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New Delhi, Jun 16 () State Bank of India on Tuesday said it has sold 2.1 per cent stake of its stake its subsidiary SBI Life Insurance Company through the offer for sale route to comply with shareholding norms. The OFS took place in tranches on June 12 and June 15, 2020, the bank said in a regulatory filing without disclosing the amount raised through the share sale. Based on the floor price of Rs 725 per share for the OFS, SBI has raised an estimated Rs 1,522.50 crore by selling 2.1 crore shares of its life insurance subsidiary. "We, State Bank of India (seller) as one of the promoters of SBI Life Insurance Company Ltd (target company) have sold 2,10,00,000 equity shares of face value of Rs 10 each of the target company, representing 2.10 per cent of the total issued and paid up equity share capital of the target company, through the stock exchange mechanism," SBI said in the regulatory filing. Earlier on June 11, SBI Life had informed that the promoter SBI had set the floor price for the OFS. The sale has been undertaken by the seller for achieving the minimum public shareholding of the target company as prescribed under rules of Sebi, SBI said. With this, the shareholding of SBI in SBI Life has gone down to 55.50 per cent from earlier holding of 57.60 per cent. In September 2019, market regulator SEBI had pulled up SBI Life Insurance for not complying with minimum public shareholding (MPS) norms and directed the insurer to be cautious in the future. SBI Life had started as a 74:26 joint venture between country's largest lender SBI and BNP Paribas Cardif of France. SBI shares closed 0.69 per cent lower at Rs 172.85 apiece on BSE, while SBI Life scrip ended 2.56 per cent up at Rs 764.30 apiece. KPM MR MR

SBI sheds 2.1pc stake in SBI Life via OFS to comply with shareholding norms

New Delhi, Dec 24 () Insurance regulator Irdai has cautioned the foreign promoter of SBI Life Insurance (SBI Life) against selling part of its stake in the company in March 2019 without seeking a prior approval from the sectoral watchdog.
On March 30, SBI Life had informed the Insurance Regulatory and Development Authority of India (Irdai) regarding sale of 5,07,40,000 equity shares held by Cardif constituting 5.069 per cent of SBI Life's total shareholding, by way of on-market transaction on March 29, 2019.
However, a show-cause notice was sent to BNP Paribas Cardif SA (Cardif) by Irdai on June 12, 2019 followed by a reply given by Cardif in July and personal hearing in October.
"The documents filed by SBI Life were examined and it was observed that Cardif carried out the said sale of shares to multiple parties without seeking prior approval of Irdai as required under section 6A (4) (b) (iii) of the Insurance Act, 1938...of Irdai (Transfer of Equity Shares of Insurance Companies) Regulations, 2015 and Irdai (Listed Insurance Companies) guidelines, 2016," Irdai said in an order dated December 24, 2019.
Irdai said it has sought clarification from SBI Life and Cardif for not seeking prior approval for the said transaction and said as to "why appropriate action should not be initiated in terms of the relevant provisions of the Insurance Act".
During the personal hearing, Cardif confirmed that prior approval was not
sought as their legal counsel advised them that prior approval was required by the
acquirer and not the transferor, Irdai said. 
In response, Cardif representatives Frederic Devilliers, Head of Legal Affairs and
Jonathan Bezulowsky, Head of Corporate Legal Affairs said that they "genuinely believed" that prior nod of Irdai was not required for such sale by the transferor and requested the regulator to condone the "unintentional mistake".
Cardif also ensured Irdai that in future the same would not be repeated and that the provisions of law would be brought to the notice of the management of Cardif for compliance. 
Cardif further requested Irdai for grant of post-facto approval of Irdai for the said sale of shares.
"The Authority notes that the transaction executed by Cardif for transfer of 5,07,40,000 equity shares constituting 5.069 per cent of the share holding of SBI Life carried out through the stock exchange on 29, March, 2019 is violation of...Transfer Regulations and Listed Insurance Companies Guidelines. 
"In view of the submissions made by Cardif during the personal hearing and their request for taking a lenient view, the Authority hereby grants post facto approval to the said transaction of transfer," Irdai said in its order regarding the decision taken by it in the matter.
Irdai also said that the compliance with the law was solely Cardif's responsibility and asked it to exercise "due caution" to ensure adherence to all legal and regulatory stipulations in future.
"If Cardif feels aggrieved by this order, an appeal may be preferred to the
Securities Appellate Tribunal," Irdai said. 
SBI Life Insurance Co Ltd is promoted by India's largest bank SBI and France based global insurer Cardif. As on September 30, 2019, SBI held 57.60 per cent in SBI Life, while Cardif had 5.20 per cent stake, according to data on BSE. KPM MKJ

