SBI Life Insurance

Summary

SBI Life Insurance Company Limited operates as a private life insurance company in India. The company's life insurance business comprises of individual life and group business, including participating, non-participating, pension, group gratuity, group leave encashment, group superannuation, group immediate annuity, unit-linked and variable insurance products, health, and micro insurance. It also provides accident and disability benefit, level term, and critical illness insurance products. The company offers its products through a multi-channel distribution network comprising individual agents, brokers, corporate agents, banca partners, and certified insurance facilitators. As of March 31, 2022, it operated approximately 35,500 partner branches. The company was incorporated in 2000 and is based in Mumbai, India. SBI Life Insurance Company Limited is a subsidiary of State Bank of India.


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 RoC on 20 November 2000 and got registered with the IRDAI for carrying out business of life insurance on 29 March 2001. SBI Life is listed on BSE And NSE and is a leading Life Insurance company in India. 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. While in its initial stage its business was mainly from bancassurance channel, and gradually developed an agent network consisting of 108261 Insurance Advisors 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. 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. During financial year 2004-05 company's Assets Under Management crossed Rs 1000 crore mark and in January 2005 it launched unit-linked product. 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 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. 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 of Rs 500 crores as it reported PAT of Rs 556 crore for that year declaring a maiden dividend of 5%. 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.


Mission

To emerge as the leading company offering a comprehensive range of life insurance and pension products at competitive prices, ensuring high standards of customer satisfaction and world class operating efficiency thereby becoming a model life insurance company in India in the post liberalization period.


Vision

To be the most trusted and preferred life insurance provider


Key Team

Mr. Ravi Krishnamurthy (Pres of Operations & IT)

Mr. Gopikrishna Shenoy (Chief Investments Officer)

Mr. Pranay Raniwala (Compliance Officer)

Mr. Ravindra Sharma (SVP and Chief of Brand & Corp. Communications)

Ms. Seema Trikannad (EVP and Chief of HR & Management Services)

Mr. M. Anand (Pres of Marketing - Zone 1)

Mr. Abhijit Gulanikar (Pres of Bus. Strategy)


References
SBI Life Insurance
Leadership team

Mr. Sangramjit Sarangi (Pres, CFO & Investor Relations)

Mr. Vinod Koyande (Company Sec.)

Products/ Services
Financial Services, Health Care, Insurance
Number of Employees
1,000 - 20,000
Headquarters
Mumbai, Maharashtra, India
Established
2001
Net Income
100M - 500M
Revenue
Above - 1B
Traded as
NSE:SBILIFE
Sun Mar 03 2024
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