SBI Life is an Indian
life insurance company which was started as a
joint venture
A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and economic risk, risks, and shared governance. Companies typically pursue joint ventures for one of four rea ...
between
State Bank of India
State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra. SBI is the 49th largest bank in the world by total assets and ranked 221st in the ''Fortune ...
(SBI) and French financial institution
BNP Paribas Cardif
Cardif is an international insurance company based in France with a presence worldwide. The company is part of the BNP Paribas Group.
History
In 1973 the French bank ''Compagnie bancaire'' founded a life insurance company ''Compagnie d'Assura ...
. SBI has a 55.50% stake in the company and BNP Paribas Cardif owns a 0.22% stake. Other investors are Value Line Pte. Ltd. and MacRitchie Investments Pte. Ltd., holding a 1.95% stake each while the remaining 12% is free float stake with public investors. SBI Life has an authorized capital of and a paid up capital of . The AuM is Rs. 2,623.5 billion.
In 2007,
CRISIL
CRISIL (formerly ''Credit Rating Information Services of India Limited'') is an Indian analytical company providing ratings, research, and risk and policy advisory services and is a subsidiary of American company S&P Global.
CRISIL, was the f ...
Limited, a subsidiary of global rating agency
Standard & Poor's
S&P Global Ratings (previously Standard & Poor's and informally known as S&P) is an American credit rating agency (CRA) and a division of S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. S&P is con ...
, gave the company a AAA/Stable/P1+ rating.
History
The company got incorporated as a public limited company in
Mumbai
Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the second- ...
on 11 October 2000 and received Certificate of Commencement of Business from the
RoC on 20 November 2000 and got registered with the
IRDAI for carrying out business of life insurance on 29 March 2001.
SBI Life is listed on
BSE
BSE may refer to:
Medicine
* Bovine spongiform encephalopathy, also known as mad cow disease, a neurodegenerative disease of cattle
* Breast self-examination
Stock exchanges
* Bahrain Stock Exchange, Bahrain
* Baku Stock Exchange, Azerbaijan
* B ...
And
NSE (Stock Exchanges in India) and is a leading Life Insurance company in
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
.
SBI Life started as a
joint venture
A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and economic risk, risks, and shared governance. Companies typically pursue joint ventures for one of four rea ...
with BNP Cardif S.A,which is the life and property & casualty insurance arm of
BNP Paribas, one of the strongest banks in the world, in 2001.
While in its initial stage its business was mainly from
bancassurance
Bancassurance is a relationship between a bank and an insurance company that is aimed at offering insurance products or insurance benefits to the bank's customers. In this partnership, bank staff and tellers become the point of sale and point o ...
channel, and gradually developed an agent network consisting of 108261 Insurance Advisors (IAs)and 825 offices across the country as on March 31, 2018 for selling its
life insurance products and also collaborated with other distributions channels which include direct sales and sales through corporate agents brokers insurance marketing firms and other intermediaries.
The company offers products in individual and group category which includes savings and protection plans addressing the insurance needs of diverse customer segments and has a comprehensive range of plans in
life insurance and pension schemes.
During
financial year
A fiscal year (or financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. Laws in many ...
2004-05 company's
Assets Under Management (AUM) crossed Rs 1000 crore mark and in January 2005 it launched unit-linked product.
In subsequent financial year of 2005-06 it became the first new generation private life insurance company registering profit and posted profit after tax of Rs 2.03 crore for that year. Its Gross Written Premium (GWP) crossed the milestone of Rs 5000 crores and AUM crossed the milestone of Rs 10000 crore and it also achieved cumulative breakeven wiping out all accumulated losses and also its share capital increased by Rs 500 crore to Rs 1000 crore during financial year 2007-08.
Its GWP crossed the milestone of Rs 10000 crore during financial year 2009-10 and in 2010-11 SBI Life's branch network crossed the milestone of 500 branches all over country and further during the financial year 2011-12 the company achieved the milestone of profit after tax (PAT) of Rs 500 crores as it reported PAT of Rs 556 crore for that year declaring a maiden dividend of 5%.
The company's AUM crossed the milestone of Rs 50000 crore and the total number of branches in the country crossed 750 during the financial year 2012-13.The company's GWP crossed the milestone of Rs 15000 crores during the financial year 2015-16 and in the subsequent financial year in 2016-17 SBI Life's renewal premium collection crossed the milestone of Rs 10000 crore and during the year two companies, Value Line Pte Ltd and McRitchie Investments Pte Ltd. bought stake of 1.95% each in the company from SBI.
Key people
* Mahesh Kumar Sharma as MD and CEO
References
External links
SBI Life's official website
{{DEFAULTSORT:Sbi Life Insurance Company Limited
Financial services companies established in 2001
Financial services companies based in Mumbai
BNP Paribas
State Bank of India
Life insurance companies of India
NIFTY 50
Indian companies established in 2001
2001 establishments in Maharashtra
Companies listed on the National Stock Exchange of India
Companies listed on the Bombay Stock Exchange