SBI, Cardif to increase equity in insurance JV
By Our Banking Bureau | 14 May 2002
1
Chandigarh:
State Bank of India and Cardif SA of France are to raise their
equity stake in the jointly-promoted life insurance venture SBI
Life Insurance Company Ltd.
While
the present equity in SBI Life is around Rs 175 crore, this may be
raised by Rs 25 crore to Rs 200 crore within the first half of
2002-03. SBI Life started operations a few months ago and for
2001-02 it issued 3,700 policies with a premium income of Rs 14.68
crore and a sum assured of Rs 30 crore.
While
the present equity in SBI Life is around Rs 175 crore, this may be
raised by Rs 25 crore to Rs 200 crore within the first half of
2002-03. SBI Life started operations a few months ago and for
2001-02 it issued 3,700 policies with a premium income of Rs 14.68
crore and a sum assured of Rs 30 crore.
Company officials say for 2002-03, SBI Life will target a premium income of Rs 108 crore while the sum assured will depend on various products and individual policies offered. During the year the company hopes to rope in 25,000 customers.
.jpg "RBI keeps repo rate unchanged as focus remains on inflation")
.jpg "Indian Oil, Panasonic team up for lithium-ion cell production in India")
