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Report: SBI Life Insurance to set up Bahrain branch by December

SBI Life Insurance Co. Ltd. is aiming to open its planned Bahrain branch by December, Press Trust of India reported Oct. 8, citing "a top company official."

The insurer has obtained approvals from Bahrain's central bank and India's insurance regulator, the official said.

This business will initially be restricted within Bahrain, though it will also seek to use bancassurance channels via parent company State Bank of India's sole branch in the country as well as local banks.

State-owned Life Insurance Corp. of India is currently the only Indian life insurer operating in Bahrain, the report noted.

SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif.