SBI Life Insurance Company Limited

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SBI Life Insurance Co. Ltd
TypeJoint Venture
IndustryInsurance
FoundedMarch 2001[1]
HeadquartersHeadquarters in Mumbai, India
Key peopleMr. Mahadev Nagendra Rao , MD & CEO
ProductsLife insurance
Pensions
Owner(s)SBI, BNP Paribas
Employees7,334 on-roll employees and 96,000 agents
WebsiteSbi Life
 
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SBI Life Insurance Co. Ltd
TypeJoint Venture
IndustryInsurance
FoundedMarch 2001[1]
HeadquartersHeadquarters in Mumbai, India
Key peopleMr. Mahadev Nagendra Rao , MD & CEO
ProductsLife insurance
Pensions
Owner(s)SBI, BNP Paribas
Employees7,334 on-roll employees and 96,000 agents
WebsiteSbi Life

SBI Life Insurance is a joint venture life insurance company between State Bank of India (SBI), the largest state-owned banking and financial services company in India, and BNP Paribas Assurance. SBI owns 74% of the total capital and BNP Paribas Assurance the remaining 26% of the capital. SBI Life Insurance has an authorized capital of INR2,000 crore (US$362 million)and a paid up capital of INR1,000 crore (US$181 million).

In 2007, CRISIL Ltd, a subsidiary of global rating agency Standard & Poor's, gave the company a AAA/Stable/P1+ rating.[2][3]

History

When the government of India opened the life insurance sector to private companies, SBI started SBI Life as a joint venture with BNP Paribas in 2001. While in its initial stage its business was mainly from bancassurance channel, now it is developing its own agency team for selling its life insurance products.now

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