SBI Life tops globally at Million Dollar Round Table (MDRT) 2009

SBI Life Insurance has emerged as the No 1 life insurer globally in the Million Dollar Round Table (MDRT). This is the first time that an Indian life insurance company has achieved the top for MDRT ranking.

The MDRT membership is an exclusive award that is achieved by less than 1 per cent of the world's life insurance and financial services advisors.

Founded in 1927, MDRT is an international, independent association of nearly 36,000 of the world's leading life insurance and financial services professionals from 76 nations and territories, representing over 450 companies.

Of the total 2,677 SBI Life MDRT members, 1,667 insurance advisors are from retail agency channel and 1,010 certified insurance facilitators from bancassurance.

Amongst these, 222 have achieved 'court of table' and 64 'top of table' status, a press release from the company stated.

New York Life, USA, and Samsung Life Insurance, Republic of Korea were ranked behind SBI life at the second and third ranks.

Over the last three years, SBI Life has steadily moved up the MDRT ranks. Globally, it ranked 5th in 2007, 3rd in 2008 and 1st in 2009 with 802, 1,666 and 2,677 members respectively, according to its press release.

Talking about the feat, M N Rao, MD and CEO, SBI  Life, said, ''Our global ranking is a testimony to the robustness of Indian financial services market despite the prevailing global downturn and the vast potential of Indian Life Insurance industry.''
 
Rajiv Gupta, executive director, marketing, SBI Life, added, ''With high acceptability of SBI Life brand and quality advisors, we are confident of sustaining this accomplishment and the highest productivity standards in the industry."

During last year, 2008, the MDRT had acknowledged certified insurance facilitators (CIF) – bancassurance sales professionals' performance at par with other insurance professionals. 

Anand Pejawar, executive director, marketing, SBI Life, said, ''It is highly commendable that these CIFs who traditionally are providers of banking products have excelled in offering life insurance solutions too to their customers.''

SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Assurance. SBI owns 74 per cent of the total capital and BNP Paribas Assurance the remaining 26 per cent.

RANK

COMPANY NAME

COUNTRY

2009 MEMBERS

1

SBI Life Insurance

India

2,677

2

New York Life

USA

2,013

3

Samsung Life Insurance

Rep of Korea

1,828

4

Northwestern Mutual

USA

1,291

5

Prudential Life Insurance

Japan

693

18

HDFC Standard Life

India

373

20

LIC Of India

India

345

28

Max New York Life

India

218