SBI General Insurance

Last updated

SBI General Insurance Company Limited
Company typePrivate
Industry Financial services
Founded2009;15 years ago (2009)
Headquarters,
India
Area served
Worldwide
Key people
Naveen Chandra Jha
(MD & CEO)
Anand Pejawar (Deputy Managing Director)
Products
Number of employees
7026
Parent State Bank of India (69.95%)
Website www.sbigeneral.in

SBI General Insurance Company Limited is a general insurance company founded in 2009. [1] It started operations in 2010 and is headquartered in Mumbai, India.

Contents

The company offers a range of general insurance products including insurance for automobile, home, personal accident, travel, energy, marine, property and casualty as well as specialized financial lines. [2] [3]

Since 2009, the company has expanded significantly, from 17 branches in 2011 to over 143 locations nationally. [4]

History

SBI General Insurance was founded in 2009. [5] It started operations in 2010, as a joint venture between State Bank of India (SBI) and Insurance Australia Group (IAG). [6]

In September 2018, the company sold a 4 per cent stake to Axis Asset Management Company and Premji Invest for 4.82 billion (US$58 million) crore. [7]

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. [8] The same year, the company partnered with PolicyBazaar to sell travel insurance to overseas travellers [9] and announced Bancassurance tie-Up with Karnataka Gramin Bank. [10]

Financials

SBI General Insurance recorded considerable growth in FY 2023-24, with a 17% increase in Gross Written Premium (GWP) to INR 12,731 crores. [11]

Product and Services

SBI General offers a range of insurance policies in many business lines. [12] It has products for the retail segments like, health insurance, motor insurance, home insurance, travel insurance, personal accident insurance and new age products like cyber insurance. [13] [14] The company also has corporate products like fire insurance, marine insurance, liability insurance and property insurance. [15] They also offer products for rural people like crop insurance and cattle insurance. [16]

Recognition and other activities

SBI General has received accolades for its products, services and CSR initiatives, including the FICCI Insurance Industry Awards, awards organized by Outlook Money, Business Today – Money Today, ICC Social Impact Awards and InsureNext Awards. [17]

Under the CSR programme, SBI General has been associating with various NGOs and programs to serve the most vulnerable communities by contributing to various areas such as health, road safety, sanitation, education, sustainability and livelihoods. [18]

See also

Related Research Articles

<span class="mw-page-title-main">State Bank of India</span> Indian public sector bank

State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra. It is the 47th largest bank in the world by total assets and ranked 221st in the Fortune Global 500 list of the world's biggest corporations of 2020, being the only Indian bank on the list. It is a public sector bank and the largest bank in India with a 23% market share by assets and a 25% share of the total loan and deposits market. It is also the tenth largest employer in India with nearly 250,000 employees. In 2023, the company’s seat in Forbes Global 2000 was 77.

<span class="mw-page-title-main">Punjab National Bank</span> Indian public sector bank

Punjab National Bank is an Indian government public sector bank based in New Delhi. It was founded in May 1894 and is the second-largest public sector bank in India in terms of its business volumes, with over 180 million customers, 12,248 branches, and 13,000+ ATMs.

Housing Development Finance Corporation was an Indian private sector mortgage lender based in Mumbai. It was the biggest housing finance company in India. It also had a presence in banking, life and general insurance, asset management, venture capital and deposits through its associate and subsidiary companies.

<span class="mw-page-title-main">Reliance Capital</span> Indian Financial Services company

Reliance Capital Limited is an Indian diversified financial services holding company promoted by Reliance Anil Dhirubhai Ambani Group. Reliance Capital, a constituent of Nifty Midcap 50 and MSCI Global Small Cap Index, is a part of the Reliance Group. It is amongst India's leading and most valuable financial services companies in the private sector. As on 31 March 2017, the net worth of the company stood at ₹16,548 crore, while its total assets as on the date stood at ₹82,209 crore. In Fortune India 500 list of 2018, Reliance Capital was ranked as the 77th largest corporation in India with 5th rank in 'Non-Banking Finance' category.