Irdai cautions SBI Life's foreign promoter Cardif for selling shares without seeking prior approval

<keyword id="19960762" type="General" weightage="20" keywordseo="SBI-Life-Insurance" source="keywords" meta.keywordsubtype="org" meta.entityname="SBI Life Insurance" meta.hostid="83" meta.entityid="SBI Life Insurance">SBI Life Insurance</keyword> on Friday reported 4 per cent rise in <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword> at Rs 811 crore for the fourth quarter ended March 2024 as value of new business grew modestly. The life insurer had posted a net profit of Rs 777 crore in the year-ago quarter. <keyword id="20840570" type="General" weightage="20" keywordseo="total-income" source="keywords">Total income</keyword> during January-March FY24 rose to Rs 37,567 crore from Rs 22,805 crore in the same period of FY23, <keyword id="19906098" type="General" weightage="20" keywordseo="sbi-life" source="keywords">SBI Life</keyword> said in a regulatory filing. Net premium income in Q4FY24 stood at Rs 25,116 crore as against Rs 19,897 crore in the year-ago period. For the full year 2023-24, the company's net profit grew 10 per cent to Rs 1,890 crore from Rs 1,720 crore in the previous year. Total income during the year rose to Rs 1,32,631 crore from Rs 81,598 crore a year ago. SBI Life said it registered a growth of 9 per cent in the value of new business (VoNB) to Rs 5,550 crore in FY24. VoNB is the present value of expected future earnings from new policies written during a specified period. It reflects the additional value expected to be generated through the writing of new policies during a specified period. Assets under management (AUM) grew 27 per cent to Rs 3.8 lakh crore as of March 31, 2024, it said. Solvency ratio declined to 196 per cent from 215 per cent in the previous fiscal. Solvency margin represents the additional capital that an insurer must maintain to cover potential claims beyond their expected liabilities. This serves as a financial safety net, ensuring their ability to settle all claims even in the most challenging circumstances. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms" target="_blank">Ultraviolette F77 Mach 2 electric sports bike launched in India starting at ₹2.99 lakh</a><a href="https://www.businessinsider.in/tech/mobile/news/realme-c65-5g-with-5000mah-battery-120hz-display-launched-starting-at-10499/articleshow/109619597.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-c65-5g-with-5000mah-battery-120hz-display-launched-starting-at-10499/articleshow/109619597.cms" target="_blank">Realme C65 5G with 5,000mAh battery, 120Hz display launched starting at ₹10,499</a><a href="https://www.businessinsider.in/tech/news/jiocinema-introduces-new-ad-free-premium-plans-starting-at-29/articleshow/109581033.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/jiocinema-introduces-new-ad-free-premium-plans-starting-at-29/articleshow/109581033.cms" target="_blank">An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema</a>

