Date:23/03/2005 URL: http://www.thehindubusinessline.com/2005/03/23/stories/2005032302210600.htm

Back SBI Life hikes capital base by Rs 175 crore

Our Bureau

Mumbai , March 22

SBI Life Insurance Company Ltd, a joint venture between State Bank of India and Cardif SA of France, has infused Rs 175 crore and doubled its capital base to Rs 350 crore. As per the Insurance Regulatory and Development Aurhoity, the joint venture partners have contributed the additional amount in proportion to their stake of 74:26.

"Since inception, the company has been registering a triple digit percentage of growth. So far, the company has covered more than three million lives. The infused capital will be optimally utilised to support the expansion of our business," a press release said quoting Mr S. Krishnamurthy, Managing Director and CEO, SBI Life Insurance.

SBI Life has a sizeable group insurance portfolio with a market share of 12.75 per cent. The company uses the bancassurance model to rake in business.