IPO: SBI Life Insurance Company Ltd

Company & Business Profile

Incorporated in 2000, SBI Life Insurance Company Limited is India based private life insurer. SBI Life Insurance is a joint venture between the State Bank and BNPPC. State Bank is India’s largest commercial bank. BNPPC, an insurance subsidiary of BNP Paribas, with operations across 36 jurisdictions internationally, is among the leading credit life insurance businesses globally. BNP Paribas is in top 10 global financial institutions in terms of revenue. SBI Life has product a portfolio of 37 individual and group products, including a range of protection and savings products to address the insurance needs of diverse customer segments.

They are India’s largest private life insurer, in terms of New Business Premium generated in each fiscal year, since Fiscal 2010. They have also increased its market share of New Business Premium generated among private life insurers in India, from 15.87% in Fiscal 2015 to 20.04% in Fiscal 2017. Between Fiscal 2015 and Fiscal 2017, its New Business Premium generated increased at a CAGR of 35.45%, which is the highest among the top five private life insurers (in terms of total premium in Fiscal 2017) in India.

Company has developed a multi-channel distribution network comprising bank branches of SBI and its associated banks, individual agent network (93,849 agents) and other distribution channels including direct sales and sales through corporate agents, brokers, insurance marketing firms and other intermediaries.

 Objects of the Issue 

  • The objects of the offer are to achieve the benefits of listing the equity shares on NSE & BSE and for the sale of equity shares by the selling shareholders.
  • Further, the company expects that listing of the equity shares will enhance its visibility and brand image and provide liquidity to its existing shareholders.
  • The company will not receive any proceeds of the offer and all the proceeds of the offer will go to the selling shareholders, State Bank of India and BNP Paribas Cardiff in the proportion of the equity shares offered by them.

Listing:

The equity shares of the company are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

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