Indian insurer SBI Life set for worst day in 2024 after downbeat Q2 premium growth
** SBI Life Insurance SBIL.NS falls 4.5%; set to log biggest daily drop in 2024
** Stock biggest pct loser on Nifty Financial Services .NIFTYFIN, which is up 0.6%
** Analysts say co's 3% annualised premium equivalent (APE) growth in Q2 vs 20% y/y in Q1 was disappointing
** Morgan Stanley cuts FY25 APE growth forecast to 9.5% from 15%, citing high share of margin-diluting ULIPs
** Slashes value of FY25 new business margin forecast by 100 bps
** SBIL, like most peers, rated "buy" on avg - LSEG
** YTD, stock's 14% rise slightly better than NIFTYFIN's 11% climb
Reporting by Nandan Mandayam in Bengaluru
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