Financial Daily from THE HINDU group of publications
Monday, Jul 19, 2004
Financial Daily from THE HINDU group of publications Monday, Jul 19, 2004 |
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Money & Banking
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Life Insurance Cardiff stake in SBI Life to stay at 26 pc Our Bureau
Chennai , July 18 CARDIF SA, the French collaborator of State Bank of India in SBI Life Insurance Company, will not raise its stake in the venture from the existing 26 per cent, SBI's Chairman, Mr A.K. Purwar, has said. "There will be no change in the shareholding," he said, adding that SBI was capable of bringing in any additional capital required by the venture. It was announced in the recent Budget that FDI cap in insurance companies would be raised from 26 per cent to 49 per cent. It is expected that most of the overseas partners would be interested in increasing their holding in the Indian ventures. Mr Purwar said that last year, the life insurance company had notched up premium income of Rs 250-odd crore. He was sure that the company's premium income would exceed the Rs 1,000-crore mark this year. In another three years, SBI Life will be the second largest life insurance company in the country, after LIC, he said.
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