SBI Life Insurance Company Ltd. is a joint venture between India's largest bank, State Bank of India and Cardif S.A., a leading Life Insurance company in France.

State Bank of India (SBI) is a household name, and it stands as the last word for financial strength and security in the country. SBI's illustrious background dates back to the year 1806 when it started business, as a presidency bank, known as Bank of Bengal. Over the long journey, it has learnt to combine the best of banking practices handed down from the imperial management with the more dynamic ways of doing banking in the modern India. It has grown as a responsible giant in the banking field over the years.

Today, it has a branch network of over 9000 branches, an aggregate deposit base of nearly Rs196821 crore (US$45,121mm) and a total balance sheet size of Rs.261504 crore (US59,950 mm). Together with its 7 Associate Banks, SBI commands about 30% of the market share in banking. SBI is the strongest and most profitable bank in the country. It has a tangible net worth of Rs.12146 crore (US$2,784mm) as at March 2000, and it earned a pre-tax profit of Rs.2051 crore (US$470 mm) for the fiscal ending that date.

Cardif is a wholly owned subsidiary of BNP Paribas, which is one of the top 10 banks in the world, and the third largest in Europe. BNP is one of the oldest foreign banks with a presence in India dating back to 1860. It has 9 branches in major metros across the country.

Cardif came into being in the year 1973. Since then it has grown into a vibrant insurance company specialising in personal lines such as long-term savings, protection products and creditor insurance. Cardif had a premium income of over US$ 4 billion in 1999, and more than US$ 23 billion of funds under its management. Cardif has been specialising in the art of selling insurance products through commercial banks in France and 23 other countries.

France is the mother of bancassurance in the world. Over 65% of life insurance business is done through banks and financial institutions' counters in France, and the trend is rapidly catching up in other countries. It operates joint ventures in developed as well as developing countries, such as Brazil, Chile and the Czech Republic.

SBI Life Insurance Company Ltd is registered as a life insurance company with the Insurance Regulatory & Development Authority of India (IRDA) and has been issued Licence number 111 on 29th March 2001. The Company's authorised capital is Rs.250 crore, and the paid-up capital at present is Rs.175 crore. SBI owns 74% of the total equity, and Cardif the balance 26%.