Star Union Dai-ichi Life Insurance Co. Ltd. (SUD Life), a Joint Venture of Bank of India, Union Bank of India, and Dai-ichi Life Insurance Co. Ltd., Japan, today announced that Mr. Kamalji Sahay, after completing tenure of four years and being the first Managing Director & Chief Executive Officer of the company will be retiring.
Mr. Kamalji Sahay has taken the Company to a very enviable position in just over three years of business though it is the 22nd player in the Life insurance industry. This year SUD Life ranks 11th among private insurers, ahead of several well established players.
Before taking up his assignment with SUD Life, Mr. Sahay was Executive Director with Life Insurance Corporation of India, where he served for 31 long years. He joined SUD Life in May 2008 when the Company was yet to receive license for conducting insurance business. As on 31st March 2012, the Asset Under Management of the Company is Rs.2837 crores.
After formally establishing the Company as a specialist in Bancassurance space in first two years, Mr. Sahay activated the Group and Agency Channels. They have set high standards of performance in a very short time. Mr. Sahay is pioneer in introducing the Reverse Mortgage Loan enabled Annuity Plan (RMLeA) to the Indian market. SUD Life is the sole provider of such annuities to the senior citizens in the country.
The Company has achieved all round progress under his leadership and is rated among the best in terms of Bank Branch activation ratio; claim settlement ratio; and in respect of coverage to the rural and weaker section of society.
Recently the Pension Fund Regulatory and Development Authority (PFRDA) have empanelled SUD Life as one of the six annuity service providers. Mr. Sahay will retire on Monday, 14 May, 2012; the Board of the Company has already identified a successor, who is to join shortly subject to IRDA’s approval.
About Star Union Dai-ichi Life Insurance Company Limited
Star Union Dai-ichi Life Insurance Company Limited (SUD Life) is a joint venture of Bank of India, Union Bank of India and the Dai-ichi Life Insurance Co. Ltd., Japan.
The Company has been incorporated / registered with the Registrar of Companies, Maharashtra on 25th September, 2007. The Company has been issued the license for undertaking life insurance business in India by Insurance Regulatory and Development Authority (IRDA) on 26.12.2008 and business was launched on 9th February 2009. The Company has best insurance, IT, finance and investment resources to ensure that it soon earns a prominent position in insurance sector.
The Company has a capital stake of 48% by BOI, 26% by Dai-ichi Life and 26% by Union Bank. The Company has authorized capital of Rs. 250.00 Crores. Star Union Dai-ichi Life, with the strength of the domestic partners in the Indian Financial Sector coupled with the Dai-ichi Life’s strong domain expertise is expected, to be a strong player in the Indian Life Insurance market in a short time. The Company offers various products to serve all strata of the society.
The quarterly Total Operating Income of the Company was reported as Rs 278.0 million, as compared to Rs 127.3 million for the same period of the ...