Among private players, SBI Life's premium income jumped 37 percent to Rs 805.55 crore from Rs 588.32 crore a year ago.
SBI Life is expected to raise Rs 7,400-8,500 crore through IPO, which valued it at Rs 65,000-70,000 crore, sources said.
State-owned general insurer New India Assurance and reinsurance firm General Insurance Corporation of India (GIC Re), as also HDFC Life are among the other names that may launch their share-sale offers.
Dinesh Kumar Khara, MD of SBI spells out the plans for SBI Life IPO.
In an interview to CNBC-TV18, Arijit Basu, MD & CEO of SBI Life spoke about the plans ahead of the initial public offering (IPO) and also discussed the boost in distribution post State Bank of India (SBI) associate merger.
The amount raised from mainboard IPO’s almost doubled in the financial year 2017 to Rs 28,211 crore, compared with Rs 14,500 crore raised in the FY16, and Rs 2,770 crore raised in FY15.
In terms of merger and acquisition (M&A) activity, telecom dominated FY17, and this theme is likely to continue in FY18 too, said V Jayasankar of Kotak Investment Banking.
SBI Life is a joint venture between State Bank of India and the French financial services powerhouse BNP Paribas' Cardiff.
State Bank of India (SBI) today said it plans to dilute 10 percent of its stake in the life insurance venture SBI Life through public offer.
Speaking to CNBC-TV18, Arijit Basu, MD & CEO of SBI Life, said that BNP Paribas Cardif, which owns 26 percent in the company, had decided not to increase its stake in the joint venture.
"As of now, we serve nine insurance companies, including eight life insurers, here. We are planning to take this to over 20 by December," chief executive and co-founder of Aureus Analytics, Anurag Shah told PTI here.
BNP Paribas today ruled out increasing its stake in SBI Life to 49 percent ahead of the proposed initial public offering slated for next year.
Banks‘ share in the new business premium of private life insurers stood at 52 percent for 2015-16, overtaking agents
SBI is likely to raise Rs 1,800 crore by selling around 4.5 percent stake in SBI Life. reports CNBC-TV18. The entire deal is expected to value SBI Life at Rs 40,000 crore.
State Bank of India is looking to sell 5 percent stake in its life insurance arm SBI Life. The country's largest bank owns 74 percent in SBI Life while its foreign partner BNP Paribas owns 26 percent.
After ICICI Prudential received remarkable valuations, he is confident that other insurance companies will also follow suit. He expects SBI Life to also be listed very soon.
SBI Life's total assets under management (AUM) grew by 12 percent to Rs 79,828 crore as on March 31, 2016, from Rs 71,339 crore as on March 31, 2015.
SBI Life today posted 26 percent rise in net profit at Rs 197 crore during the third quarter of 2015-16 fiscal. "Net profit after tax rose by 26 percent to Rs 197 crore during the quarter.
As per a notification issued by the regulator on September 15, banks are now allowed to tie-up with insurers to sell products through their branches.
The new insurance law allows only up to 49 percent FDI in both life and non-life ventures, up from 26 percent earlier.
"For any new network like payments banks, there will be an opportunity for us to grow our business and there could be some online sale opportunities through payments banks," SBI Life MD and Chief Executive Arijit Basu told PTI.
The insurer has sought relief against a decision of IRDAI asking it to refund Rs 275 crore to all its policyholders who had bought its Dhanraksha Plus policy in the past
Bhattacharya did not specify a timeline for taking SBI Life public, but said SBI will approach the market when conditions are favourable.
Prabhudas Lilladher has come out with its report on "India Financials - Insurance". The research firm continues to maintain its preference for ICICI Bank and HDFC Bank.
State-owned Life Insurance Corporation has outperformed its peers in the private sector by recording a 7.26 percent growth in premium collection during the first half of the current fiscal.