<span class="mw-page-title-main">Life Insurance Corporation</span> Indian public sector life insurer

Life Insurance Corporation of India (LIC) is an Indian multinational Central Public sector life insurance company headquartered in Mumbai. It is India's largest insurance company as well as the largest institutional investor with total assets under management worth 52.52 trillion (US$630 billion) as of March 2024. It is under the ownership of Government of India and administrative control of the Ministry of Finance.

Insurance Australia Group Limited (IAG) is a multinational insurance company. It is the largest general insurance company in Australia, and also the largest in New Zealand through its subsidiary IAG New Zealand. IAG had its origins in the National Roads and Motorists' Association NRMA. It is headquartered in Sydney, Australia.

ICICI Lombard General Insurance Company Limited is a general insurance company in India. It is engaged in general insurance, reinsurance, insurance claims management and investment management.

<span class="mw-page-title-main">TATA AIG</span> Indian general insurance company and joint venture

Tata AIG General Insurance Company Limited is an Indian general insurance company and a joint venture between the Tata Group and American International Group (AIG). Tata Group holds a 51 percent stake in the insurance venture with AIG holding the balance of 49 percent.

Cardif is an international insurance company based in France with a presence worldwide. The company is part of the BNP Paribas Group.

<span class="mw-page-title-main">Exide Life Insurance</span> Indian life insurance company

Exide Life Insurance Company Limited was an Indian life insurance company. Exide Life Insurance distributed its products through multiple channels. The agency channel consisted of over 40,000 advisors who were attached to over 200 company offices across the country. The company had over 15 lakh customers and managed over INR 18,000 crores in assets. It had been operating since 2001 and was headquartered in Bangalore. It dealt with life insurance products, providing long-term protection and savings option. The company merged with HDFC Life in late 2022.

SBI Life Insurance Company Limited is an Indian life insurance company which was started as a joint venture between State Bank of India (SBI) and French financial institution BNP Paribas Cardif. SBI has a 55.50% stake in the company and BNP Paribas Cardif owns a 0.22% stake. Other investors are Value Line Pte. Ltd. and MacRitchie Investments Pte. Ltd., holding a 1.95% stake each while the remaining 12% is free float stake with public investors.It has Assets under management(AuM) worth 352,422 crore (US$42 billion) and a Gross Written Premium(GWP) of 67,320 crore (US$8.1 billion) as of March 2023. SBI Life has an authorized capital of 20 billion (US$240 million) and a paid up capital of 10 billion (US$120 million).

<span class="mw-page-title-main">Star Health and Allied Insurance</span> Indian insurance company based in Chennai

Star Health and Allied Insurance Co Ltd is an Indian multinational health insurance company headquartered in Chennai. The company provides services in health, personal accident and overseas travel insurance, directly as well as through various channels like agents, brokers and online. Star Health is also prominently into bancassurance having long standing relationship with various banks.

Public Sector Undertakings (Banks) are a major type of government-owned banks in India, where a majority stake (i.e., more than 50%) is held by the Ministry of Finance (India) of the Government of India or State Ministry of Finance of various State Governments of India. The shares of these government-owned-banks are listed on stock exchanges. Their main objective is social welfare.

<span class="mw-page-title-main">Niva Bupa</span> Indian health insurance company

Niva Bupa Health Insurance Company Limited is an Indian health insurance company, founded in 2008. It is headquartered in New Delhi, India.

<span class="mw-page-title-main">Liberty General Insurance</span> Indian Insurance Company

Liberty General Insurance Limited is a private general insurance company headquartered in Mumbai, India. It is a joint venture among US property casualty insurer Liberty Mutual Insurance Group, Indian private investment fund Enam Securities, and Indian industrial conglomerate DP Jindal Group.

