Companies

BNP Paribas Cardif ready to extend support to SBI Life

BL Internet Desk Chennai | Updated on September 30, 2018 Published on September 30, 2018
SBI Life now plans to offer a 12 per cent stake in the IPO. File Photo

SBI

BNP Paribas Cardif has expressed its willingness to support SBI Life, even as it considers reducing its stake to meet the regulatory requirements. However, no decision has been made in this regard.

SBI Life was created 17 years ago in partnership with State Bank of India.

“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 17 years and will continue in the future,” said Renaud Dumora, Chief Executive Officer, BNP Paribas Cardif.

At the company’s AGM on September 27, 2018, SBI Life said that it achieved a growth of 31 per cent on individual rated premiums (from Rs 5,940 crore in FY17 to Rs 7,790 billion in FY 18), cementing its leadership position among the private sector insurers.

Overall, the company’s new business premium segment grew 28.5 per cent so far this year to Rs 4,460 crore. It has 1,15,000 agents working in 22,000 branches of SBI.

In 2017, SBI Life was listed on the NSE.

Published on September 30, 2018
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