Star Union Dai-ichi Life Insurance

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Star Union Dai-ichi Life Insurance is an insurance company with headquarters in Mumbai, India. It was founded in 2007 and began operations in 2009 as a joint venture between Bank of India, Union Bank of India, and Dai-ichi Life, a Japanese life insurance firm. [1] It offers a range of services including investments plans, retirement plans and protection plans. [2] [3] It has been regulated by the Insurance Regulatory And Development Authority of India as one of the 25 leading life insurance companies in India. [4]

Contents

History

Star Union Dai-ichi Life Insurance was incorporated in September 2007 and commenced operations in February 2009 with Rs. 420 crores in funding from its founding promoters. [5] [6] The company operates in the following segments; life insurance, annuity [7] [8] pension fund and unitised insurance fund. [9] [10]

In June 2016, following the deregulation of the foreign ownership limit that took effect in March 2015, Dai-ichi Life decided to purchase an additional 18% stake in SUD from BOI, bringing its ownership in SUD to 44 percent, as a result of deliberation to increase the shareholding. [11] [12] [13] Later in April 2019, BOI solicited non-binding proposals/bids for the purchase of 6,48,739,64 equity shares representing its 25.05% ownership. [14] The proposed stake sale is part of the bank's efforts to dispose of non-essential assets and raise capital. [15] [16]

As of August 2021, the company does its business through a distribution network that includes 15,000 bank branches and serves more than 9.2 million clients. [6] [17]

In January 2023, the company introduced a new product, the SUD Life century gold, a non-linked, non-participating individual savings life insurance plan with returns and life cover protection. [18]

Asset under management

As of September 29, 2021, the company's assets under management totaled Rs 15,052 crore and nearly 47% of this amount consisted of securities issued by the central government (34%) or state governments (14%). In addition to that, nearly 26% of their assets under management are invested in companies rated AAA and AA or higher. [19]

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References

  1. ↑ "How Star Union Dai-ichi Life Insurance (SUD Life) enhanced employee experience". People Matters. Retrieved 2023-11-16.
  2. ↑ Desk, PF (2023-01-11). "SUD Life Century Gold plan: Decide premium payment on your own terms". Financialexpress. Retrieved 2023-11-16.
  3. ↑ Bhaskaran, Deepti (2015-06-04). "Product crack: SUD Life Assured Income Plan". mint. Retrieved 2023-11-16.
  4. ↑ Maheshwari, Rashi (2023-04-04). "Life Insurance Companies In India". Forbes Advisor INDIA. Retrieved 2023-11-15.
  5. ↑ Network, BFSI (2020-07-03). "Union Bank of India broadens Insurance distribution channels post-merger". Elets BFSI. Retrieved 2023-11-16.
  6. 1 2 "Star Union Dai-ichi Life Insurance Company Limited ICRA Rationale Report". icra.in. Retrieved 2023-11-15.
  7. ↑ Chourasia, Aashish (2023-06-30). "Star Union Dai Ichi Life Insurance Presents Life Insurance Matters". Moneycontrol. Retrieved 2023-11-16.
  8. ↑ "Pension Fund Regulatory and Development Authority Annual Report" (PDF). Retrieved 2023-11-15.
  9. ↑ "Star Union Dai-ichi Life expects 30% growth in new premiums in FY16". business-standard.com. 2015-09-22. Retrieved 2023-11-16.
  10. ↑ "SUD Life launches new critical illness plan". BusinessLine. 2016-03-03. Retrieved 2023-11-16.
  11. ↑ "Bank of India sells 18% stake in insurance JV to partner Dai-ichi Life". mint. 2016-09-26. Retrieved 2023-11-16.
  12. ↑ "Bank of India sells 18% stake in Star Union Dai-ichi Life". Business-standard.com. 2016-06-22. Retrieved 2023-11-15.
  13. ↑ "Bank of India sells 18% stake in Star Union Dai-ichi Life for ₹540 cr". BusinessLine. 2016-06-21. Retrieved 2023-11-15.
  14. ↑ Bureau, FE (2019-04-06). "Bank of India to sell 25.05% stake in life insurance joint venture". Financialexpress. Retrieved 2023-11-15.
  15. ↑ Bhaskaran, Deepti (2016-05-25). "Product crack: SUD Life Guaranteed Pension Plan". mint. Retrieved 2023-11-16.
  16. ↑ "Meet life insurers with healthy renewal premium". Cafemutual. 2023-07-31. Retrieved 2023-11-16.
  17. ↑ Desk, PF (2023-01-11). "New Future Generali Long Term Income Plan: Higher guaranteed income for 50 years, tax benefits". Financialexpress. Retrieved 2023-11-16.
  18. ↑ Desk, PF (2023-01-11). "SUD Life Century Gold plan: Decide premium payment on your own terms". Financialexpress. Retrieved 2023-11-15.
  19. ↑ "Annual Report - Star Union Dai-ichi Life Insurance Company Limited" (PDF). Retrieved 2023-11-15.
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