Overview: SBI Life Insurance Company Limited is a Large Cap company with a market capital of Rs 91,425.36 Crore. SBI Life has a range of life insurance and pension products which include individual and group products to cater to the insurance needs of diverse customer segments.
About the company: SBI Life Insurance is a joint venture between State Bank of India (SBI) and BNP Paribas Cardiff.
SBI the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in India and BNP Paribas is a French multinational bank and financial services company with global headquarters in Paris.
In 2004, SBI Life Insurance’s AUM (Assets Under Management) crossed Rs 1000 crores and by 2007, AUM reached Rs 10160 crores. On the same year, GWP (Gross Written Premium) crossed milestone of Rs 5000 crores. In 2018, SBI Life Insurance’s AUM crossed Rs. 1 trillion and by 2019, crossed the Rs. 300 billion revenue mark in Gross Written Premium.
SBI Life has an extensive presence across the country through its 947 offices, 17,466 employees, a large and productive individual agent network of about 169,006 agents, 57 corporate agents, a widespread bancassurance network of 14 partners, more than 28,000 partner branches, 111 brokers and other insurance marketing firms.
SBI Life extensively leverages the State Bank Group relationship as a platform for cross-selling insurance products along with its numerous banking product packages such as housing loans and personal loans.
Management: Mr. Mahesh Kumar Sharma is the MD & CEO and Mr. Dinesh Kumar Khara is the Chairman of SBI Life.
Shareholding Pattern (31/12/2020):
Other Institutions: 1.1%
On March 12th 2021, BNP Paribas Cardif has sold a 4.99 per cent stake in SBI Life Insurance, amounting to 5 crore shares and now holds only 0.2 per cent stake in the private sector life insurer.
Sales Report: In the latest quarter (31-12-2020), SBI Life Insurance reported a Standalone Total Income of Rs 241.76 Crore, which was down 21.17 % from last quarter Total Income of Rs 306.70 Crore and down 45.84 % from previous year’s same quarter Total Income of Rs 446.34 Crore. SBI Life’s net profit after tax of Rs 232.85 Crore for the same quarter.
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