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SBI Life Insurance, a 74:26 joint venture between the State Bank of India (SBI) and BNP Paribas’ Cardif, is looking at 35 per cent growth in business during the current fiscal (FY15).
According to Atanu Sen, Managing Director and CEO, SBI Life reported a gross premium of around ₹11,000 crore (including a first year premium of ₹5,500 crore).
“We are targeting a 35 per cent growth in business this year,” he told newspersons on the sidelines of an Indian Chamber of Commerce (ICC) organised insurance summit.
SBI Life, which recorded a profit of ₹742 crore in FY-14, is looking to raise it to around ₹800 crore in the current fiscal. The company is banking on a 40 per cent growth in policy renewals to help achieve the year’s business target.
Stake saleAccording to Sen, there are no immediate plans of any stake dilution in favour of BNP Paribas.
“We have not had any formal discussion with them (BNP Paribas) yet… In the current context we will not require fresh capital over the next three-four years,” he added.
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