SBI Life Insurance Company: Difference between revisions

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{{Use dmy dates|date=January 2014}}
{{Use dmy dates|date=January 2014}}
{{Infobox company
{{Infobox company
| name = SBI Life Insurance Co. Ltd
| name = SBI Life Insurance Company Limited
| logo = [[File:SBI Life.jpg|250px]]
| logo = [[File:SBI Life.jpg|250px]]
| logo_size = 250px
| logo_size = 250px
| type = [[Public company|Public]]
| type = Public
| traded_as = {{ubl|{{BSE|540719}}|{{NSE|SBILIFE}}|[[NIFTY 50|NSE NIFTY 50 Constituent]]}}
| traded_as = {{ubl|{{BSE|540719}}|{{NSE|SBILIFE}}|[[NIFTY 50|NSE NIFTY 50 Constituent]]}}
| area_served = Worldwide
| area_served = Worldwide
| foundation = March 2001<ref>[http://www.irdaindia.org/lifeproducts/SBI.htm Products by SBI life] [[Insurance Regulatory and Development Authority]], (IRDA) website.</ref>
| foundation = March 2001<ref>[http://www.irdaindia.org/lifeproducts/SBI.htm Products by SBI life] [[Insurance Regulatory and Development Authority]], (IRDA) website.</ref>
| location = [[Mumbai]], India
| location = [[Mumbai]], India
| key_people = Mahesh Kumar Sharma (MD & CEO)
| key_people = Mr. Amit Jhigran (MD & CEO)
| industry = [[Financial services]]
| industry = [[Financial services]]
| products = [[Life insurance]]<br />[[Investment management]]
| products = [[Life insurance]]<br />[[Investment management]]<br />Pension products NPS<br >[[ULIP]] & Traditional plans
| owner = State Bank of India
| revenue = {{decrease}} {{INRConvert|80686|c}}<ref name=pnl>{{Cite web|url=https://www.sbilife.co.in/sbi-life-analyst-presentation-mar-2023 |title=SBI Life Analyst Presentatio |website=sbilife.co.in |date=March 2023}}</ref>
| num_employees = 12,000+
| revenue_year = 2023
| operating_income = {{profit}} {{INRConvert|2004|c}}<ref name=pnl/>
| income_year = 2023
| net_income = {{profit}} {{INRConvert|1721|c}}<ref name=pnl/>
| net_income_year = 2023
| assets = {{profit}} {{INRConvert|314686|c}}<ref name=pnl/>
| assets_year = 2023
| equity = {{profit}} {{INRConvert|13017|c}}<ref name=pnl/>
| equity_year = 2023
| owner = [[State Bank Of India]]
| num_employees = 18000+
| subsid =  
| subsid =  
| footnotes =  
| footnotes =  
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}}
}}


'''SBI Life'''<ref>{{Cite web|last=Insurance|first=SBI Life|title=SBI Life - Leading Life insurance Company in India|url=https://www.sbilife.co.in/en/about-us|access-date=2021-12-20|website=www.sbilife.co.in}}</ref> is an Indian [[life insurance]] company which was started as a [[joint venture]] between [[State Bank of India]] (SBI) and French financial institution [[BNP Paribas]] [[Cardif]]. SBI has a 55.50% stake in the company and BNP Paribas Cardif owns a 0.22% 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 has an authorized capital of {{INRConvert|20|b}} and a paid up capital of {{INRConvert|10|b}}. The AuM is Rs. 2,441.8 billion.
'''SBI Life Insurance Company Limited'''<ref>{{Cite web|last=Insurance|first=SBI Life|title=SBI Life - Leading Life insurance Company in India|url=https://www.sbilife.co.in/en/about-us|access-date=2021-12-20|website=www.sbilife.co.in}}</ref> is an Indian [[life insurance]] company which was started as a [[joint venture]] between [[State Bank of India]] (SBI) and French financial institution [[BNP Paribas]] [[Cardif]]. SBI has a 55.50% stake in the company and BNP Paribas Cardif owns a 0.22% 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.It has [[Assets under management]](AuM) worth {{INRConvert|314686|c}} and a [[Gross Written Premium]](GWP) of {{INRConvert|67320|c}} as of March 2023.<ref name=pnl/> SBI Life has an authorized capital of {{INRConvert|20|b}} and a paid up capital of {{INRConvert|10|b}}.  


