SBI Life is a joint venture (JV) between the country’s largest lender, State Bank of India , and BNP Paribas Cardif, the insurance arm of France’s BNP Paribas. While SBI will sell 8% of its stake in the JV, BNP Paribas Cardif will divest 4%. SBI Life shares will be priced at Rs685-700 each, driving the total valuation to an impressive Rs70,000 crore. It is also the third insurance company to list on the stock exchange. ICICI Prudential Life Insurance Company was the first to do so last year and was valued at Rs48,000 crore. Last week, ICICI Lombard came out with its IPO and was valued at nearly Rs30,000 crore. Even though SBI Life’s valuation is higher, analysts say it is justified. “SBI Life, with its strong brand name and wide distribution network, is one of the best plays for (the) Indian life insurance industry. We believe the premium valuation for SBI (Life) is justified due to its higher incremental market share gain,” Jaikishan J Parmar, analyst at domestic brokerage house Angel Broking, said in a note. The company has also been leading the pack in terms of growth. Its new business premium improved by 35% between FY15 and FY17 , higher than those of competitors.

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