Friday, April 20, 2018

SBI General Insurance to list in 18 to 24 months

SBI General Insurance, the general insurance arm of India’s largest lender the State Bank of India (SBI), is reportedly on track to hit the stock market in 18 to 24 months.

According to reports, SBI General Insurance, a joint venture with Insurance Australia Group (IAG) and the state-run lender, said the listing will help to meet capital requirements as the insurer was growing at a fast pace.

The move comes a month after SBI’s life insurance arm made its debut on the Bombay Stock Exchange and the National Stock Exchange of India.

SBI General Insurance managing director Pushan Mahapatra said the listing will help shareholders monetise their investment and lead to better disclosures, and improvements in governance and performance.

In the first six months of the year, SBI General posted a profit of Rs3.01 billion (US$46.5 million).

Its gross written premium rose by 27% to Rs26.07 billion in 2016-2017.

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