SBI Life Q4 profit rises 4% to ₹811 crore

<ul><li>There are a total of 14 life insurance companies and 13 non-life insurance companies with a market share less than 1%, so acquisition is bound to happen.</li><li><keyword id="75577" type="General" weightage="20" keywordseo="icici-prudential-life" source="Orion">ICICI Prudential Life</keyword> and <keyword id="80292" type="General" weightage="20" keywordseo="sbi-life" source="Orion">SBI life</keyword> are among top two gainers in the insurance segment.</li><li>Reliance Life, Bharti Axa, and Edelweiss Tokio too are good acquisition candidates in the life insurance space, say analysts at ICICI Securities.</li></ul>The insurance industry is likely to witness more mergers and acquisitions as the competition gets tougher. Recently, <keyword id="472962" type="General" weightage="20" keywordseo="hdfc-life" source="Orion">HDFC Life</keyword> <a href="https://www.businessinsider.in/searchresult.cms?query=exide&amp;sortorder=score">acquired </a>Exide Life to strengthen its operations while ICICI Lombard General Insurance has received final nod to acquire Bharti AXA General. So, mergers and acquisitions will be a crucial part of the growth journey as there are many insurance companies with less than 1% market share. There are a total 14 life insurance companies and 13 non-life insurance companies with a market share less than 1%, according to a report by ICICI Securities. In the listed space, SBI Life and ICICI Life have performed well with 36% and 43% returns in 2021, so far, respectively. Analysts at CLSA reportedly say SBI Life leads listed life insurers with strong growth and hence is their top pick among life insurers. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Listed insurance companies </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% year-to-date returns </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Prudential Life </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">43% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SBI Life </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">36% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">The New India Assurance </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">21% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HDFC Life </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Lombard General </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr></tbody></table> “When we look into all the life insurers, beyond the leading ones in the private sector, Exide actually had the largest agency new business premium in FY21 at ₹4.3 billion followed by Reliance Life (₹3.6 billion), Bharti Axa (₹2.9 billion) and Edelweiss Tokio (₹2 billion). Hence, if agency premiums and agent number is taken into consideration, Reliance Life, Bharti Axa, and Edelweiss Tokio too are good acquisition candidates in the life insurance space,” said a report by ICICI Securities. <div type="image" title="life chart" height="900" width="1200" msid="86035349" hostid="261"></div> The broking firm has given a positive call on the shares of HDFC Life, SBI Life and ICICI Prudential Life. It has recommended a ‘buy’ rating to HDFC and SBI while an ‘add’ rating to ICICI Prudential. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/here-is-how-naukri-parent-info-edges-stock-went-up-23-in-the-last-one-month/articleshow/86032576.cms">Here is how Naukri parent Info Edge’s stock went up 23% in the last one month</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/stock-market-experts-like-raamdeo-agrawal-of-motilal-oswal-group-and-biju-samuel-of-elara-capital-say-that-the-benchmark-index-will-continue-to-rise/slidelist/86030450.cms">Some of India’s biggest investors are nervous but not everyone wants to leave the party</a>

More consolidation may happen in insurance sector going ahead; SBI Life, ICICI Prudential Life among analysts top picks

New Delhi, Mar 4 () SBI Life Insurance on Wednesday said it has re-appointed Sanjeev Nautiyal as managing director and chief executive officer of the company.The Board of Directors of SBI Life Insurance Company Limited at theirmeeting held on March 4, 2020 has approved the re-appointment of Sanjeev Nautiyal as Managing Director &amp; Chief Executive Officer (MD &amp; CEO) of the company with effect from March 10, 2020, it said in a regulatory filing.The re-appointment is subject to approval of Insurance Regulatory and Development Authority of India (IRDAI) and members of the company.Nautiyal has more than 32 years of experience in the field of banking.Presently, he holds the grade of Deputy Managing Director at State Bank of India and is deputed as Managing Director and Chief Executive Officer of the SBI Life since March 10, 2018. KPM KPM BALBAL

