COMPANY ANALYSIS
SBI Life Insurance is a joint venture life insurance company between State Bank of India and BNP Paribas Cardiff. SBI owns 74% of the total capital and BNP Paribas Cardiff owns the remaining 26% of the capital. State Bank of India is the largest state owned banking and financial service company in India whereas BNP Paribas is a French multinational bank and financial service company with its global headquarters present in Paris. SBI Life Insurance has an authorised capital of ₹2,000 crores and a paid up capital of ₹1,000 crores. The company received a AAA/Stable/P1+ rating from Crisil Ltd in 2007.
Vision: “To be most trusted and preferred life insurance provider”
Mission:
To emerge as the leading company offering a comprehensive …show more content…
The individual new business premium has increased from ₹3,757 crores in FY 2014-15 to ₹4,978 crores in FY 2015-16 recording a 33% growth. Also, SBI Life Insurance net worth has increased from ₹4,039 crores to ₹4,733 crores in last fiscal year. There has been a 29% increase in New Business Premium and 33% growth in Individual New Business Premium. Total Asset under Management (AUM) also witnessed a growth of 12% as it increased from ₹71,339 crores as on 31st March 2015 to ₹79,828 crores as on 31st March 2016. SBI Life also covered almost 208 lakh lives as on 31st March. Currently, SBI Life operates a total of 774 offices across India. In FY 2015-2016, SBI Life awarded as one of the ‘Most Trusted Private Life Insurance Brand’ by The Economic Times, Brand Equity for the fifth consecutive year. It also won the Best AD under the insurance category for its ‘Great Dad Campaign’ along with the Brand Excellence in Life Insurance (Private Sector) awards at ABP News Brand Excellence awards. SBI Life Insurance is also the proud winner of The Golden Peacock Award for Risk …show more content…
The life insurer faces a wide range of risk exposures and these risks should be identified in order to develop a comprehensive risk management procedure. As per the IRDAI (Investment) Fourth Amendment Regulations, 2008 guidelines which is issued by IRDAI has made it compulsory for insurance companies to establish a separate and independent Risk Management Department. In Adherence to this guidelines, SBI Life Insurance has established a separate Department called as Risk Management and Fraud Monitoring. The company as a life insurer is fully committed to recognizing and managing its risks in a proactive, ongoing and positive manner. The company is doing this by developing a risk management framework that determines the processes and identifies tools for realizing its objectives. Identifying, measuring and analysing the company’s risk exposures, developing a risk management strategy and maintaining the risk monitoring and control system are the fundamental objectives of risk management