SBI General Insurance
SBI General Insurance is a joint venture general insurance company. State Bank of India (SBI), the largest state-owned banking and financial services company in India. SBI owns 70 per cent of the total capital.[1] Other investors are Axis Bank Asset Management Co. Ltd, Premji Invest & Warburg Pincus Group.[2][3]
Type | Joint Venture |
---|---|
Industry | Financial services |
Founded | 2009 |
Headquarters | , |
Area served | Worldwide |
Key people | Prakash Chandra Kandpal (CEO) |
Products | |
Number of employees | 21,000 |
Parent | State Bank of India (70%) |
Website | www |
The company offers a wide range of insurance products and services, in the retail and commercial space.[4] Its offerings include personal accident, home, health, travel and motor insurance in the retail space and aviation, marine, fire, liability insurance, engineering and construction in the commercial space.[5]
In 2009, ICRA Limited gave the company an iAAA rating.[6]
The current Managing Director & CEO is Prakash Chandra Kandpal, who was appointed on 20 July 2020, by SBI General Insurance Company Limited.[7][8] The former managing director and CEO Pushan Mahapatra has been appointed as Director of Strategic Investments & Digital Initiatives and will continue to be the Whole Time Director with SBI General Insurance.[9][10]
History
SBI General Insurance was founded in 2009. It started operations in 2010, as a joint venture between State Bank of India (SBI) and Insurance Australia Group (IAG).[4]
In September 2018, the company sold a 4 per cent stake to Axis Asset Management Company (AMC) and Premji Invest for ₹4.82 billion (US$68 million) crore.[11]
As of June 2019, SBI General Insurance's overall market ranking was 13th among about 30 insurers. It recorded 32.83 per cent growth in gross written premiums in the financial year 2019 at ₹47.17 billion (US$661 million).[12]
In October 2019, IAG sold its entire stake of 26 per cent for USD 310 million (₹ 2,325 Crore). Out of this, 16.01 per cent stake was acquired by Napean opportunities LLP(an affiliate of Premji Invest) & the remaining 9.99 per cent stake was acquired by Warburg Pincus Group.[13]
Tie-Ups
In February 2019, SBI General Insurance partnered with Policybazaar to sell travel insurance to overseas travellers.[14]
In September 2019, SBI General Insurance announced Bancassurance Tie-Up with Karnataka Gramin Bank.[15]
Financials
For the fourth quarter of the year 2018–19, the company had reported an 11.3 per cent increase in profit before tax at ₹4.7 billion (US$66 million).[4] It registered a drop in net profit at ₹750 million for the quarter ended in June 2019.[16] In September 2019, the company was valued at over ₹120 billion (US$2 billion).[1]
FY19-20, The SBI General Insurance registered 23.4 percent growth with a profit of ₹412 crores. Its revenue grew by 45 percent to reach INR 6,840 Crore for the FY19-20.[17]
Product and Services
Recognition
In 2016, SBI General was named as the best General Insurance Company in the award category 'Under-Served Market Penetration' & 'Commercial Lines Growth Leadership' at the 6th edition of Indian Insurance Awards.[23]
In June 2016, SBI General was awarded the ET Best BFSI Brands 2016 Award in the general insurance category by The Economic Times.[24]
See also
References
- "SBI drops IPO plans for general insurance arm; SBI Card listing likely in Q4". Business Today. September 15, 2019.
- Sinha, Shilpy (Jun 24, 2019). "6 PE funds make the cut for 26% in SBI General". The Economic Times.
- "IAG exits SBI General Insurance, sells 26% stake for $310 mn". Money Control. Retrieved 30 March 2020.
- Pullokaran, Jomy (May 10, 2019). "SBI mulls listing of SBI Card and SBI General Insurance in FY20". CNBC TV18.
- Dutta, Indrani (November 30, 2018). "SBI General IPO likely after polls". The Hindu.
- "SBI General Insurance Company". ICRA Limited. 2016.
- "SBI General Insurance Appoints PC Kandpal As MD & CEO". Business World. Retrieved 22 July 2020.
- "SBI General Insurance Appoints PC Kandpal As MD & CEO". Times Of India. Retrieved 21 July 2020.
- "PC Kandpal appointed MD & CEO SBI General Insurance". India Tv News. Retrieved 21 July 2020.
- "SBI General Insurance appoints PC Kandpal as MD, CEO". HR Economic Times. Retrieved 21 July 2020.
- "SBI sells 4% stake in SBI General Insurance for Rs 482 cr". Business Today. September 27, 2018.
- Sinha, Shilpi (June 24, 2019). "6 PE funds make the cut for 26% in SBI General". The Economic Times.
- "IAG International divests its entire 26% stake in SBI General". Business Standard. Retrieved 27 March 2020.
- "SBI General Insurance collaborates with Policybazaar for distributing travel insurance to shield overseas travelers". Zee Business. February 18, 2019.
- "SBI General Insurance Announces Bancassurance Tie Up With Karnataka Gramin Bank". Business World. Retrieved 13 September 2019.
- "SBI General Insurance net down at ₹75 crore". Business Line. July 18, 2019.
- "SBI General Insurance FY20 net profit up 23.4% at Rs 412 crore". Retrieved 11 May 2020.
- Pradhan, Raj (May 8, 2013). "SBI General health insurance policy offers location based premium". Moneylife.
- Saraswathy, M (February 25, 2015). "SBI General launches health plan only for SBI & its associates' account-holders". Business Standard.
- "SBI General launches Simple Home Insurance Policy". Realty Plus. November 2017.
- "SBI General launches long-term insurance for two-wheelers". The Financial Express. January 25, 2017.
- "SBI General launches cyber defence insurance for businesses". The Economic Times. April 22, 2019.
- "SBI General Insurance wins accolades at Indian Insurance Awards, 2016- Fintelekt". India Infoline News. July 4, 2016.
- "SBI, Yes Bank, Reliance among winners at The Economic Times 'Best BFSI Brands 2016'". India Infoline News. June 17, 2016.