SBI Life Insurance assigned "iAAA"

NT NETWORK
Posted on 2008-10-23
MUMBAI- ICRA, one of India’s leading rating agencies, has assigned iAAA rating indicating highest claims paying ability to SBI Life Insurance Company Limited. This rating reflects SBI Life’s fundamentally financial strong position and the prospect of meeting its policyholder’s obligations as highest. Recently CRISIL reaffirmed its highest financial strength rating- “AAA/Stable” to SBI Life.
Mr U S Roy, MD & CEO of SBI Life Insurance said: “To our customers, iAAA rating of ICRA further reinforces the stamp of SBI assurance. When insuring your life or your family, today’s financial sector upheavals reinforce how important it is to choose the right company that is financially secure and has the ability to keep its promises and meet its future obligations.”
SBI Life holds the unique distinction of being the first private life insurer to break even. In accordance with the latest IRDA report, the company has grown upto August’08 by 103 per cent to Rs 1,764.04 crores in terms of new business premium and ranks 2nd among private players. The company has a market share of 14.59 per cent among private players and a total market share hovering around 6.67 per cent.