| Type | Joint Venture |
|---|---|
| Industry | Insurance |
| Founded | March 2001[1] |
| Headquarters | Headquarters in Mumbai, India |
| Key people | Mr. Mahadev Nagendra Rao , MD & CEO |
| Products | Life insurance Pensions |
| Owner(s) | SBI, BNP Paribas |
| Employees | 7,334 on-roll employees and 75,000 agents |
| Website | Sbi Life |
SBI Life Insurance is a joint venture life insurance company between State Bank of India (SBI), the largest state-owned banking and financial services company in India, and BNP Paribas Assurance. SBI owns 44% of the total capital and BNP Paribas Assurance the remaining 26% and others 30%. SBI Life Insurance has an authorized capital of 2,000 crore (US$380 million)and a paid up capital of 1,000 crore (US$190 million).
In 2007, CRISIL Ltd, a subsidiary of global rating agency Standard & Poor's, gave the company a AAA/Stable/P1+ rating.[2][3]
Contents |
When the government of India opened the life insurance sector to private companies, SBI started SBI Life as a joint venture with BNP Paribas in 2001. While in its initial stage its business was mainly from bancassurance channel, now it is developing its own agency team for selling its life insurance products.
All across India.