It is believed that the foreign partner is most likely to increase its stake in the leading life insurance firm promoted by the country's largest lender State Bank of India (SBI).
The Securities Appellate Tribunal (SAT) has served a notice to Insurance Regulatory and Development Authority of India (IRDAI) in adjudication of a case relating to SBI Life, the life insurance arm of SBI.
"In this fiscal we expect to grow at around 60 per cent, which we feel is reasonable," managing director and chief executive Bhaskar J Sarma told PTI.
State-owned Life Insurance Corporation has outperformed its peers in the private sector by recording a 7.26 percent growth in premium collection during the first half of the current fiscal.
SBI General Insurance Wednesday said it has seen a healthy 83 percent growth in premium income to Rs 540.93 crore in the first half of the current financial year.
Private insurer SBI Life Insurance on Wednesday posted 12 percent growth in profit at Rs 622 crore for the financial year ending March 31, 2013.
Total premium collected during the April-February period of 2012-13 fiscal by the industry stood at Rs 84,501.75 crore, down 6.12 percent over the same period previous year.
Low pension coverage and large workforce in the unorganised sector also provides massive opportunities for private sector and foreign players to enter the pension market in India.
SBI Life Insurance Sunday reported a 26 percent growth in net profit at Rs 144 crore for the first quarter ended June 30, over the corresponding period an year ago.
SBI Life, an insurance venture
promoted by the country`s largest lender SBI, has regained the
top position among private players with a premium income of
Rs 2,391 crore in the first half of this fiscal.
Private insurer ICICI Prudential has pipped SBI Life to regain the top position among private players garnering new businesses Rs 1,725 crore in the first five months of the current fiscal.
