SBI Life Insurance Company today announced the appointment of Mr. Arijit Basu as the new Managing Director and Chief Executive Officer of the company. He took over from Mr. Atanu Sen, who retired on 31st July, 2014.
Mr. Basu is associated with SBI for more than 3 decades. He started his career in banking with State Bank of India in 1983 as a probationary officer. During the course of his career, he held key position in various circles of State Bank of India including Bank’s office at Tokyo.
He also served as a General Manager at the Bank’s Mumbai circle and Mid Corporate Group at Ahmedabad. His last assignment, before joining as the MD and CEO at SBI Life, was as Chief General Manager of the Delhi circle.
On his joining Mr. Basu said that the prime focus of the company would be to further tap the unexploited insurance market and reach out for those who don’t have insurance coverage.
Mr. Basu holds a bachelor’s degree in Economics and a master’s in History. His experience will add immense value to SBI Life’s business and will help the company achieve higher benchmarks in the life insurance space.
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Card wherein SBI holds 74% stake in the company and remaining 26% are held by the latter. During fiscal 2014, SBI Life collected a total first year premium of Rs.5,067.03 crores.
