SBI General Insurance

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SBI General Insurance Company Limited
IndustryFinancial services
Founded2009; 15 years ago (2009)
Headquarters
Mumbai
,
India
Area served
Worldwide
Key people
Prakash Chandra Kandpal
(MD & CEO)
Products
Number of employees
21,000
ParentState Bank of India (70%)
Websitewww.sbigeneral.in

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.[1] Other investors are Axis Bank Asset Management Co. Ltd, Premji Invest and Warburg Pincus.[2][3]

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 MD and 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[edit]

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 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 US$310 million (₹2,325 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.[13]

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

Tie-Ups[edit]

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[edit]

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 ₹6,840 crore for the FY19-20.[17]

Product and Services[edit]

  • SBI General Health Insurance Policy[18]
  • Group Health Insurance Policy (for Individuals & Family)[19]
  • Simple Home Insurance Policy[20]
  • Long Term Two Wheeler Insurance Policy[21]
  • Cyber Defence Insurance for Businesses[22]

Recognition[edit]

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.[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[edit]

References[edit]

  1. ↑ 1.0 1.1 "SBI drops IPO plans for general insurance arm; SBI Card listing likely in Q4". Business Today. 15 September 2019.
  2. ↑ Sinha, Shilpy (24 June 2019). "6 PE funds make the cut for 26% in SBI General". The Economic Times.
  3. ↑ "IAG exits SBI General Insurance, sells 26% stake for $310 mn". Money Control. Retrieved 30 March 2020.
  4. ↑ 4.0 4.1 4.2 Pullokaran, Jomy (10 May 2019). "SBI mulls listing of SBI Card and SBI General Insurance in FY20". CNBC TV18.
  5. ↑ Dutta, Indrani (30 November 2018). "SBI General IPO likely after polls". The Hindu.
  6. ↑ "SBI General Insurance Company". ICRA Limited. 2016.
  7. ↑ "SBI General Insurance Appoints PC Kandpal As MD & CEO". Business World. Retrieved 22 July 2020.
  8. ↑ "SBI General Insurance Appoints PC Kandpal As MD & CEO". Times Of India. Retrieved 21 July 2020.
  9. ↑ "PC Kandpal appointed MD & CEO SBI General Insurance". India Tv News. Retrieved 21 July 2020.
  10. ↑ "SBI General Insurance appoints PC Kandpal as MD, CEO". HR Economic Times. Retrieved 21 July 2020.
  11. ↑ "SBI sells 4% stake in SBI General Insurance for Rs 482 cr". Business Today. 27 September 2018.
  12. ↑ Sinha, Shilpi (24 June 2019). "6 PE funds make the cut for 26% in SBI General". The Economic Times.
  13. ↑ "IAG International divests its entire 26% stake in SBI General". Business Standard. Retrieved 27 March 2020.
  14. ↑ "SBI General Insurance collaborates with Policybazaar for distributing travel insurance to shield overseas travelers". Zee Business. 18 February 2019.
  15. ↑ "SBI General Insurance Announces Bancassurance Tie Up With Karnataka Gramin Bank". Business World. Retrieved 13 September 2019.
  16. ↑ "SBI General Insurance net down at ₹75 crore". Business Line. 18 July 2019.
  17. ↑ "SBI General Insurance FY20 net profit up 23.4% at Rs 412 crore". Retrieved 11 May 2020.
  18. ↑ Pradhan, Raj (8 May 2013). "SBI General health insurance policy offers location based premium". Moneylife.
  19. ↑ Saraswathy, M (25 February 2015). "SBI General launches health plan only for SBI & its associates' account-holders". Business Standard.
  20. ↑ "SBI General launches Simple Home Insurance Policy". Realty Plus. November 2017.
  21. ↑ "SBI General launches long-term insurance for two-wheelers". The Financial Express. 25 January 2017.
  22. ↑ "SBI General launches cyber defence insurance for businesses". The Economic Times. 22 April 2019.
  23. ↑ "SBI General Insurance wins accolades at Indian Insurance Awards, 2016– Fintelekt". India Infoline News. 4 July 2016.
  24. ↑ "SBI, Yes Bank, Reliance among winners at The Economic Times 'Best BFSI Brands 2016'". India Infoline News. 17 June 2016.

External links[edit]

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