SBI Life re-appoints Sanjeev Nautiyal as MD, CEO

New Delhi, Jan 30 () The Securities Appellate Tribunal (SAT) has directed insurance regulator Irdai to recalculate the unlawful gains in the form of advance premium collected by SBI Life Insurance Company and pay the same to the policyholders.
 The move comes following an appeal filed by SBI Life against an order passed by the Insurance Regulatory and Development Authority of India (Irdai), which had directed the insurer to disgorge and refund over Rs 275 crore to policyholders.
 In an order passed on Wednesday, the tribunal said Irdai did not calculate the disgorgement amount correctly and, therefore, directed the insurance regulator to recalculate and recover the unlawful gains.
 "We are therefore of the opinion that the amount of Rs 275 crore has wrongly been calculated by the respondent (Irdai). The appeal is partly allowed. The matter is remitted to Irdai to recalculate the unlawful gain, namely, the interest earned on advance premium collected and recover the same accordingly and pay it to the policyholders," the tribunal noted.
 In March 2014, Irdai had directed SBI Life to identify the beneficiaries and distribute the excess commission paid to corporate agents to such beneficiaries and complete the process within six months.
 It was alleged that SBI Life had earned excess commission to the tune of Rs 275.30 crore during the financial years 2008-09, 2009-10 and 2010-11 from the policyholders of the Dhanraksha Plus Term Policy.
 Dhanraksha Plus was launched in three formats -- single premium; limited premium-paying term (LPPT), which was a two-year limited premium paying group term; and regular premium.
 In a single premium policy, the premium for the entire policy is collected in advance and agents can get a commission of 2 per cent under the plan.
 Under the two-year premium-paying plan, the first year premium was very high with a commission rate of 40 per cent, and 7.5 per cent in the second year.
 It was alleged that SBI Life's corporate agents did not inform policyholders about the single premium-paying plan, and maximum number of LPPT policy was sold by taking advance instead of selling the single premium policy which was far more beneficial to the policyholders. SP HRS

SAT directs Irdai to recalculate unlawful gains in SBI Life case

New Delhi, Jan 22 () SBI Life Insurance on Wednesday reported a 47.4 per cent growth in profit after tax (PAT) at Rs 389.44 crore for the third quarter ended December 2019.
 The private insurer's PAT stood at Rs 264.28 crore during the October-December period last year, the insurer said in a regulatory filing.
 Assets under management (AUM) increased to Rs 1,64,190 crore as compared to Rs 1,34,150 crore at the end December 31, 2018.
 Established in 2001, SBI Life Insurance is a joint venture between the State Bank of India and BNP Paribas Cardif SA, and is one of the leading life insurance companies in India.
 During the period ended December 31, 2019, the company classified its investment in Dewan Housing Finance Ltd (DHFL) bonds as NPA on account of default in interest and principal repayment of non-convertible debenture (NCDs) held in Unit Linked Funds, it said.
 The provision of Rs 157 crore, including Mark to Market (MTM) change in fair value of Rs 116 crore, under unit linked fund and Rs 113 crore under shareholders funds in nine month of 2019-20 has been recognized, it added.
 The company's solvency ratio was at 2.30 as on December 31, 2019 as against the regulatory requirement of 1.50, it said. DP RVK

