SBI Life Insurance Company Limited

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SBI Life Insurance Co. Ltd
Type Joint Venture
Industry Insurance
Founded March 2001[1]
Headquarters Mumbai, India
Key people Mr. Atanu Sen, MD & CEO
Products Life insurance
Pensions
Owner(s) SBI, BNP Paribas
Employees 7,334 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 Assurance. SBI owns 74% of the total capital and BNP Paribas Assurance the remaining 26% of the capital. SBI Life Insurance has an authorized capital of INR20 billion (US$330 million)and a paid up capital of INR10 billion (US$170 million).

In 2007, CRISIL Ltd, a subsidiary of global rating agency Standard & Poor's, gave the company a AAA/Stable/P1+ rating.[2][3]

History[edit]

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.

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