In 2007, [[CRISIL]] Limited, a subsidiary of global rating agency [[Standard & Poor's]], gave the company a AAA/Stable/P1+ rating.<ref>{{Cite news|url=http://www.livemint.com/2007/10/01000853/SBI-Life-Insurance-gets-top-ra.html|title=SBI Life Insurance gets top rating|date=1 October 2007|work=Mint}}</ref><ref>{{Cite web|url=https://www.forbes.com/feeds/afx/2007/09/17/afx4123027.html|title=India's SBI Life Insurance rated 'AAA' on parental support – Crisil|date=2017-09-17|work=Forbes}}</ref>
In 2007, [[CRISIL]] Limited, a subsidiary of global rating agency [[Standard & Poor's]], gave the company a AAA/Stable/P1+ rating.<ref>{{Cite news|url=http://www.livemint.com/2007/10/01000853/SBI-Life-Insurance-gets-top-ra.html|title=SBI Life Insurance gets top rating|date=1 October 2007|work=Mint}}</ref><ref>{{Cite web|url=https://www.forbes.com/feeds/afx/2007/09/17/afx4123027.html|title=India's SBI Life Insurance rated 'AAA' on parental support – Crisil|date=2017-09-17|work=Forbes}}{{dead link|date=January 2022|bot=medic}}{{cbignore|bot=medic}}</ref>


