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SBI Life eyes 35-40% growth in new business premium

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7 years ago

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Bhubaneswar, Sep 18 (IANS) SBI Life Insurance is eyeing to achieve 35-40 per cent growth in the new business premium collection in the current fiscal, said a company official on Monday.

“We have prepared strategies for growth in new business premium. We are targeting to achieve 35-40 per cent growth in new business premium in the current fiscal,” said Sanjeev Pujari, President (Actuarial & Risk), SBI Life Insurance Co Ltd.

He said the growth would be primarily driven by bancassurance channel that would grow 52 per cent. Besides, the company expects 32 per cent growth in agency channel.

The life insurer will remain focused on banking and agency channel to achieve the growth, he added.

SBI Life Insurance proposes to open an initial public offering (IPO) of up to 120 million equity shares of face value of Rs 10 each on September 20.

It comprises of an offer for sale of up to 80 million equity shares by State Bank of India and up to 40 million equity shares by BNP Paribas Cardif S.A.

SBI Life expects to mop up Rs 8,400 crore from the IPO proceeds.

The offer would constitute up to 12 per cent of post-offer paid-up equity share capital and the net offer shall constitute 10.60 per cent of the post-offer paid up equity share capital, said Pujari.

The company is a joint venture between India’s largest bank State Bank of India and the leading global insurance company BNP Paribas Cardif.

–IANS
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Corona

Covid toll in Karnataka is a worrying sign for state government

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2 years ago

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May 4, 2022

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Even though Karnataka recorded the lowest number of Covid deaths in April since the virus struck first in 2020, the state is recording a rise in the positivity rate (1.50 per cent). Five people died from the Covid infections in April as per the statistics released by the state health department. In March, the positivity rate stood around 0.53 per cent. In the first week of April it came down to 0.38 per cent, second week registered 0.56 per cent, third week it rose to 0.79 per cent and by end of April the Covid positivity rate touched 1.19 per cent.

on an average 500 persons used to succumb everyday in the peak of Covid infection, as per the data. Health experts said that the mutated Coronavirus is losing its fierce characteristics as vaccination, better treatment facilities and awareness among the people have contributed to the lesser number of Covid deaths.

During the 4th and 6th of April two deaths were reported in Bengaluru, one in Gadag district on April 8, two deaths were reported from Belagavi and Vijayapura on April 30. The first Covid case was reported in the state in March 2020 and three Covid deaths were recorded in the month. In the following month 21 people became victims to the deadly virus, and May 2020 recorded 22 deaths. The death toll recorded everyday after May crossed three digits. However, the third wave, which started in January 2

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