Page 284 - DCOM304_INDIAN_FINANCIAL_SYSTEM

Unit 13: Mutual Funds and Insurance Services

registered with an authorized capital of ` 2000 crores and a Paid-up capital of ` 1000 crores. Notes
SBI owns 74% of the total capital and BNP Paribas Assurance the remaining 26%.
State Bank of India enjoys the largest banking franchise in India. Along with its 7 Associate
Banks, SBI Group has the unrivalled strength of over 14,500 branches across the country,
arguably the largest in the world.

BNP Paribas Assurance is the life and property & casualty insurance unit of BNP Paribas -
Euro Zone's leading Bank. BNP Paribas, part of the world's top 6 group of banks by market
value and a European leader in global banking and financial services, 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 has a unique multi-distribution model encompassing Bancassurance, Agency and
Group Corporate. SBI Life extensively leverages the SBI Group 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 ensuring true financial inclusion.

Agency Channel, comprising of the most productive force of more than 63,000 Insurance
Advisors, offers door to door insurance solutions to customers.
11. Tata AIG Life Insurance Company Limited (Tata AIG Life): Tata AIG Life is a joint venture
company, formed by the Tata Group and American International Group, Inc. (AIG). Tata
AIG Life combines the Tata Group's pre-eminent leadership position in India and AIG's
global presence as one of the world's leading international insurance and financial services
organization. The Tata Group holds 74 per cent stake in the insurance venture with AIG
holding the balance 26 per cent. Tata AIG Life provides insurance solutions to individuals
and corporates. Tata AIG Life Insurance Company was licensed to operate in India on
February 12, 2001 and started operations on April 1, 2001.
12. Reliance Life Insurance: Reliance Life Insurance offers you products that fulfil your savings
and protection needs. Our aim is to emerge as a transnational Life Insurer of global scale
and standard.
Reliance Life Insurance is an associate company of Reliance Capital Ltd., a part of Reliance
- Anil Dhirubhai Ambani Group. Reliance Capital is one of India's leading private sector
financial services companies, and ranks among the top 3 private sector financial services
and banking companies, in terms of net worth. Reliance Capital has interests in asset
management and mutual funds, stock broking, life and general insurance, proprietary
investments, private equity and other activities in financial services.
13. Aviva Insurance: Aviva is UK's largest and the world's fifth largest insurance Group. It is
one of the leading providers of life and pensions products to Europe and has substantial
businesses elsewhere around the world. In India, Aviva has a long history dating back to
1834. At the time of nationalisation it was the largest foreign insurer in India in terms of
the compensation paid by the Government of India. Aviva was also the first foreign
insurance company in India to set up its representative office in 1995.
In India, Aviva has a joint venture with Dabur. Aviva holds a 26 per cent stake in the joint
venture and the Dabur group holds the balance 74 per cent share.

With a strong sales force of over 30,000 Financial Planning Advisers (FPAs), Aviva has
initiated an innovative and differentiated sales approach to the business. Through the

LOVELY PROFESSIONAL UNIVERSITY 279