Private insurer SBI Life Insurance 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 payment of interim dividend.

"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," SBI Life said in a filing.

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

On Wednesday, the stock was trading at Rs 1,129.40 per share on the NSE. So far this year, the scrip has lost around 8% on a year-to-date basis. In the last 12 months, SBI Life Insurance declared an equity dividend of Rs 2 per share, resulting 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 indicates a potential 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 high presence in the mass market with low ticket size and limited ULIP pressure as a post-taxation revision in the budget.

In the latest December quarter, SBI Life Insurance's net profit fell 16% to Rs. 304 crore, while the 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 India's leading life insurance companies, offering a wide range of products through protection, pension, savings and health solutions to individuals and group customers. With its extensive presence across the country, the company has a vast individual agent network of around 193,635 agents, 59 corporate agents and 14 bancassurance partners.