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SBI Life Insurance Company Limited[3] is an Indian life insurance company. It was started as a joint venture between State Bank of India (SBI) and French financial institution BNP Paribas Cardif.
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| Company type | Public |
|---|---|
| |
| Industry | Financial services |
| Founded | March 2001[1] |
| Headquarters | Mumbai, India |
Area served | Worldwide |
Key people | Mr. Amit Jhigran (MD & CEO) |
| Products | |
| Revenue |  ₹80,686 crore (US$9.5 billion)[2] (2023) |
 ₹2,004 crore (US$240 million)[2] (2023) | |
| ₹1,721 crore (US$200 million)[2] (2023) | |
| Total assets | ₹353,422 crore (US$42 billion)[2] (2024) |
| Total equity | ₹13,017 crore (US$1.5 billion)[2] (2023) |
| Owner | State Bank Of India |
Number of employees | 18,000 (2023) |
| Website | SBI Life |
In 2007, CRISIL Limited, a subsidiary of global rating agency Standard & Poor's, gave the company a AAA/Stable/P1+ rating.[4][5] SBI Life is listed on BSE And NSE (Stock Exchanges in India) and is a leading Life Insurance company in India.[6]
History
editThe company incorporated as a public limited company in Mumbai on 11 October 2000.[6] SBI Life started as a joint venture with BNP Cardif S.A, which is the life and property & casualty insurance arm of BNP Paribas in 2001.[6] In its initial stage its business was mainly from bancassurance channel.
It gradually developed a 108,261 agent network of Insurance Advisors (IAs) and 825 offices across the country by March 2018. It collaborated with other distribution channels, including direct sales, corporate brokers, insurance marketing firms, and other intermediaries.[6]
During financial year 2004-05 the company's assets under management (AUM) crossed Rs 1000 crore mark and in January 2005 it launched unit-linked product. In 2005-06 it became the first new generation private life insurance company registering profit.[6]
Lines of business
editThe company offers products in individual and group category including savings and protection plans. It has a comprehensive range of plans in life insurance and pensions.[6]
References
edit- ^ Products by SBI life Insurance Regulatory and Development Authority, (IRDA) website.
- ^ a b c d e "SBI Life Analyst Presentatio". sbilife.co.in. March 2023.
- ^ Insurance, SBI Life. "SBI Life - Leading Life insurance Company in India". www.sbilife.co.in. Retrieved 20 December 2021.
- ^ "SBI Life Insurance gets top rating". Mint. 1 October 2007.
- ^ "India's SBI Life Insurance rated 'AAA' on parental support – Crisil". Forbes. 17 September 2017.[dead link]
- ^ a b c d e f "SBI Life Insurance Company Ltd". Business Standard India. Retrieved 30 April 2021.