SBI General Insurance


SBI General Insurance is a joint venture general insurance company. State Bank of India, the largest state-owned banking and financial services company in India. SBI owns 70 per cent of the total capital. Other investors are Axis Bank Asset Management Co. Ltd, Premji Invest & Warburg Pincus Group.
The company offers a wide range of insurance products and services, in the retail and commercial space. 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.
In 2009, ICRA Limited gave the company an iAAA rating.
The current Managing Director & CEO is Prakash Chandra Kandpal, who was appointed on 20th July 2020, by SBI General Insurance Company Limited. 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.

History

SBI General Insurance was founded in 2009. It started operations in 2010, as a joint venture between State Bank of India and Insurance Australia Group.
In September 2018, the company sold a 4 per cent stake to Axis Asset Management Company and Premji Invest for crore.
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.
In October 2019, IAG sold its entire stake of 26 per cent for USD 310 million. Out of this, 16.01 per cent stake was acquired by Napean opportunitiesLLP & the remaining 9.99 per cent stake was acquired by Warburg Pincus Group.

Tie-Ups

In February 2019, SBI General Insurance partnered with Policybazaar to sell travel insurance to overseas travellers.
In September 2019, SBI General Insurance announced Bancassurance Tie Up with Krnataka Gramin Bank.

Financials

For the Fourth quarter of the year 2018–19, the company had reported 11.3 per cent increase in profit before tax at. It registered a drop in net profit at ₹750 million for the quarter ended in June 2019. In September 2019, the company was valued at over.
FY19-20, The SBI General Insurance registered 23.4 percent growth with a profit of ₹412 crores. It's revenue grew by 45 percent to reach INR 6,840 Crore for the FY19-20.

Product and Services

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.
In June 2016, SBI General was awarded the ET Best BFSI Brands 2016 Award in the general insurance category by The Economic Times.