SBI Life Q3 profit up 47 pc at Rs 390 crore

Shares of state-owned behemoth Life Insurance Corporation (<keyword id="19903588" type="General" weightage="20" keywordseo="LIC" source="keywords">LIC</keyword>) have outperformed rivals like <keyword id="20079495" type="General" weightage="20" keywordseo="HDFC-Life" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Life" meta.hostid="261" meta.entityid="HDFC Life">HDFC Life</keyword> and <keyword id="21278696" type="General" weightage="20" keywordseo="ICICI-Prudential-Life" source="keywords">ICICI Prudential Life</keyword>, as it placed bets on India's growth sectors, including infrastructure, while the private sector concentrated its bets on tech, consumer and consumer-related <keyword id="19910880" type="General" weightage="20" keywordseo="BFSI" source="keywords">BFSI</keyword> companies. LIC's stock has gained nearly 79% from Rs 620 on June 18, 2023, to Rs 1,109.15 at the closing on Tuesday, according to stock exchange data. In contrast, HDFC Life gave a negative return with Tuesday's closing price of Rs 646.55 on the BSE as compared to Rs 666.55 a year back. ICICI Prudential Life Insurance Co delivered a return of 12%, considering its stock price rise from Rs 582 on June 18, 2023, to Rs 654.10 on June 16, 2024. Over the past one year, <keyword id="19898108" type="General" weightage="20" keywordseo="SBI" source="keywords">SBI</keyword> Life Insurance shares have risen from Rs 1,314 to Rs 1,621.20, delivering a return of 23%. Capital market analysts said <keyword id="19935977" type="General" weightage="20" keywordseo="insurance-companies" source="keywords">insurance companies</keyword> make money in two ways - charging premiums for policies and then investing the premiums into assets. It is the latter that generates the bigger delta in profits, thus impacting value creation and managing risks. Global majors, including Warren Buffet-owned Berkshire Hathaway, have been successful due to their ability to make superior investments. Most Indian insurance companies are yet to capitalise on the emergence of the country's <keyword id="19997284" type="General" weightage="100" keywordseo="infrastructure-sector" source="keywords">infrastructure sector</keyword>, analysts said. Indian insurance companies have concentrated investments in the BFSI, IT, and consumer sectors - all of which have been underperformers in the recent past. Only 8-10% of their investments are in the infrastructure sector. This is far less when compared to global standards. Large global insurance companies -- such as Allianz, Nippon Life Insurance, and Metlife, and other insurers like Berkshire Hathaway -- have much larger exposure ranging from 15 to 30% to the infrastructure sector, analysts noted. Over the past few years, global insurers have been increasingly considering infrastructure investments as 'core' investments as the stable and long-term cash flows of infrastructure assets naturally align with the liabilities of insurers. Additionally, infrastructure assets have defensive characteristics of high barriers to entry, strong pricing power, structural growth, and predictive cash flows, and listed infrastructure can provide investors with inflation-protected income and solid capital growth. <h2>Infra sector outperforming all</h2>For India, a strong government focus on the sector with large spending, supporting initiatives and encouraging policies, and improving governance has helped the infrastructure industry has come of age. This has helped the infra sector to outperform all other sectors, according to analysts. They said the high focus on retail loans, and the strategic reluctance to look at infrastructure for growth opportunities is proving detrimental for the shareholders of such companies. SBI, with its higher exposure to the infrastructure sector, has seen its stock gain 48% in the year (from Rs 592 to Rs 880.95 on Tuesday), while those of its private counterparts HDFC Bank, Kotak Mahindra Bank, ICICI Bank and Axis Bank have gained only in the range of (-)3%to 24%. Kotak and HDFC Banks with negligible exposure to the infrastructure sector are the worst performing, with their shares giving a negative return, stock exchange data showed. Kotak Mahindra Bank shares were at Rs 1,895 on June 18, 2023, and closed at Rs 1,805.20 on Tuesday. HDFC Bank closed at Rs 1,619.20 on BSE on Tuesday, down from Rs 1,679 a year back.

