forecast. As a result, while ratings are largely retained, several brokerages raise their price targets, citing the outperformance in VNB and its contribution to overall earnings quality. The earnings review notes also point to better momentum in new business growth, which supports the higher VNB figure. Overall, analysts describe the quarter as a positive surprise relative to expectations, leading them to adjust forward-looking assumptions and targets. The company’s reported performance is thus seen as improving the outlook for the life insurer’s near-term business trajectory, with brokerages maintaining a constructive stance even as details of forecasts and revisions vary across houses.