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SBI Life Insurance Company

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SBI Life Insurance Co. Ltd
Company typePublic
IndustryFinancial services
FoundedMarch 2001[1]
HeadquartersMumbai, India
Area served
Worldwide
Key people
Mr. Mahesh Kumar Sharma, MD & CEO
ProductsLife insurance
Investment management
OwnerState Bank of India
BNP Paribas
Number of employees
12,000+
WebsiteSbi 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 Cardif. BNP Paribas is a French multinational bank and financial services company with global headquarters in Paris. SBI has a 62.1% stake in the company and BNP Paribas Cardif owns a 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 Insurance has an authorized capital of ₹20 billion (US$240 million) and a paid up capital of ₹10 billion (US$120 million).

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

History

SBI Life Insurance Listed on BSE And NSE (Stock Exchange of India). 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. ^ "SBI Life Insurance gets top rating". Mint. 1 October 2007.
  3. ^ "India's SBI Life Insurance rated 'AAA' on parental support - Crisil". Forbes. 17 September 2017.
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