Money & Banking

SBI, BNP Paribas evaluating insurance JV

| Updated on: Oct 12, 2015
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The French major intends to hike its stake in SBI Life to 36%

State Bank of India (SBI) and BNP Paribas Cardif may reach an agreement in the next couple of months on valuation of SBI Life Insurance Company, according to Arijit Basu, MD and CEO of SBI Life. He was speaking to newspersons on the sidelines of a sales conclave organised by his company here on Monday.

The French major has 26 per cent stake in SBI Life while the rest is owned by SBI. It intends to increase its stake to 36 per cent by acquiring 10 per cent from SBI following the recent increase in FDI (foreign direct investment) ceiling in insurance from 26 per cent to 49 per cent.

On the business plans, Basu said SBI Life had applied for regulatory approval to launch an exclusive policy for women. It also plans to roll out another unit-linked product for high-net-worth individuals.

Efforts are also on to boost its sales force. Since April this year 3,000 individual advisors have been added, taking their number to 86,000. “The plan is to continue with the aggressive recruiting and to have about 93,000 such advisors by end of this financial year,” he added.

Published on January 22, 2018

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