Mahadev Nagendra Rao takes over as MD & CEO of SBI Life Insurance
31 July 2009
Mahadev Nagendra Rao has taken over as managing director asnd CEO of SBI Life Insurance Co. Ltd from Uday Sankar Roy, who retired today.
A post graduate in Science, Rao started with SBI in 1974 as probationary officer. During his tenure spanning over 35 years, he has held several key assignments in various circles of the bank including SBI's office at Bahrain.
He has also held key positions in the associate and subsidiaries department at SBI corporate centre overlooking the functioning of all the associates and subsidiaries of the State Bank Group. His previous assignment was as chief general manager of the Bhubaneswar Circle of the Bank.
On his appointment, Mr. Rao said, ''Given the slow down of the economy and insurance sector growth, this will be a challenging assignment. SBI Life has emerged as the largest private life insurer during the current financial year FY 10. My mandate will be to focus on the company's all-round growth by leveraging SBI's strong brand equity and its nation-wide presence, enabling extension of life insurance to the farthest corners of the country, thus driving life insurance penetration.''
According to the latest IRDA report, covering industry data upto June 09, SBI Life ranks 1st amongst private life insurance companies, in terms of new business premium collection for FY 10. For the first financial quarter, ending June 09, the it posted a net profit of Rs38.6 crore.
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Assurance, with SBI owning 74 per cent of the total capital. SBI Life Insurance has an authorised capital of Rs2,000 crore and a paid up capital of Rs1,000 crore.