SBI life plans overseas foray

News Flash

FOREIGN FUNDS NET SELL RS.463.89 CR IN EQUITIES ON NOVEMBER 20 (PROV)
MUTUAL FUNDS NET SELL RS.176.7 CR IN EQUITIES ON NOVEMBER 19
DII'S NET BUY RS.18.46 CR IN EQUITIES ON NOVEMBER 20 (PROV)
TO ENTER INTO CUSTOMIZED MOTOR CYCLE BIZ VIA PRO-BIKING SHOWROOMS
TO EXPAND PANTNAGAR CAPACITY TO 70,000 UNITS IN NEXT FEW MONTHS
AKER IS A NORWEGIAN SERVICE PROVIDER CO FOR OIL AND GAS OPERATIONS
AKER SOLUTIONS TO PROVIDE SUPPORT SERVICES IN KG BASIN
AKER BAGGED SUB SEA PRODUCTION ORDER FROM RIL IN 2006 ALSO
RELIANCE IND PLACES RS.115 CR ORDER WITH NORWAY'S AKER SOLUTIONS
PORTING CHARGES TO BECOME APPLICABLE FROM DECEMBER 31, 2009
MNP ALLOWS USERS TO CHANGE OPERATORS WHILE RETAINING MOBILE NOS
USERS TO PAY MAX OF RS.19 TO CHANGE OPERATOR WHILE RETAINING OLD NUMBER
TRAI COMES OUT WITH NUMBER PORTABILITY CHARGES
PUNJAB NATIONAL BANK PLANS TO RAISE RS 700 CR BY SELLING BONDS
TATA TELE-QUIPPO OFFERING BETTER SERVICING DEAL FOR TOWERS: SOURCES
GTL BID 10-15% HIGHER THAN TATA-QUIPPO: SOURCES
DEAL VALUED AT AROUND RS.6000 CR : SOURCES
MAY JOIN RACE FOR SHELL'S EUROPEAN REFINERIES: SOURCES
SENSEX, NIFTY UP 1% EACH FOR THE WEEK
CNX MIDCAP INDEX UP 1%, BSE SMALLCAP INDEX UP 1.6%
METAL INDEX UP 3.7%, AUTO INDEX UP 2.3%, FMCG UP 1.5%
INDEX GAINERS: SUZLON UP 9.3%, TATA STEEL UP 6.3%, SAIL UP 5.3%
APPROACHED SHELL FOR BUYOUTS BEFORE ESSAR'S EXCLUSIVE TALKS BEGUN
ESSAR-SHELL IN EXCLUSIVE NEGOTIATIONS TILL NOV 30 TO BUY 3 SHELL REFINERIES
RIL SPOKESPERSON: 'WE ARE REVIEWING A NUMBER OF GLOBAL OPPORTUNITIES'
RIL SPOKESPERSON TO NDTV: 'REVIEWS CANNOT ASSURE TRANSACTIONS'
JSW ENERGY ALSO IN RACE FOR ANDREW YULE'S DPSC STAKE: NW
CESC, SREI INFRA IN RACE FOR ANDREW YULE'S DPSC STAKE: NW
GAMMON INFRA BAGS NHAI PROJECT WORTH RS.850 CRORES
NET PROFIT AT RS.48.2 CR VS RS.12 CR; SALES UP 55% AT RS.849 CR (YOY)

Updated: 19/08/2008 | 06:22 PM IST

Top Stories

Press Trust of India

Tuesday, August 19, 2008 (Chandigarh)

Blog

Comments:

Read (0)

Post

Rate the story

Riding high on the strong brand identity of State Bank of India, SBI Life Insurance is now looking to foray into overseas market next year by targeting Indian expatriates in the Middle East countries for selling insurance products.

"We have plans to enter Middle East countries as there is a huge potential for life insurance business here because of the large presence of the Indian expatriates. Moreover, SBI has a strong brand identity which will also help us.(to penetrate there)," SBI Life Insurance Managing Director and CEO US Roy said in Chandigarh on Tuesday.

Stating that the company is still in negotiation with concerned authorities for overseas foray, he said it hopes to start operations in 2009-10.

However, he said the company has still not decided on the distribution model for marketing products in the overseas market.

SBI Life Insurance, a 74:26 joint venture between SBI and BNP Paribas Assurance, has targeted to achieve over 70 per cent growth in new premium income at Rs 8,500 crore in 2008-09 against collection of Rs 4,800 crore in last fiscal. The company is also looking to achieve over Rs 10,000 crore of total premium income in this fiscal against Rs 5,622 crore in 2007-08.

The company has plans to open 250 new branches this year, besides doubling the headcount of insurance advisors in 2008-09. Presently it has 180 branches and 43,000 agents.

However, he said the company would not go for any fresh capital infusion this year because of healthy solvency ratio of 2.2 per cent with paid up capital of Rs 1,000 crore. Last year, it invested Rs 600 crore on expansion purposes.