SBI Life Insurance may Float IPO Next Year, Says CEO

SBI Life Insurance may float its initial public offering (IPO) in 2017, a top company official said The IPO of SBI Life may happen in 2017," SBI Life Insurance MD and CEO Arijit Basu told PTI. He said SBI's announcement to offload up to 5% stake in SBI Life to a non-promoter group might be construed as a test to see the market response. SBI, which holds 74% in SBI Life, has also offered to offload 10% to the other partner Cardiff at a right price. Talking about the company's performance during the current fiscal, he said in the first half, there has been 50% growth in new premium income and 30% in renewal premium income. The full year growth in total premium income will be around 40%," he said. Asked about the impact of demonetisation, he said collection of renewal premium might be lower, but added that app-based sales would witness a rise.