"AAA" rating for SBI Life, BNP Paribas Assurance life insurance joint venture in India.
- 20/09/2007
SBI Life is the first life insurance company in India to be assigned an “AAA” rating by CRISIL, the Indian financial rating agency. CRISIL is a unit of Standard & Poor‘s.
Created in 2001, SBI Life is 26-percent held by BNP Paribas Assurance in partnership with State Bank of India, the largest bank in the country.
SBI Life markets unit-linked life insurance savings products, as well as personal and group protection, and creditor insurance. Its products are distributed via SBI’s network of 14,500 branches, as well as 25,000 insurance brokers and via partnerships with other Indian banks.
The company counts 6.5 million policyholders and recorded 2006 gross written premiums of 522 million euros, an increase of 172 percent.
“We are extremely proud to have earned this rating, which consolidates our position as the No. 3 private life insurance company in India. This rating underlines the success of our partnership with India’s leading bank,” said Eric Lombard, Chairman and Chief Executive Officer of BNP Paribas Assurance.
