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 Japaneselife 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]
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]
