CleanupBot II: Removed empty portal template using script

2023-08-14T15:51:51Z

Removed empty portal template using script

← Older revision		Revision as of 21:21, 14 August 2023
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	== See also ==		== See also ==
	~~{{Portal\|India\|Companies}}~~
	* [[SBI Capital Markets]]		* [[SBI Capital Markets]]
	* [[SBI Cards]]		* [[SBI Cards]]

UpdateBot at 14:13, 1 July 2022

2022-07-01T14:13:17Z

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2401:4900:4197:73D1:69E3:F693:EE6E:CDDB: SBI General own by sbi bank

2021-07-30T16:49:48Z

SBI General own by sbi bank

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{{Infobox company
| name = SBI General Insurance Company Limited
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| type = Public Sector Undertaking
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| industry = [[Financial services]]
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| founded = 2009
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| hq_location =
| hq_location_city = [[Mumbai]]
| hq_location_country = [[India]]
| num_locations =
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| area_served = Worldwide
| key_people = Prakash Chandra Kandpal (CEO)
| products = {{ubl|[[Health insurance]] |[[Vehicle insurance]] |[[Accident insurance]] |[[Travel insurance]] |[[Home insurance]] |[[Aviation insurance]] |[[Fire insurance]] | [[Liability insurance]] | [[Crop insurance]] }}
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| parent = [[State Bank of India]] (70%)
| members =
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| num_employees = 21,000
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| website = {{URL|www.sbigeneral.in/}}
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}}
'''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.<ref name=":0" /> Other investors are [[Axis Bank Asset Management]] Co. Ltd, [[Premji Invest]] & [[Warburg Pincus]] Group.<ref>{{cite news |last1=Sinha |first1=Shilpy |title=6 PE funds make the cut for 26% in SBI General |url=https://economictimes.indiatimes.com/industry/banking/finance/6-pe-funds-make-the-cut-for-26-in-sbi-general/articleshow/69920423.cms |work=[[The Economic Times]] |date=Jun 24, 2019}}</ref><ref>{{cite news |title=IAG exits SBI General Insurance, sells 26% stake for $310 mn |url=https://www.moneycontrol.com/news/business/iag-exits-sbi-general-insurance-sells-26-stake-for-310-mn-5087931.html |accessdate=30 March 2020 |publisher=Money Control}}</ref>

The company offers a wide range of insurance products and services, in the retail and commercial space.<ref name=cnbctv18>{{cite news |last1=Pullokaran |first1=Jomy |title=SBI mulls listing of SBI Card and SBI General Insurance in FY20 |url=https://www.cnbctv18.com/finance/sbi-mulls-listing-of-sbi-card-and-sbi-general-insurance-in-fy20-3281911.htm |publisher=[[CNBC TV18]] |date=May 10, 2019}}</ref> 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.<ref>{{cite news |last1=Dutta |first1=Indrani |title=SBI General IPO likely after polls |url=https://www.thehindu.com/business/sbi-general-ipo-likely-after-polls/article25637249.ece |work=[[The Hindu]] |date=November 30, 2018}}</ref>

In 2009, [[ICRA Limited]] gave the company an iAAA rating.<ref>{{cite news |title=SBI General Insurance Company |url=https://www.icra.in/Rationale/ShowRationaleReport/?Id=29434 |publisher=[[ICRA Limited]] |year=2016}}</ref>

The current Managing Director & CEO is Prakash Chandra Kandpal, who was appointed on 20 July 2020, by SBI General Insurance Company Limited.<ref>{{cite news |title=SBI General Insurance Appoints PC Kandpal As MD & CEO |url=http://www.businessworld.in/article/SBI-General-Insurance-Appoints-PC-Kandpal-As-MD-CEO/21-07-2020-299724/ |accessdate=22 July 2020 |publisher=Business World}}</ref><ref>{{cite news |title=SBI General Insurance Appoints PC Kandpal As MD & CEO |url=https://timesofindia.indiatimes.com/business/india-business/sbi-general-insurance-appoints-pc-kandpal-as-md-ceo/articleshow/77083244.cms |accessdate=21 July 2020 |publisher=Times Of India}}</ref> 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.<ref>{{cite news |title=PC Kandpal appointed MD & CEO SBI General Insurance |url=https://www.indiatvnews.com/business/news-sbi-general-insurance-appoints-pc-kandpal-as-md-ceo-635892 |accessdate=21 July 2020 |publisher=India Tv News}}</ref><ref>{{cite news |title=SBI General Insurance appoints PC Kandpal as MD, CEO |url=https://hr.economictimes.indiatimes.com/news/workplace-4-0/recruitment/sbi-general-insurance-appoints-pc-kandpal-as-md-ceo/77090277 |accessdate=21 July 2020 |publisher=HR Economic Times}}</ref>

== 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).<ref name=cnbctv18 />

In September 2018, the company sold a 4 per cent stake to [[Axis Bank|Axis]] Asset Management Company (AMC) and Premji Invest for {{INRConvert|4.82|b|0}} crore.<ref>{{cite news |title=SBI sells 4% stake in SBI General Insurance for Rs 482 cr |url=https://www.businesstoday.in/sectors/banks/sbi-sells-4-per-cent-stake-in-sbi-general-insurance-for-rs-482-cr/story/282944.html |publisher=[[Business Today (India)|Business Today]] |date=September 27, 2018}}</ref>

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 {{INRConvert|47.17|b|0}}.<ref>{{cite news |last1=Sinha |first1=Shilpi |title=6 PE funds make the cut for 26% in SBI General |url=https://economictimes.indiatimes.com/industry/banking/finance/6-pe-funds-make-the-cut-for-26-in-sbi-general/articleshow/69920423.cms?from=mdr |work=[[The Economic Times]] |date=June 24, 2019}}</ref>

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.<ref>{{cite news |title=IAG International divests its entire 26% stake in SBI General |url=https://www.business-standard.com/article/news-cm/iag-international-divests-its-entire-26-stake-in-sbi-general-120032701289_1.html |accessdate=27 March 2020 |work=Business Standard}}</ref>

As on 31st March 2021 SBI General Insurance is ranked 12th in the industry.

== Tie-Ups ==
In February 2019, SBI General Insurance partnered with Policybazaar to sell travel insurance to overseas travellers.<ref>{{cite news |title=SBI General Insurance collaborates with Policybazaar for distributing travel insurance to shield overseas travelers |url=https://www.zeebiz.com/companies/news-sbi-general-insurance-collaborates-with-policybazaar-for-distributing-travel-insurance-to-shield-overseas-travelers-86402 |publisher=[[Zee Business]] |date=February 18, 2019}}</ref>

In September 2019, SBI General Insurance announced Bancassurance Tie-Up with Karnataka Gramin Bank.<ref>{{cite news |title=SBI General Insurance Announces Bancassurance Tie Up With Karnataka Gramin Bank |url=http://www.businessworld.in/article/SBI-General-Insurance-Announces-Bancassurance-Tie-Up-With-Karnataka-Gramin-Bank/13-09-2019-176072/ |accessdate=13 September 2019 |publisher=Business World}}</ref>

== 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 {{INRConvert|4.7|b|0}}.<ref name=cnbctv18 /> It registered a drop in net profit at ₹750 million for the quarter ended in June 2019.<ref>{{cite news |title=SBI General Insurance net down at ₹75 crore |url=https://www.thehindubusinessline.com/money-and-banking/sbi-general-insurance-net-down-at-75-crore/article28562491.ece |work=[[Business Line]] |date=July 18, 2019}}</ref> In September 2019, the company was valued at over {{INRConvert|120|b|0}}.<ref name=":0">{{cite news |title=SBI drops IPO plans for general insurance arm; SBI Card listing likely in Q4 |url=https://www.businesstoday.in/current/corporate/sbi-drops-ipo-plans-for-general-insurance-arm-sbi-card-listing-likely-in-q4/story/379172.html |publisher=[[Business Today (India)|Business Today]] |date=September 15, 2019}}</ref>

