SBI Life Insurance Company

SBI Life Insurance Co. Ltd
Joint Venture
Industry Insurance
Founded March 2001[1]
Headquarters Mumbai, India
Key people
 Mr. Arijit Basu, MD & CEO
Products Life insurance
Pensions
Owner SBI, BNP Paribas
Number of employees
 7,335 on-roll employees and 96,000 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 Cardiff. BNP Paribas is a French multinational bank and financial services company with global headquarters in Paris. SBI owns 70.1% of the total capital and BNP Paribas Cardiff 26% of the capital. Other investors are Value Line Pte. Ltd. and MacRitchie Investments Pte. Ltd., holding 1.95% of the total capital each. SBI Life Insurance has an authorized capital of ₹20 billion (US$310 million)and a paid up capital of ₹10 billion (US$160 million). SBI Life Insurance also features in the Fortune Global 500 list of the world’s biggest corporations. [2]

In 2007, CRISIL Ltd, a subsidiary of global rating agency Standard & Poor's, gave the company a AAA/Stable/P1+ rating.[3][4]

History

SBI life insurance is private company, SBI Life started 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.

References

  1. ↑ Products by SBI life Insurance Regulatory and Development Authority, (IRDA) website.
  2. ↑ "About SBI Life Insurance | Overview". www.sbilife.co.in. Retrieved 2017-07-05.
  3. ↑ "SBI Life Insurance gets top rating". Mint. 1 October 2007.
  4. ↑ "India's SBI Life Insurance rated 'AAA' on parental support - Crisil". Forbes. 09.17.07. Check date values in: |date= (help)
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