SBI Life Insurance Company

SBI Life Insurance Company Limited^[3] is an Indian life insurance company. It was started as a joint venture between State Bank of India (SBI) and French financial institution BNP Paribas Cardif.

SBI Life Insurance company limited

Company type	Public
Traded as	BSE: 540719 NSE: SBILIFE NSE NIFTY 50 constituent
Industry	Financial services
Founded	March 2001[1]
Headquarters	Mumbai, India
Area served	Worldwide
Key people	Mr. Amit Jhigran (MD & CEO)
Products	Life insurance Term life insurance Unit-linked insurance plan Endowment policy Money-back policy Whole life insurance Retirement plans
Revenue	₹80,686 crore (US$9.5 billion)[2] (2023)
Operating income	₹2,004 crore (US$240 million)[2] (2023)
Net income	₹1,721 crore (US$200 million)[2] (2023)
Total assets	₹353,422 crore (US$42 billion)[2] (2024)
Total equity	₹13,017 crore (US$1.5 billion)[2] (2023)
Owner	State Bank Of India
Number of employees	18,000 (2023)
Website	SBI Life

In 2007, CRISIL Limited, a subsidiary of global rating agency Standard & Poor's, gave the company a AAA/Stable/P1+ rating.^[4][5] SBI Life is listed on BSE And NSE (Stock Exchanges in India) and is a leading Life Insurance company in India.^[6]

History

The company incorporated as a public limited company in Mumbai on 11 October 2000.^[6] SBI Life started as a joint venture with BNP Cardif S.A, which is the life and property & casualty insurance arm of BNP Paribas in 2001.^[6] In its initial stage its business was mainly from bancassurance channel.

It gradually developed a 108,261 agent network of Insurance Advisors (IAs) and 825 offices across the country by March 2018. It collaborated with other distribution channels, including direct sales, corporate brokers, insurance marketing firms, and other intermediaries.^[6]

During financial year 2004-05 the company's assets under management (AUM) crossed Rs 1000 crore mark and in January 2005 it launched unit-linked product. In 2005-06 it became the first new generation private life insurance company registering profit.^[6]

Lines of business

The company offers products in individual and group category including savings and protection plans. It has a comprehensive range of plans in life insurance and pensions.^[6]