 "SBI Life Insurance IPO only after 2016-17")
The initial public offering (IPO) of SBI Life Insurance, a joint venture between State Bank of India and BNP Paribas Cardiff, will happen only after the current financial year, sources said.
BNP Paribas Cardiff is expected to raise its stake in the company by 10 per cent to 36 per cent before September 2016.
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SBI Life Managing Director and Chief Exectuive Officer Arijit Basu told Business Standard, the process of raising stake will happen before the end of the second quarter, and the announcement of IPO could be made at the close of 2016-17. The valuation would be based on the performance in 2015-16, he added.
SBI Life reported a five per cent growth in net profit at Rs 861 crore for the year ended March 31, 2016.
It had posted a net profit of Rs 820 crore in 2014-15.
The individual new business premium rose by 33 per cent to Rs 4,978 crore in 2015-16 from Rs 3,757 crore in the previous financial year.
