Bahrain: SBI Life to open branch in December

Source: Middle East Insurance Review | Nov 2017

India’s SBI Life is likely to open a branch in Bahrain by the end of this year, enabling the insurer to establish its first foray into the Middle East market.

“We have received regulatory approvals and are aiming to open the branch in December,” a senior company official told The Economic Times.

The company has received the requisite approvals from the Central Bank of Bahrain and the Indian regulator IRDAI. The life insurer will offer traditional, unit-linked and term products at its branch.

Initially, SBI Life’s market will be restricted within Bahrain, he said. The company will leverage SBI’s sole branch in that country to service its products and tie up with local banks later.

Though non-resident Indians will be a major target customer group for the insurer, it will also serve Bahrainis.

SBI Life is a joint venture between the State Bank of India and the French financial services company BNP Paribas Cardiff. The life insurer, which launched its IPO in September, made its trading debut on the bourse recently.

Currently, the state-run LIC is the only Indian life insurer in the Gulf. M

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