SBI Life Insurance doubles capital base
22 March 2005Mumbai: SBI Life Insurance Company Limited, a joint venture between State Bank of India and Cardif SA of France, has doubled its capital base to Rs350 crore. The joint venture partners have contributed the additional amount in proportion to their stake of 74:26. This is the second capital infusion by the promoters since its inception in 2001. The authorised capital of the company also stands increased to Rs500 crore.
According to S Krishnamurthy, MD and CEO, SBI Life Insurance, "Since inception the company has been registering a triple digit percentage of growth. So far, the company has covered more than three million lives. As the business has been increasing multi-fold, we are committed to continue supporting the growing needs of our customers. Our endeavor is to provide our customers with value-for-money products and excellent service. The infused capital will be optimally utilised to support the expansion of our business."
SBI Life Insurance is the largest insurer amongst the new insurance companies in terms of lives covered and a leader in group insurance schemes, with a market share of 12.75 per cent. It has 34 branches across metros, mini-metros and towns across the country and has a strong presence in 7,000 branches of its parent company, State Bank of India.