==History==
==History==
The company got incorporated as a public limited company in [[Mumbai]] on 11 October 2000 and received Certificate of Commencement of Business from the [[Registrar of Companies, India|RoC]] on 20 November 2000 and got registered with the [[Insurance Regulatory and Development Authority|IRDAI]] for carrying out business of life insurance on 29 March 2001.<ref name="SBI Ref1" /> SBI Life is listed on [[Bombay Stock Exchange|BSE]] And [[National Stock Exchange of India|NSE]] (Stock Exchanges in India) and is a leading Life Insurance company in [[India]].<ref name="SBI Ref1" /> SBI Life started as a [[joint venture]] with BNP Paribas Cardif S.A,which is the life and property & casualty insurance arm of [[BNP Paribas]], one of the strongest banks in the world, in 2001.<ref name="SBI Ref1">{{cite news |title=SBI Life Insurance Company Ltd. |url=https://www.business-standard.com/company/sbi-life-insuran-22045/information/company-history |access-date=30 April 2021 |publisher=Business Standard India}}</ref> While in its initial stage its business was mainly from [[bancassurance]] channel, and gradually developed an agent network consisting of 108261 Insurance Advisors (IAs)and 825 offices across the country as on March 31, 2018 for selling its [[life insurance]] products and also collaborated with other distributions channels which include direct sales and sales through corporate agents brokers insurance marketing firms and other intermediaries.<ref name="SBI Ref1" /> The company offers products in individual and group category which includes savings and protection plans addressing the insurance needs of diverse customer segments and has a comprehensive range of plans in [[life insurance]] and pension schemes.<ref name="SBI Ref1" /> During [[financial year]] 2004-05 company's [[Assets Under Management]] (AUM) crossed Rs 1000 crore mark and in January 2005 it launched unit-linked product.<ref name="SBI Ref1" /> In subsequent financial year of 2005-06 it became the first new generation private life insurance company registering profit and posted profit after tax of Rs 2.03 crore for that year.  Its Gross Written Premium (GWP) crossed the milestone of Rs 5000 crores and AUM crossed the milestone of Rs 10000 crore and it also achieved cumulative breakeven wiping out all accumulated losses and also its share capital increased by Rs 500 crore to Rs 1000 crore during financial year 2007-08.<ref name="SBI Ref1" /> Its GWP crossed the milestone of Rs 10000 crore during financial year 2009-10 and in 2010-11 SBI Life's branch network crossed the milestone of 500 branches all over country and further during the financial year 2011-12 the company achieved the milestone of profit after tax (PAT) of Rs 500 crores as it reported PAT of Rs 556 crore for that year declaring a maiden dividend of 5%.<ref name="SBI Ref1" /> The company's AUM crossed the milestone of Rs 50000 crore and the total number of branches in the country crossed 750 during the financial year 2012-13.The company's  GWP crossed the milestone of Rs 15000 crores during the financial year 2015-16 and in the subsequent financial year in 2016-17 SBI Life's renewal premium collection crossed the milestone of Rs 10000 crore and during the year two companies, Value Line Pte Ltd and McRitchie Investments Pte Ltd. bought stake of 1.95% each in the company from SBI.<ref name="SBI Ref1" />
The company got incorporated as a public limited company in [[Mumbai]] on 11 October 2000 and received Certificate of Commencement of Business from the [[Registrar of Companies, India|RoC]] on 20 November 2000 and got registered with the [[Insurance Regulatory and Development Authority|IRDAI]] for carrying out business of life insurance on 29 March 2001.<ref name="SBI Ref1" /> SBI Life is listed on [[Bombay Stock Exchange|BSE]] And [[National Stock Exchange of India|NSE]] (Stock Exchanges in India) and is a leading Life Insurance company in [[India]].<ref name="SBI Ref1" /> SBI Life started as a [[joint venture]] with BNP Cardif S.A,which is the life and property & casualty insurance arm of [[BNP Paribas]], one of the strongest banks in the world, in 2001.<ref name="SBI Ref1">{{cite news |title=SBI Life Insurance Company Ltd. |url=https://www.business-standard.com/company/sbi-life-insuran-22045/information/company-history |access-date=30 April 2021 |publisher=Business Standard India}}</ref> While in its initial stage its business was mainly from [[bancassurance]] channel, and gradually developed an agent network consisting of 108261 Insurance Advisors (IAs)and 825 offices across the country as on March 31, 2018 for selling its [[life insurance]] products and also collaborated with other distributions channels which include direct sales and sales through corporate agents brokers insurance marketing firms and other intermediaries.<ref name="SBI Ref1" /> The company offers products in individual and group category which includes savings and protection plans addressing the insurance needs of diverse customer segments and has a comprehensive range of plans in [[life insurance]] and pension schemes.<ref name="SBI Ref1" /> 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.<ref name="SBI Ref1" /> In subsequent financial year of 2005-06 it became the first new generation private life insurance company registering profit and posted profit after tax of Rs 2.03 crore for that year.  Its Gross Written Premium (GWP) crossed the milestone of Rs 5000 crores and AUM crossed the milestone of Rs 10000 crore and it also achieved cumulative breakeven wiping out all accumulated losses and also its share capital increased by Rs 500 crore to Rs 1000 crore during financial year 2007-08.<ref name="SBI Ref1" /> Its GWP crossed the milestone of Rs 10000 crore during financial year 2009-10 and in 2010-11 SBI Life's branch network crossed the milestone of 500 branches all over country and further during the financial year 2011-12 the company achieved the milestone of profit after tax (PAT) of Rs 500 crores as it reported PAT of Rs 556 crore for that year declaring a maiden dividend of 5%.<ref name="SBI Ref1" /> The company's AUM crossed the milestone of Rs 50000 crore and the total number of branches in the country crossed 750 during the financial year 2012-13.The company's  GWP crossed the milestone of Rs 15000 crores during the financial year 2015-16 and in the subsequent financial year in 2016-17 SBI Life's renewal premium collection crossed the milestone of Rs 10000 crore and during the year two companies, Value Line Pte Ltd and McRitchie Investments Pte Ltd. bought stake of 1.95% each in the company from SBI.<ref name="SBI Ref1" />
 
== Key people ==
 
* Mahesh Kumar Sharma as MD and CEO


==References==
==References==
<!--- See [[Wikipedia:Footnotes]] on how to create references using <ref></ref> tags which will then appear here automatically -->
<!--- See [[Bharatpedia:Footnotes]] on how to create references using <ref></ref> tags which will then appear here automatically -->
{{Reflist}}
{{Reflist}}


Latest revision as of 18:28, 12 October 2023


SBI Life Insurance Company Limited
Traded as
IndustryFinancial services
FoundedMarch 2001[1]
HeadquartersMumbai, India
Area served
Worldwide
Key people
Mr. Amit Jhigran (MD & CEO)
ProductsLife insurance
Investment management
Pension products NPS
ULIP & Traditional plans
RevenueDecrease ₹80,686 crore (US$11 billion)[2] (2023)
Increase ₹2,004 crore (US$280 million)[2] (2023)
Increase ₹1,721 crore (US$240 million)[2] (2023)
Total assetsIncrease ₹314,686 crore (US$44 billion)[2] (2023)
Total equityIncrease ₹13,017 crore (US$1.8 billion)[2] (2023)
OwnerState Bank Of India
Number of employees
18000+
WebsiteSbi Life

