SBI Life Insurance
The Indian Insurance market is expected to reach US$ 200 billion by 2027 and the country is the ninth-largest life insurance market globally.
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.
- 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. 3.1 trillion (US$ 37 billion) for FY23
- Net earned premium stood at Rs. 66,581 crore (US$ 8.03 billion) in FY23
- 937 offices
SBI Life Insurance – With Us, You’re Sure
| Year | Milestone |
|---|---|
| 2023 |
In June 2023, to mitigate the hardships of the claimants of SBI Life policies, the SBI Life Insurance took immediate steps to ease the claim settlement process & documentation process which includes receiving alternate valid proofs of the claimants and support the family members of the deceased in this crucial time. SBI Life Insurance Registers New Business Premium of Rs. 29,589 Crore (US$ 3.5 billion) for the year ended on March 31, 2023. SBI Life records 16.5% drop in Q3 PAT to Rs. 304 crore (US$ 36.7 million), net premium income gains traction. |
| 2022 |
SBI Life Insurance rolls out its #SapnaHaiTohPooraKaro campaign |
| 2021 |
In August 2021, SBI Life Insurance introduced 'SBI Life eShield Next’, a unique new age protection solution, to offer customers with advanced offerings. |
| 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 and YES BANK 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 |
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