Exposure to India's infra sector helps LIC, SBI outshine peers

State Bank of India (SBI), the country's largest lender, will divest over 2 per cent stake for at least ₹1,522.50 crore in its subsidiary <keyword id="80292" type="COMPANY" weightage="20" keywordseo="SBI-Life">SBI Life</keyword> to comply with the minimum public shareholding (MPS) norms, and will also decide on raising long-term fund up to USD 1.5 billion through bonds. The decisions were taken at the meeting of the executive committee of the central board (ECCB) of SBI on Thursday. "The executive committee of the central board of directors of State Bank of India approved the divestment of 2,10,00,000 equity shares constituting 2.1 per cent of our stake in SBI Life to adhere to minimum public shareholding of 25 per cent (remaining part of the bank's share for MPS) through offer for sale through stock exchange mechanism as per the regulatory prescription," SBI said in a regulatory filing. SBI Life, in a separate exchange filing, said the floor price for the stake sale by the promoter, SBI, has been fixed at ₹725 per share. The stake sale for non-retail investors will take place on Friday; and for retail investors and for non-retail investors who choose to carry forward their bids, on June 15, SBI Life said. During the second quarter of the previous financial year 2019-20, SBI had sold a certain portion in SBI Life Insurance Company that helped it record a historic net profit during the year. Besides, the bank's ECCB also approved to examine the status and decide on the USD 1.5 billion fundraising through bonds. "The executive committee of the central board in its meeting held today, on June 11, 2020, inter alia approved to examine the status and decide on long-term fundraising in single or multiple tranches up to USD 1.5 billion," the bank said in the regulatory filing. The public sector lender said the capital is proposed to be raised through public and/or private placement placement of senior unsecured notes in US dollar or any other convertible currency during FY 2020-21. On June 4, SBI said it was considering to raise up to USD 1.5 billion (about ₹11,422.5 crore) through a public offer and/or private placement of bonds. Earlier, in November, SBI raised ₹3,813.60 crore through perpetual bonds to fund its business growth. Shares of SBI closed 5.64 per cent down at ₹177.20 a piece on the BSE.

SBI Life shares will be on offer at ₹725 a piece on June 15

Mumbai, Dec 17 () SBI chairman Rajnish Kumar on Tuesday said it will take up to three years more to list its general insurance arm.
The bank will list its asset management company before SBI General Insurance, Kumar said while speaking at the India Economic Conclave organised by Times Network here.
SBI had last year listed its life insurance arm and the proceeds came in handy to fight difficulties in asset quality. It is also planning to part-sell its stake in SBI Cards.
SBI General Insurance, which is a joint venture with Insurance Australia Group, has to "mature" and will await the valuation to touch Rs 50,000 crore, Kumar said.
"We are discussing but if you ask me sequentially then it will be AMC first then SBI General because. We believe that still it is about 2-3 years away before SBI General matures," he said.
Speaking on the asset quality position, Kumar reiterated that non-performing assets had touched a peak last quarter and there will be an improvement from this quarter onwards.
On telecom exposure, Kumar said the bank had burnt its "fingers and body" in the past, but sounded more confident for the sector now.
He said the risk is a "lot less" now and also added that the bank is in a position to absorb setbacks, if any, in the future.
The bank is not getting much of demand for large projects given the state of the economy and the project loans are much smaller now, Kumar said.
Amid a sustained period of liquidity surplus, he said availability of money to fund the debt requirements of corporates is not the problem, but it is equity raising which is proving to be a difficulty.
Companies are facing difficulties for equity raising due to a slew of concerns, including the general economic scenario and the low investor confidence due to setbacks like losing money in the past.
Kumar said he does not see any "major changes" when it comes to consolidation of state-owned banks.
He, however, hinted that state ownership of lenders limits the discretion of the management in taking business decisions as compared to private sector rivals.
"When you are a private bank, you still have a choice in terms of selecting your client. In SBI, you don't have that choice at times, even if business is not generating profits," he said.
The SBI chief also admitted that the lender has not delivered to equity investors, but sought the bank to be evaluated on the basis of "stakeholder value" that it is generating.
The equity valuations are suppressed because of a "small segment" not representing over 10 per cent of the balancesheet, which pulls down the performance, Kumar said.
Rather than looking at returns for equity holders by way of share price appreciation, there is a need to look at wider "stakeholder returns" which more number of people across the world are tracking, he said.
Kumar said SBI does not need any capital from the government and will depend on internal accruals and profits itself for its buffers, and also exhorted its peers to do the same. AA BAL

