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SBI LIFE LEADS GLOBALLY AT MILLION DOLLAR ROUND TABLE (MDRT) 2010
Mumbai, August 18, 2010 : – SBI Life Insurance, the leading private life insurer, has retained the unique
distinction of being a Life Insurer from India, topping the prestigious Million Dollar Round Table (MDRT)
2010 across the globe. For the second consecutive year, SBI Life has reached the pinnacle of the
international coveted league by increasing its MDRT members from 2,677 in 2009 to 2,904 in 2010.
Amongst these, 232 have achieved Court of Table (COT) and 39 Top of Table (TOT) membership status.
Consequently, the company ranks first in COT and third in TOT league of tables.
Reputation, standard of sales excellence and high ethical standards are some of the key values that are
associated with the MDRT brand. The MDRT membership is an exclusive honor that is achieved by less
than 1 percent of the world’s life insurance and financial services advisors. Life Insurance professionals
aspire to attain the privilege of being an MDRT member.
| Rank |
Company Name |
Country |
2010 Members |
| 1 |
SBI LIFE Insurance |
INDIA |
2904 |
| 2 |
NEW YORK LIFE |
USA |
1995 |
| 3 |
SAMSUNG LIFE INSURANCE |
REPUBLIC OF KOREA |
1862 |
| 4 |
LIC OF INDIA |
INDIA |
1218 |
| 5 |
Northwestern Mutual |
USA |
1215 |
| 28 |
HDFC Standard Life |
INDIA |
200 |
| 30 |
Max New York Life |
INDIA |
191 |
| 32 |
TATA AIG Life |
INDIA |
187 |
| 47 |
ICICI Prudential Life |
INDIA |
117 |
|
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Mr. M. N. Rao, MD & CEO, SBI Life, said, “Our global ranking is a reflection of our commitment towards
providing quality service and need based solutions to our customers. The robust retail distribution structure,
in India, comprising agents and bancassuance personnel, has played a significant role in reaching the life
insurance solutions to a large under penetrated population, in the recent years.”
Remarkably, the company has been consistently featuring amongst the top five insurers, worldwide, since
last four years. Globally, the company ranked 5th in 2007, 3rd in 2008, 1st in 2009 and in 2010 with 802,
1666, 2677 and 2,904 MDRT members respectively.
Mr. Rajiv Gupta, Executive Director, Marketing, SBI Life added " Through adoption of customer centric
An opportunity to represent one of the most trusted
approach we have sustained the highest productivity standards. This accomplishment testifies to high
acceptablity of SBI Life brand and quality Advisors".
brands in the country, superior training program and commensurate competitive remuneration are some of
benefits availed by SBI Life Insurance Advisors.
Mr. Anand Pejawar, Executive Director, Marketing, SBI Life added “ In India, the Bancassurance
distribution channel is rapidly evolving and is poised to play a significant role in the shaping
the life insurance industry. Bancassurance personnel are now equally positioned with other life
insurance professionals to offer life insurance solutions with banking products to their customers”.
Recently, SBI Life Insurance posted an impressive all round business performance, for the financial quarter
ending June 2010. The company recorded a profit of ` 114 Crores, registering an impressive profit growth
of 195% over the corresponding period last year. The total premium of the company grew by 9.5% to
`1,707 Crores during the period. The new business premium collected, during the first quarter, stood at
`976 Crores. Further, the Assets under Management grew by 65%, over the corresponding period last year,
to ` 30,082 Crore as on 30th June 2010 stands. The company continues to have the lowest expense to GWP
(Gross Written Premium) ratio in industry of 9.18%.
Rapidly expanding its presence, the company has introduced 118 branches, recruited 830 employees and
added over 5,000 Insurance Advisors during the last financial quarter.
About MDRT:
MDRT is an association of the world’s best life insurance sales (advisors) professionals. Founded in 1927,
MDRT is an international, independent association of nearly 36,000 of the world’s leading life insurance
and financial services professionals from 76 nations and territories, representing over 450 companies.
MDRT members are recognized as skillful professionals who are considered to be among the best in the
industry, perform outstanding client service, and have achieved the highest standard of sales excellence in
the life insurance and financial services business.
SBI Life Insurance Co. Ltd:
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Assurance SBI
owns 74% of the total capital and BNP Paribas Assurance the remaining 26%. SBI Life Insurance
has an authorized capital of Rs. 2,000 crore and a paid up capital of Rs 1,000 crores. State Bank of India enjoys the largest banking franchise in India.
Along with its 6 Associate Banks, State Bank Group has the unrivalled strength of over 16,000
branches across the country, arguably the largest in the world. BNP Paribas is the 1st largest
French company and ranks 5th in the banking industry worldwide, 1st bank in Euro Zone as per
Global 2000 Forbes’ 2008. It is 6th most valuable international banking brand as per Brand Finance
2008.
BNP Paribas Assurance is the insurance arm of BNP Paribas - Euro Zone’s leading Bank. BNP
Paribas, part of the worlds top 10 groups of banks by market value and part of Europe top 3
banking companies, is one of the oldest foreign banks with a presence in India dating back to
1860. BNP Paribas Assurance is the fourth largest life insurance company in France, and a
worldwide leader in Creditor insurance products offering protection to over 50 million clients. BNP
Paribas Assurance operates in 41 countries mainly through the bancassurance and partnership
model.
SBI Life Insurance’s mission is to emerge as the leading company offering a comprehensive range
of Life Insurance and pension products at competitive prices, ensuring high standards of customer
service and world class operating efficiency.
SBI Life has a unique multi-distribution model encompassing vibrant Bancassurance,
Retail Agency, Institutional Alliances and Corporate Solutions distribution channels.
SBI Life extensively leverages the State Bank Group relationship as a platform for cross-selling
insurance products along with its numerous banking product packages such as housing loans
and personal loans. SBI’s access to over 100 million accounts across the country provides a
vibrant base for insurance penetration across every region and economic strata in the country,
thus ensuring true financial inclusion. Agency Channel, comprising of the most productive
force of over 68,000 Insurance Advisors, offers door to door insurance solutions to customers. |
