SBI Life Insurance Company
State Bank Of India | |
Number of employees | 18,000 (2023) |
|---|---|
| Website | Sbi Life |
SBI Life Insurance Company LimitedGross Written Premium(GWP) of ₹67,320 crore (US$8.4 billion) as of March 2023.[2] SBI Life has an authorized capital of ₹20 billion (US$250 million) and a paid up capital of ₹10 billion (US$130 million).
In 2007,
History
The company got incorporated as a public limited company in
financial year 2004-05 the company's assets under management (AUM) crossed Rs 1000 crore mark and in January 2005 it launched unit-linked product.[6] 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 (GWP) 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.[6] 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 (PAT) of Rs 500 crores as it reported PAT of Rs 556 crore for that year declaring a maiden dividend of 5%.[6] 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.[6]
References
- ^ Products by SBI life Insurance Regulatory and Development Authority, (IRDA) website.
- ^ a b c d e f "SBI Life Analyst Presentatio". sbilife.co.in. March 2023.
- ^ Insurance, SBI Life. "SBI Life - Leading Life insurance Company in India". www.sbilife.co.in. Retrieved 20 December 2021.
- ^ "SBI Life Insurance gets top rating". Mint. 1 October 2007.
- ^ "India's SBI Life Insurance rated 'AAA' on parental support – Crisil". Forbes. 17 September 2017.[dead link]
- ^ a b c d e f g h i "SBI Life Insurance Company Ltd". Business Standard India. Retrieved 30 April 2021.