The first Annual General Meeting (AGM) of SBI Life as a listed company took place on September 27th 2018 and did review the robust results of the company. On that occasion, BNP Paribas Cardif confirmed its commitment to continue supporting in its development SBI Life, a company which was created 17 years ago in partnership with State Bank of India (SBI).
SBI Life held on September 27th 2018, its first Annual General Meeting as a listed company. On that occasion, BNP Paribas Cardif did note the great performance of SBI Life for the year ended March 31st 2018, fully confirmed by the trend of the 1st quarter of the 2018/2019 financial year. In FY17-18, SBI Life achieved a 31% growth on Individual Rated Premium (from Rs 59.4 billion in FY17 to Rs 77.9 billion in FY18) confirming its leadership position (1st rank in the private sector), such leadership position fully maintained as of August with a growth of 8,4% to Rs 26.2 billion (April-August 31, 2018). Overall on New Business Premium basis SBI Life registered a growth of 28.5% over same period previous year to Rs 44.6 billion, as of August 31, 2018.
SBI Life is the leading privately held life insurance company in India operating mainly through its 115,000 agents and SBI’s 22,000 bank branches. The company was created in 2001 through a long-term partnership between State Bank of India, India’s largest banking group, and BNP Paribas Cardif, the world leader in creditor insurance and a specialist in bancassurance partnerships.
In 2017, SBI Life launched a successful initial public offering on the Bombay Stock Exchange and the National Stock Exchange of India. This initial public offering was a major milestone in the history of SBI Life. It did demonstrate the ability of State Bank of India and of BNP Paribas Cardif to create value through their long term partnership as shareholders of SBI Life.
BNP Paribas Cardif confirms its strong willingness to continue to support SBI Life in its continuous development.
However, in order for SBI Life to achieve its 25% minimum public shareholding, which is a regulatory requirement in India, BNP Paribas Cardif may reduce its stake in SBI Life in the next quarters. No firm decision has been made regarding the size, timing or nature of such reduction in stake.
“We are fully confident in the strength of the bancassurance model in India and in the continuous success of SBI Life. BNP Paribas Cardif has been associated with SBI Life for the last 17 years and will continue in the future,” said Renaud Dumora, Chief Executive Officer of BNP Paribas Cardif.
About SBI Life
SBI Life is the leading private insurance company in India. The insurer was created in 2001 through a long-term partnership between State Bank of India, India’s largest banking group with more than 420 million clients, and BNP Paribas Cardif, the world leader in creditor insurance4 and a specialist in bancassurance partnerships.
SBI Life markets a complete portfolio of life insurance, retirement savings and personal protection products that meets the full range of insurance cover needs in the Indian market. With 15,000 employees, the company has steadily experienced very robust growth since its founding.
About BNP Paribas Cardif
World leader for creditor insurance, BNP Paribas Cardif plays an essential role in the lives of insured customers, providing them with savings and protection solutions that let them realize their goals while protecting themselves from unforeseen events. As a committed enterprise, BNP Paribas Cardif strives to have a positive impact on society and make insurance accessible to the largest possible number of people.
In a world shaped by the emergence of new uses and lifestyles, the company, a subsidiary of BNP Paribas, has a unique business model anchored in partnerships. It co-creates solutions with almost 500 partners distributors in a variety of sectors (banks and financial institutions, automotive companies, retailers, telecommunications companies, energy companies, Independent Financial Advisors and brokers…) who then market the products to their customers.
BNP Paribas Cardif is a recognized global specialist in personal insurance, serving 100 million clients in 35 countries with strong positions in three regions – Europe, Asia and Latin America. BNP Paribas Cardif also plays a major role in providing financing for the economy. With over 10,000 employees worldwide, BNP Paribas Cardif had gross written premiums of €29.7 billion in 2017.
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