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SBI General Insurance: Difference between revisions
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{{Use dmy dates|date=June 2022}} | |||
{{Use Indian English|date=June 2022}} | |||
{{Infobox company | {{Infobox company | ||
| name = SBI General Insurance Company Limited | | name = SBI General Insurance Company Limited | ||
| Line 14: | Line 16: | ||
| romanized_name = | | romanized_name = | ||
| former_name = | | former_name = | ||
| type = | | type = [[Private in India|Private]] | ||
| traded_as = | | traded_as = | ||
| ISIN = | | ISIN = | ||
| Line 23: | Line 25: | ||
| predecessor = <!-- or: | predecessors = --> | | predecessor = <!-- or: | predecessors = --> | ||
| successor = <!-- or: | successors = --> | | successor = <!-- or: | successors = --> | ||
| founded = 2009 | | founded = {{Start date and age|2009||}} | ||
| founder = <!-- or: | founders = --> | | founder = <!-- or: | founders = --> | ||
| defunct = <!-- {{End date|YYYY|MM|DD}} --> | | defunct = <!-- {{End date|YYYY|MM|DD}} --> | ||
| hq_location = | | hq_location = | ||
| hq_location_city = [[Mumbai]] | | hq_location_city = [[Mumbai]] | ||
| hq_location_country = | | hq_location_country = India | ||
| num_locations = | | num_locations = | ||
| num_locations_year = <!-- Year of num_locations data (if known) --> | | num_locations_year = <!-- Year of num_locations data (if known) --> | ||
| area_served = Worldwide | | area_served = Worldwide | ||
| key_people = Prakash Chandra Kandpal (CEO) | | key_people = Prakash Chandra Kandpal<br>{{small|([[Managing director|MD]] & [[Chief executive officer|CEO]])}} | ||
| products = {{ | | products = {{Bulleted_list|[[Health insurance]] |[[Vehicle insurance]] |[[Accident insurance]] |[[Travel insurance]] |[[Home insurance]] |[[Aviation insurance]] |[[Fire insurance]] | [[Liability insurance]] | [[Crop insurance]] }} | ||
| brands = | | brands = | ||
| production = | | production = | ||
| Line 62: | Line 64: | ||
| footnotes = | | footnotes = | ||
}} | }} | ||
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 | '''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]] owns 70 percent of the total capital.<ref name=":0" /> Other investors are [[Axis Bank#Susidiaries|Axis Bank Asset Management Co. Ltd]], Premji Invest and [[Warburg Pincus]].<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=24 June 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=10 May 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=30 November 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> | 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 | The current [[Managing director|MD]] and [[Chief executive officer|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 == | == 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 /> | 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 | In September 2018, the company sold a 4 per cent stake to [[Axis Bank#Subsidiaries|Axis Asset Management Company]] 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=27 September 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 | 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=24 June 2019}}</ref> | ||
In October 2019, IAG sold its entire stake of 26 per cent for USD | In October 2019, IAG sold its entire stake of 26 per cent for {{currency|310|USD}} million ({{currency|2325|INR}} crore). Out of this, 16.01 per cent stake was acquired by Napean Opportunities LLP (an affiliate of Premji Invest) and the remaining 9.99 per cent stake was acquired by [[Warburg Pincus]].<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 | As on 31 March 2021, SBI General Insurance is ranked 12th in the industry. | ||
== Tie-Ups == | == Tie-Ups == | ||
In February 2019, SBI General Insurance partnered with | 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=18 February 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> | 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 == | == 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 | 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=18 July 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=15 September 2019}}</ref> | ||
FY19-20, | FY19-20, the SBI General Insurance registered 23.4 percent growth with a profit of {{currency|412|INR}} crores. Its revenue grew by 45 percent to reach {{currency|6840|INR}} 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 == | == Product and Services == | ||
* SBI General | * 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=8 May 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 | * 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=25 February 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> | * 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 | * 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=25 January 2017}}</ref> | ||
* Cyber Defence Insurance for | * 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=22 April 2019}}</ref> | ||
== Recognition == | == 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 | One of the most awarded general insurance companies in India, SBI General has won numerous recognition for its products, services and CSR activities. 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=4 July 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 | 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=17 June 2016}}</ref> | ||
== See also == | == See also == | ||
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== References == | == References == | ||
{{reflist | {{reflist}} | ||
==External links== | ==External links== | ||