SBI plan to list general insurance arm may take 3 yrs

<ul><li><keyword id="3519758" type="PERSON" weightage="20" keywordseo="route-mobile">Route Mobile</keyword> made a strong debut on the bourses on Monday, surging 105% over its initial public offer (IPO) price.</li><li>Route Mobile issued the IPO at a price band of ₹350, but it listed at ₹717 apiece. </li><li>Route Mobile’s total market cap rose to ₹3,980 crore at 10:05 am.</li></ul>The cloud communication platform services provider, Route Mobile, made a strong debut on the bourses on Monday, surging 105% over its initial public offer (IPO) price. The company had garnered a stellar response from investors in its ₹600-crore IPO, which closed on September 11 with a whopping oversubscription of 73.30 times. Investors who applied for the IPO are being rewarded with hefty gains. Route Mobile issued the IPO at a price band of ₹350, but it listed at ₹717 apiece, with an upside of 105%. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top IPOs this year </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Listing gains </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Happiest Minds Technologies Ltd </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">138% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rossari Biotech Ltd </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">65% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI Cards and Payment Services Ltd </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-12% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mindspace Business Parks </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.55% </td></tr></tbody></table> However, the weakness in the market weighed on the shares and it was trading 9% lower at ₹646 a piece at 10:12 am. <div type="image" title="Route Mobile" msid="78227918" hostid="261"></div> Route Mobile’s total market cap rose to ₹3,980 crore at 10:05 am. A total traded quantity of 10.31 lakh shares changed hands on BSE amounting to a turnover of ₹73.76 crore. The company will trade with the symbol of ‘ROUTE’ on the Indian stock exchanges. The bumper listing was already on the cards! After a strong debut of Happiest Minds Tech last week, Route Mobile was already expected to witness stellar listing. Its monopoly in the sector is something that makes the company stand out in the IPO rush. Ahead of its IPO, the company had already raised ₹180 crore from 15 anchor investors, including Goldman Sachs, Franklin Templeton Mutual Fund, and SBI Life Insurance, Kuwait Investment Authority, Vantage Equity Fund, and SBI Life Insurance, among others. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/airtel-seems-to-be-sticking-to-its-strengths-while-its-shareholders-want-jio-like-fireworks/articleshow/78222570.cms" data-type="tilCustomLink">Airtel seems to be sticking to its strengths while its shareholders want Jio-like fireworks</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-future-group-stocks-irctc-rites-sbi-bank-of-india-pnb-and-more/articleshow/78226309.cms" data-type="tilCustomLink">Top stocks to watch— Future Group stocks, IRCTC, RITES, SBI, Bank of India, PNB and more</a>

After Happiest Minds Tech, Route Mobile doubles the money invested in the IPO

Kolkata, Jun 21 () State-run UCO Bank on Sunday tied up with four insurers to offer various insurance products to its customers through its network of branches across the country. The lender teamed up with SBI Life Insurance Company, the Oriental Insurance Company and Religare Health Insurance Company, Star Health and Allied Insurance Company for selling their products. With these new partnerships, the lender will now be offering a much wider range of insurance products, UCO Bank MD and CEO Atul Kumar Goel said. The fresh tie-ups have strengthened the bank's partnerships with insurers from existing two to six, an official said. "These will enable us to reaffirm our commitment to our customers for their financial well being. We would digitise and automate the customer interface for availing these facilities," UCO Bank executive director Ajay Vyas said. BSM BDC BDC

You Searched For "SBI Life Insurance" and got 12 results

SBI sheds 2.1pc stake in SBI Life via OFS to comply with shareholding norms

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SBI Life Q4 profit rises 4% to ₹811 crore

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More consolidation may happen in insurance sector going ahead; SBI Life, ICICI Prudential Life among analysts top picks

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SBI Life re-appoints Sanjeev Nautiyal as MD, CEO

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SAT directs Irdai to recalculate unlawful gains in SBI Life case

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SBI Life Q3 profit up 47 pc at Rs 390 crore

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Exposure to India's infra sector helps LIC, SBI outshine peers

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SBI Life shares will be on offer at ₹725 a piece on June 15

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SBI plan to list general insurance arm may take 3 yrs

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After Happiest Minds Tech, Route Mobile doubles the money invested in the IPO

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UCO Bank partners with four insurers to sell their products

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