Sahara India Life Insurance Company has been in the news for some time sinc...
To manage its IPO of shares, the insurer is set to hire eight banks including three foreign banks - Deutsche Bank, BNP Paribas and Citigroup; five local banks – SBI Capital Markets, Axis Capital, ICICI Securities, JM Financial and Kotak.
SBI Life Insurance is a joint venture where State Bank of India (SBI) owns 70.1%, while BNP Paribas Cardif owns 26%. KKR and Temasek own 1.95% each.
Among large life insurers, SBI Life saw the highest growth, registering 42% growth in total new business premium of Rs 10,145 crore. It is the first private sector life insurer to cross Rs 10,000 crore of new business income.
According to market experts, SBI Life could command a valuation of at least Rs 60,000 crore when it lists, given that it is the second biggest private sector insurer after ICICI Prudential.