Star Union Dai-ichi Life Insurance Company Limited
| Quasi Government Insurance Company | |
| ISIN | 🆔 |
| Industry | Insurance |
| Founded 📆 | 12 September 2007 in Mumbai, India |
| Founder 👔 | |
| Headquarters 🏙️ | , , India |
Area served 🗺️ | |
Key people | Abhay Tewari (CEO & Managing Director) |
| Products 📟 | Life insurance Annuity |
| Owner | Dai-ichi Life (45.94%) Bank of India (28.6%) Union Bank of India (25.10%) |
| Members | |
Number of employees | 4294 (March 2021) |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
Star Union Dai-ichi Life Insurance, known as SUD Life is a joint venture between Bank of India and Union Bank of India, two Indian public sector banks, and Dai-ichi Life, a Japanese life insurance firm. It is one of the small-sized insurance companies in India as the total assets under management is less than ₹ 100 billion.[1]
History[edit]
SUD Life was incorporated in September 2007 and commenced operations in February 2009 with ₹ 420 crores in funding from its founding promoters.[2] The company operates in the life insurance, annuity, health insurance, pension fund and unitised insurance fund.[3] In June 2016, the Bank of India sold its 18% ownership in the company to Dai-ichi Life Insurance.[4][5]
Later in April 2019, BOI solicited non-binding proposals/bids for the purchase of 6,48,739,64 equity shares representing its 25.05% ownership. The proposed stake sale is part of the bank's efforts to dispose of non-essential assets and raise capital.[6]
As of August 2021, SUD Life does its business through a distribution network that includes 14,300 bank branches and serves more than 9.2 million clients.[7]
Asset under management[edit]
As of September 29, 2021, the company has ₹ 12,093 crores under management, of which almost 47% is securities issued by either the Central Government (34%) or the State Government (14%).[8] In addition to that, almost 26% of its AUM is invested in corporate entities with ratings of AAA and AA or above.[9]
Financial[edit]
The company reported an increase of 80 per cent increase in its new business premium income to Rs 1,309 crore in December 2021.[10][11]
References[edit]
- ↑ M, Dr Anilkumar; S, Dr Resia Beegam. An Evaluation of Life Insurance Business in India. Lulu.com. ISBN 978-0-359-27480-2. Search this book on
- ↑ Mukerjee, Dhruv; Ltd, People Matters Media Pvt (2022-03-01). "How Star Union Dai-ichi Life Insurance (SUD Life) enhanced experience with Darwinbox". People Matters. Retrieved 2022-11-07.
- ↑ Sinha, Shilpy. "BoI eyes Rs 1,200 crore from exiting life insurance arm Star Union". The Economic Times. Retrieved 2022-11-07.
- ↑ Reporter, B. S. (2016-06-22). "Bank of India sells 18% stake in Star Union Dai-ichi Life". www.business-standard.com. Retrieved 2022-11-07.
- ↑ "Bank of India sells 18% stake in Star Union Dai-ichi Life for ₹540 cr". www.thehindubusinessline.com. 2016-06-21. Retrieved 2022-11-07.
- ↑ "Bank of India to sell 25.05% stake in life insurance joint venture". Financialexpress. Retrieved 2022-11-07.
- ↑ Das, Saikat. "Star Union Daiichi Life raises Rs 125 cr via maiden local bonds". The Economic Times. Retrieved 2022-11-07.
- ↑ "ICRA Analyst Report of SUD Life Insurance". 3 August 2021. Retrieved 3 August 2021. Unknown parameter
|url-status=ignored (help) - ↑ "Careratings Analyst Report on SUD Life Insurance" (PDF). Retrieved 29 September 2021. Unknown parameter
|url-status=ignored (help) - ↑ "SUD Life registers 80 pc jump in new business premium to Rs 1,309 crore in Dec quarter". The Economic Times. Retrieved 2022-11-07.
- ↑ "SUD Life new business premium jumps 66% to Rs 1,926 crore in FY22". The Economic Times. Retrieved 2022-11-07.
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