SBI Life Insurance Company Ltd Share Price SBILIFE
|Nominee||DINESH KUMAR KHARA|
|Nominee||Pierre de Portier de Villeneuve|
|Managing Director & CEO||Arijit Basu|
|Director||Nilesh S Vikamsey|
|Director||Raj Narain Bhardwaj|
|Director||Joji Sekhon Gill|
|Company Secretary||Aniket K Karandikar|
SBI Life Insurance Company Limited was incorporated as a public limited company at Mumbai on October 11, 2000 and received certificate of commencement of business from the RoC on November 20, 2000. The Company is registered with the IRDAI for carrying out business of life insurance pursuant to the registration certificate dated March 29, 2001. Currently, The Company has nine Shareholders, of which five individual shareholders hold six Equity Shares on behalf of and as nominees of State Bank.
SBI Life Insurance was established as a joint venture between the State Bank and BNPPC in 2001. As of March 31, 2017, State Bank was Indias largest commercial bank in terms of deposits, advances and number of branches. Following its recent merger with certain of its associate banks and a non-affiliate bank, with effect from April 1, 2017, State Bank had 24,017 branches and 195 international offices in 36 countries and more than 420 million customers. BNPPC, an insurance subsidiary of BNP Paribas, with operations across 36 jurisdictions internationally, is among the leading credit life insurance businesses globally. BNP Paribas was a top 10 global financial institution in terms of revenues in 2016. SBI Life believes its relationship with State Bank and BNPPC has enabled it to enhance its brand, access specialist industry expertise, grow its business and consolidate its market position.
SBI Life Insurance is Indias leading private life insurer, in terms of New Business Premium generated in each fiscal year, since Fiscal 2010. It has also increased its market share of New Business Premium generated among private life insurers in India, from 15.87% in Fiscal 2015 to 20.04% in Fiscal 2017. Between Fiscal 2015 and Fiscal 2017, The Companys New Business Premium generated increased at a CAGR of 35.45%, which is the highest among the top five private life insurers (in terms of total premium in Fiscal 2017) in India.
In Fiscal 2017, SBI Life Insurance enjoyed a market share of Individual Rated Premium of 20.69% among private life insurers in India and 11.16% of the entire life insurance industry in India. Between Fiscal 2015 and Fiscal 2017, its Individual Rated Premium increased at a CAGR of 37.90 %, the highest among the top five private life insurers (in terms of total premium in Fiscal 2017) in India. The Company has also issued the highest number of individual life policies annually among the top five private life insurers (in terms of total premium in Fiscal 2017) in India since Fiscal 2014.
Based on the Embedded Value Report issued by the Independent Actuary, SBI Lifes Embedded Value was Rs. 165,379 million as of March 31, 2017. Its Value of New Business was Rs. 10,368 million in Fiscal 2017 while its Value of New Business Margin was 15.4% and the Present Value of New Business Premium Margin for Fiscal 2017 was 3.8%.
As of June 30, 2017, SBI Life had a comprehensive product portfolio of 37 individual and group products, including a range of protection and savings products to address the insurance needs of diverse customer segments. Its individual products include participating products, non-participating protection products, other non-participating products and unit-linked products, which contributed 10.77%, 0.95%, 1.69% and 50.36%, respectively, of its New Business Premium in Fiscal 2017; while its group products include credit life group protection products, other group protection products, group fund management (Group FM) products and other group products, which contributed 2.72%, 1.14%, 31.73% and 0.65%, respectively, of its New Business Premium in Fiscal 2017.