SBI Life has completed its initial public offering (“offer”) on the Bombay Stock Exchange and the National Stock Exchange of India. The offer comprised 120 million shares, representing 12% of SBI Life ordinary shares. State Bank of India tendered 8% of its shares to the offer and BNP Paribas Cardif 4% of its stake at an issue price of 700 rupees Sbi life insurance.
per share. The value of the stake sold by BNP Paribas Cardif in the transaction is thus 363 million euros
SBI Life shares began trading on 3 October on the Bombay Stock Exchange and the National Stock Exchange of India (code INE123W01016). The subscription period was from 20 to 22 September 2017.
Following the offer, BNP Paribas Cardif holds a 22% stake in SBI Life and SBI holds 62.1%
BNP Paribas Cardif will continue to consolidate its 22% interest in SBI Life in its financial statements under the equity method.
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SBI Life was created in 2001 by State Bank of India and BNP Paribas Cardif. The insurer offers a complete portfolio of life insurance, retirement savings and personal protection products.
“We are strongly committed to our long-standing partnership with SBI and we are proud to have participated in the initial public offering of SBI Life. We are delighted to continue supporting our joint venture as it enters a new stage in its development,” said Jean-Bertrand Laroche, Chief Operating Officer, International Markets, BNP Paribas Cardif.
No. 1 worldwide in creditor insurance
, BNP Paribas Cardif creates innovative savings and insurance solutions designed for performance in a world shaped by the emergence of new uses and lifestyles. A subsidiary of BNP Paribas, the company has a unique business model anchored in partnerships. BNP Paribas Cardif co-creates solutions with distributors in a variety of sectors, who then market the products to their customers. BNP Paribas Cardif is a recognized global specialist in personal insurance, serving 100 million clients in 36 countries with strong positions in three regions – Europe, Asia and Latin America. With over 10,000 employees
worldwide, BNP Paribas Cardif had gross written premiums of €27.1 billion in 2016, 57% of which was generated outside France.
SBI Life is the leading private insurance company in India. The insurer was created in 2001 through a long-term partnership between State Bank of India, India’s largest banking group with 450 million clients, and BNP Paribas Cardif, the world leader in creditor insurance
and a specialist in bancassurance Life markets a complete portfolio of life insurance, retirement savings and personal protection products that meets the full range of insurance cover needs in the Indian market. With 12,000 employees, the company has steadily experienced very robust growth since its founding. In 2016
, SBI Life recorded a profit after tax of 9.546 billion rupees (138 million euros
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