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.<ref>{{cite news |title=SBI General Insurance FY20 net profit up 23.4% at Rs 412 crore |url=https://www.moneycontrol.com/news/companies-2/sbi-general-insurance-fy20-net-profit-up-23-4-at-rs-412-crore-5249491.html |accessdate=11 May 2020}}</ref>

== Product and Services ==
* SBI General health insurance policy<ref>{{cite news |last1=Pradhan |first1=Raj |title=SBI General health insurance policy offers location based premium |url=https://www.moneylife.in/article/sbi-general-health-insurance-policy-offers-location-based-premium/32613.html |publisher=Moneylife |date=May 8, 2013}}</ref>
* Group Health Insurance Policy (for Individuals & Family)<ref>{{cite news |last1=Saraswathy |first1=M |title=SBI General launches health plan only for SBI & its associates' account-holders |url=https://www.business-standard.com/article/finance/web-print-sbi-general-launches-health-plan-only-for-sbi-its-associates-account-holders-115020601080_1.html |work=[[Business Standard]] |date=February 25, 2015}}</ref>
* Simple Home Insurance Policy<ref>{{cite news |title=SBI General launches Simple Home Insurance Policy |url=http://realtyplusmag.com/sbi-general-launches-simple-home-insurance-policy/ |publisher=Realty Plus |date=November 2017}}</ref>
* Long Term two Wheeler Insurance policy<ref>{{cite news |title=SBI General launches long-term insurance for two-wheelers |url=https://www.financialexpress.com/money/insurance/sbi-general-launches-long-term-insurance-for-two-wheelers/521080/ |work=[[The Financial Express (India)|The Financial Express]] |date=January 25, 2017}}</ref>
* Cyber Defence Insurance for businesses<ref>{{cite news |title=SBI General launches cyber defence insurance for businesses |url=https://cio.economictimes.indiatimes.com/news/digital-security/sbi-general-launches-cyber-defence-insurance-for-businesses/68989232 |work=[[The Economic Times]] |date=April 22, 2019}}</ref>

== 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.<ref>{{cite news |title=SBI General Insurance wins accolades at Indian Insurance Awards, 2016– Fintelekt |url=https://www.indiainfoline.com/article/news-business/sbi-general-insurance-wins-accolades-at-indian-insurance-awards-2016-fintelekt-116070400103_1.html |publisher=[[India Infoline]] News |date=July 4, 2016}}</ref>

In June 2016, SBI General was awarded the [[The Economic Times|ET]] Best BFSI Brands 2016 Award in the general insurance category by [[The Economic Times]].<ref>{{cite news |title=SBI, Yes Bank, Reliance among winners at The Economic Times 'Best BFSI Brands 2016' |url=https://www.indiainfoline.com/article/news-top-story/sbi-yes-bank-reliance-among-winners-at-the-economic-times-best-bfsi-brands-2016-116061700063_1.html |publisher=[[India Infoline]] News|date=June 17, 2016}}</ref>

== See also ==
{{Portal|India|Companies}}
* [[SBI Capital Markets]]
* [[SBI Cards]]

== References ==
{{reflist|30em}}

==External links==
* {{official}}
{{Insurance in India}}
{{SBI}}

{{DEFAULTSORT:SBI General Insurance Company Limited}}
[[Category:State Bank of India]]
[[Category:Financial services companies based in Mumbai]]
[[Category:Financial services companies established in 2009]]
[[Category:General insurance companies of India]]
[[Category:Warburg Pincus companies]]
[[Category:Indian companies established in 2009]]
[[Category:2009 establishments in Maharashtra]]

SBI General Insurance - Revision history

CleanupBot II: Removed empty portal template using script

UpdateBot at 14:13, 1 July 2022

2401:4900:4197:73D1:69E3:F693:EE6E:CDDB: SBI General own by sbi bank