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SBI Life Insurance Company Ltd.

BSE: 540719 Sector: Financials
NSE: SBILIFE ISIN Code: INE123W01016
BSE 00:00 | 22 Feb 558.85 -0.35
(-0.06%)
OPEN

575.00

HIGH

575.00

LOW

554.55

NSE 00:00 | 22 Feb 559.85 -2.05
(-0.36%)
OPEN

565.25

HIGH

570.00

LOW

556.75

OPEN 575.00
PREVIOUS CLOSE 559.20
VOLUME 6332
52-Week high 774.75
52-Week low 487.00
P/E 44.71
Mkt Cap.(Rs cr) 55,885
Buy Price 556.00
Buy Qty 53.00
Sell Price 558.85
Sell Qty 50.00
OPEN 575.00
CLOSE 559.20
VOLUME 6332
52-Week high 774.75
52-Week low 487.00
P/E 44.71
Mkt Cap.(Rs cr) 55,885
Buy Price 556.00
Buy Qty 53.00
Sell Price 558.85
Sell Qty 50.00

SBI Life Insurance Company Ltd. (SBILIFE) - Chairman Speech

Company chairman speech

Chairman's Address

Dear Shareholders

It gives me great pleasure to place before you the highlights of your Company'sperformance during the FY 2018. The enclosed Annual Report details the achievements andinitiatives taken by your Company for the FY 2018. The bygone financial year was alandmark year for SBI Life as it got listed on the Indian stock exchanges. For a companyto get listed is a once in a lifetime event and the response we have received from ourinvestors has strengthened our belief that our hard work and sustained efforts to providefinancial protection to millions of customers have been appreciated.

The Company achieved robust performance in FY 2018 due to its consistent customercentric strategy strong leadership and dedication and hard work of its employees. As weembark on this journey of continuous growth and success I would like to express mygratitude to all our stakeholders for their continuous support and encouragement. I amconfident that we will continue to perform well in the coming years. Global economyexperienced broad based growth in 2017. In particular economic activity gained momentumin the US and the Euro area. Meanwhile emerging market and developing economies have alsoperformed better with growth pick-up in emerging Europe and emerging Asia being the majorcontributors to growth. Overall global GDP is expected to grow at 3.9% in 2018 with theadvanced and emerging economies to post 2.5% and 4.9% growth respectively. Having saidthat increase in protectionist policies geo-political uncertainty and the escalation ofUS sanctions on Iran with the consequent impact on oil price represent the key risks toglobal growth.

Indian economy is expected to grow at 7.4% in FY 2019 from 6.7% in FY 2018 against thebackdrop of improved global demand better monsoon prospects credit uptick and continuedreforms undertaken by the Government. Furthermore speeding up of the resolution processof distressed assets under the Insolvency and Bankruptcy Code is likely to improveconfidence in the economy. Increasing oil prices though remains a major risk to thecountry's external balance. The Indian life insurance industry has evolved rapidly overthe last decade. A competitive market and regulatory initiatives focused on high-qualityproducts that meet the needs of the customer have laid the foundation for future growth.The Indian insurance industry is set to achieve significant growth in protection productsin the coming years. Lower levels of penetration a favourable demography and governmentinitiatives aimed at enhancing financial inclusion rising financial literacy andincreasing domestic savings as a result of rising per capita incomes are expected tosupport the growth of the insurance sector. SBI Life remains a key participant in thisspace being one of the largest private sector life insurance company and shall continue tosupport the needs of an aspiring population. India is undergoing a digital transformationand witnessing an accelerated pace of innovation and technology adoption. As the digitaleconomy is flourishing your Company is also progressing with its technologicaladvancements and growing its presence in multi-channel platforms. Your Company has usedtechnology to offer greater convenience to its customers and improve overall experience ofpurchasing life insurance.

We are committed towards transforming ourselves into a digitalised organisationsupported by technology enabled backend operations. Along with the digitalisation ofconsumer facing operations we continue to invest in the automation of our internalprocesses to improve efficiency risk management reduce cost of operations and re-deployemployees in revenue accretive roles. We will continue to focus on meeting the diverseneeds of our customers and create sustainable value for all our stakeholders. We believeour strategies will enable us to be in compliance with regulations improve ourperformance in customer satisfaction and trust and allow us to create value for all thestakeholders. The Company will continue to tread on the path of profitable growth andemerge as market leaders. I thank all our shareholders and Board of Directors for theircontinued faith in our strength and capabilities our customers for their valuable supportand trust and our employees for their tireless efforts towards achieving our goals.

Warm Regards

Rajnish Kumar

Chairman