SBI Life Insurance Company Limited[3] is an Indian life insurance company which was started as a joint venture between State Bank of India (SBI) and French financial institution BNP Paribas Cardif. SBI has a 55.50% stake in the company and BNP Paribas Cardif owns a 0.22% 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.It has Assets under management(AuM) worth ₹314,686 crore (US$44 billion) and a Gross Written Premium(GWP) of ₹67,320 crore (US$9.4 billion) as of March 2023.[2] SBI Life has an authorized capital of ₹20 billion (US$280 million) and a paid up capital of ₹10 billion (US$140 million).

In 2007, CRISIL Limited, a subsidiary of global rating agency Standard & Poor's, gave the company a AAA/Stable/P1+ rating.[4][5]

History[edit | edit source]

The company got incorporated as a public limited company in Mumbai on 11 October 2000 and received Certificate of Commencement of Business from the RoC on 20 November 2000 and got registered with the IRDAI for carrying out business of life insurance on 29 March 2001.[6] SBI Life is listed on BSE And NSE (Stock Exchanges in India) and is a leading Life Insurance company in India.[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, one of the strongest banks in the world, in 2001.[6] While in its initial stage its business was mainly from bancassurance channel, and gradually developed an agent network consisting of 108261 Insurance Advisors (IAs)and 825 offices across the country as on March 31, 2018 for selling its life insurance products and also collaborated with other distributions channels which include direct sales and sales through corporate agents brokers insurance marketing firms and other intermediaries.[6] The company offers products in individual and group category which includes savings and protection plans addressing the insurance needs of diverse customer segments and has a comprehensive range of plans in life insurance and pension schemes.[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.[6] In subsequent financial year of 2005-06 it became the first new generation private life insurance company registering profit and posted profit after tax of Rs 2.03 crore for that year. Its Gross Written Premium (GWP) crossed the milestone of Rs 5000 crores and AUM crossed the milestone of Rs 10000 crore and it also achieved cumulative breakeven wiping out all accumulated losses and also its share capital increased by Rs 500 crore to Rs 1000 crore during financial year 2007-08.[6] Its GWP crossed the milestone of Rs 10000 crore during financial year 2009-10 and in 2010-11 SBI Life's branch network crossed the milestone of 500 branches all over country and further during the financial year 2011-12 the company achieved the milestone of profit after tax (PAT) of Rs 500 crores as it reported PAT of Rs 556 crore for that year declaring a maiden dividend of 5%.[6] The company's AUM crossed the milestone of Rs 50000 crore and the total number of branches in the country crossed 750 during the financial year 2012-13.The company's GWP crossed the milestone of Rs 15000 crores during the financial year 2015-16 and in the subsequent financial year in 2016-17 SBI Life's renewal premium collection crossed the milestone of Rs 10000 crore and during the year two companies, Value Line Pte Ltd and McRitchie Investments Pte Ltd. bought stake of 1.95% each in the company from SBI.[6]

References[edit | edit source]

  1. ↑ Products by SBI life Insurance Regulatory and Development Authority, (IRDA) website.
  2. ↑ 2.0 2.1 2.2 2.3 2.4 2.5 "SBI Life Analyst Presentatio". sbilife.co.in. March 2023.
  3. ↑ Insurance, SBI Life. "SBI Life - Leading Life insurance Company in India". www.sbilife.co.in. Retrieved 20 December 2021.
  4. ↑ "SBI Life Insurance gets top rating". Mint. 1 October 2007.
  5. ↑ "India's SBI Life Insurance rated 'AAA' on parental support – Crisil". Forbes. 17 September 2017.[dead link]
  6. ↑ 6.0 6.1 6.2 6.3 6.4 6.5 6.6 6.7 6.8 "SBI Life Insurance Company Ltd". Business Standard India. Retrieved 30 April 2021.

External links[edit | edit source]

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