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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. It offers a range of services including investments plans, retirement plans and protection plans. It has been regulated by the Insurance Regulatory And Development Authority of India as one of the 25 leading life insurance companies in India.

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. The company operates in the following segments; life insurance, annuity pension fund and unitised insurance fund.

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. 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. The proposed stake sale is part of the bank's efforts to dispose of non-essential assets and raise capital.

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.

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.

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.

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. {{cite web}}: |last= has generic name (help)
  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. ^ "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. {{cite web}}: |last= has generic name (help)
  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. {{cite web}}: |last= has generic name (help)
  18. Desk, PF (2023-01-11). "SUD Life Century Gold plan: Decide premium payment on your own terms". Financialexpress. Retrieved 2023-11-15. {{cite web}}: |last= has generic name (help)
  19. "Annual Report - Star Union Dai-ichi Life Insurance Company Limited" (PDF). Retrieved 2023-11-15.
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