SBI Life Insurance Company said that its board has approved the appointment of Dorababu Daparti as Deputy chief executive officer (CEO) with effect from 24 February 2025.
The firm added that this appointment is based on the recommendation of the nomination and remuneration committee.
Dorababu Daparti is a highly accomplished banking professional with over 29 years of experience in the financial industry. He holds a Masters degree in Sciences (M.Sc.) and is a Chartered Associate of the Indian Institute of Bankers (CAIIB).
Daparti began his career with the State Bank of India (SBI) in 1995 and has since held various managerial and executive roles within the organization.
With extensive expertise in international banking, he has a proven track record of success. Daparti served as the Country Head and CEO of SBIs Maldives operations from September 2021.
Additionally, he played a key role as Deputy General Manager and Head of the Department for Overseas Planning & Strategy in the International Banking Group at SBIs Corporate Centre in Mumbai.
SBI Life Insurance Company is carrying on the business of life insurance. The company’s life insurance business comprises individual life and group business, including participating, non-participating, pension, group gratuity, group leave encashment, group superannuation, group immediate annuity, unit-linked insurance products, variable insurance products, health, and microinsurance. Some of these policies have riders such as accident and disability benefit, level term, and critical illness.
The company reported 71.19% increase in net profit to Rs 550.82 crore despite a 52.21% fall in total income to Rs 18,542.16 crore in Q3 FY25 over Q3 FY24.
Shares of SBI Life Insurance Company shed 0.92% to Rs 1,472 on the BSE.
The article originally appeared on Business Standard.
