State Bank of India to offload stake in SBI General InsuranceAugust 29 2018 by InsuranceAsia News Staff
Ahead of an initial public offering of SBI General Insurance, the State Bank of India is looking to sell 4% of its 74% stake in the non-life insurer.
Senior officials in the company have said they plan to launch an IPO in the next financial year. SBI General Insurance could be valued at between Rs 9000 to 12,000 crore if taken at six to eight times of book value.
For the past financial year, net profit of SBI General Insurance stood at Rs 396 crore, while its combined ratio was at 96.4%.
SBI General Insurance is a 74:26 joint venture between the State Bank of India and Insurance Australia Group.
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