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SBI Life Insurance

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SBI Life Insurance

  • One of the leading private life insurers in India
  • JV between State Bank of India (SBI) and BNP Paribas Cardif
  • Assets under Management (AUM) reached Rs. 1,863.6 billion (US$ 25.33 billion) in the first half of FY21
  • New Business Premium stood at Rs. 207.3 billion (US$ 2.82 billion) in the first half of FY21
  • 937 offices

SBI Life Insurance was established in 2000 as a JV between SBI and BNP Paribas Cardiff and has become one of the leading life insurers in the country. The company 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.

Gross Written Premium of SBI Life has increased at a 23% y-o-y to reach Rs. 406.3 billion (US$ 5.76 billion) in FY20.

Company Website: www.sbilife.co.in

SBI Life Insurance – With Us, You’re Sure

2020 In November 2020, SBI Life Insurance launched an interactive online platform for consumers to self-assess their Financial Immunity Score and better analyse their preparedness and financial risk. In September 2020, SBI Life Insurance signed a bancassurance agreement to offer life insurance solutions to the bank’s customers across the country.
2019 Entered the Rs. 1 trillion (US$ 14.31 billion) market capitalisation (market-cap) club
2017 AUM crossed Rs. 100,000 crore (US$ 15.52 billion) in FY18. Successful IPO
2016 Record renewal premium collection
2015 Record growth year
2012 AUM crossed Rs. 50,000 crore (US$ 9.35 billion)
2010 More than 500 branches
2007 Gross Written Premium crossed Rs. 5,000 crore (US$ 1.21 billion)
2004 Launched unit linked products
2001 Approval received from Insurance Regulatory and Development Authority of India (IRDAI) to commence business
2000 Incorporated as a JV with BNP Cardiff

 

Insurance
The insurance industry in India is expected to reach US$ 280 billion by the end of 2020. Life insurance industry in the country is expected to grow 12-15% annually over the next three to five years.