SBI Life Acquires 10% Stake in Bima Sugam India Federation.

Banking & Finance

In December 2024, Mumbai (Maharashtra)-based SBI Life Insurance Company Limited (SBI Life) acquired a 10% stake in Mumbai-based Bima Sugam India Federation.


      - The investment, amounting to Rs. 6.6 crore, involved the purchase of 66 lakh equity shares with a face value of Rs. 10 each.

     

     

Main Point :-   (i) The Board of Directors of SBI Life Insurance approved an aggregate investment in Bima Sugam, not exceeding 10% of its paid-up equity share capital.

      (ii) Bima Sugam India Federation is an unlisted company, established on June 18, 2024, and is supported by the Insurance Regulatory and Development Authority of India (IRDAI).

(iii) In November 2024, ICICI Lombard General Insurance Company approved an investment of Rs. 5 crore in Bima Sugam.

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