Type Joint Venture Owner SBI, BNP Paribas Headquarters Mumbai Parent organization State Bank of India | Industry Insurance CEO Arijit Basu (Aug 2014–) Founded March 2001 | |
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Key people Mr. Arijit Basu, MD & CEO Products Life insurance
Pensions Number of employees 7,335 on-roll employees and 96,000 agents Profiles | ||
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 Cardiff. BNP Paribas is a French multinational bank and financial services company with global headquarters in Paris. SBI owns 74% of the total capital and BNP Paribas Cardiff the remaining 26% of the capital. SBI Life Insurance has an authorized capital of ₹20 billion (US$300 million)and a paid up capital of ₹10 billion (US$150 million).
In 2007, CRISIL Ltd, a subsidiary of global rating agency Standard & Poor's, gave the company a AAA/Stable/P1+ rating.
History
SBI life insurance is private company, SBI Life started 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.