<span class="mw-page-title-main">The Oriental Insurance Company</span> Indian public-sector insurer

The Oriental Insurance Company Ltd. (OICL) is an Indian public sector insurance company owned by the Government of India and administered by the Ministry of Finance. Headquartered in New Delhi, the company has 29 regional offices and more than 2,000 active branches nationwide. It also has branches in Nepal, Kuwait, and Dubai that together yielded a Gross Premium of 377.70 crore (US$45 million) during the year 2022-23. It recorded a gross premium of 15,993 crore (US$1.9 billion) in the financial year 2022–23.

<span class="mw-page-title-main">Future Generali India Insurance</span> Insurance company in India

Future Generali India Insurance (FGII) Company Limited is a private general insurance company in India. The company is a joint venture between the Future Group and Generali Participations Netherlands N.V.. As of 2022, Generali Group it is the largest insurance company in Italy and ranks among the world's largest insurance companies by net premiums and assets. The company's portfolio comprises insurance products categorised within Personal, Commercial and Social/Rural Insurance.

<span class="mw-page-title-main">Canara HSBC Life Insurance</span> Indian insurance company

Canara HSBC Life Insurance is an Indian life insurance company, headquartered in Gurugram. Established in 2008, Canara HSBC Life Insurance was a joint venture between Canara Bank (51%), HSBC Insurance Holdings Limited (26%) and Punjab National Bank (23%). On 15 June 2022, the company renamed itself as Canara HSBC Life Insurance after the exit of its third partner, Punjab National Bank.

ICICI Prudential Life Insurance Company Limited is an Indian life insurance company in India. Established as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited, ICICI Prudential Life is engaged in life insurance and asset management business. In 2016, the company became the first insurance company in India to be listed in the domestic stock exchanges.

<span class="mw-page-title-main">Future Generali India Life Insurance</span> Indian life insurance company

Future Generali India Life Insurance Company Limited (FGILI) is an Indian publicly held life insurance company headquartered in Mumbai, India. It is a joint venture between Generali Group, an Italian insurance company based in Trieste, and Future Group, an Indian conglomerate, founded by Kishore Biyani and based in Mumbai. FGILI has operations in over 1,100 locations across India.

References

  1. "IAG exits SBI General Insurance, sells 26% stake for $310 mn". Moneycontrol. Retrieved 25 July 2022.
  2. Dutta, Indrani (30 November 2018). "SBI General IPO likely after polls". The Hindu .
  3. Sinha, Shilpy. "SBI: 6 PE funds make the cut for 26% in SBI General". The Economic Times. Retrieved 25 July 2022.
  4. "Branch Network in India".
  5. "SBI General Insurance begins operations in Mumbai". The Hindu. PTI. 27 March 2010. ISSN   0971-751X . Retrieved 25 July 2022.
  6. Pullokaran, Jomy (10 May 2019). "SBI mulls listing of SBI Card and SBI General Insurance in FY20". CNBC TV18.
  7. "SBI sells 4% stake in SBI General Insurance for Rs 482 cr". Business Today. 27 September 2018.
  8. "IAG International divests its entire 26% stake in SBI General". Business Standard. Retrieved 27 March 2020.
  9. "SBI General Insurance collaborates with Policybazaar for distributing travel insurance to shield overseas travelers". Zee Business. 18 February 2019.
  10. "SBI General Insurance Announces Bancassurance Tie Up With Karnataka Gramin Bank". Business World. Retrieved 13 September 2019.
  11. "Increase in GWP in FY 2023-24".{{cite web}}: CS1 maint: url-status (link)
  12. Pradhan, Raj (8 May 2013). "SBI General health insurance policy offers location based premium". Moneylife.
  13. Saraswathy, M (25 February 2015). "SBI General launches health plan only for SBI & its associates' account-holders". Business Standard .
  14. "SBI General launches Simple Home Insurance Policy". Realty Plus. November 2017.
  15. "SBI General launches long-term insurance for two-wheelers". The Financial Express . 25 January 2017.
  16. Kulkarni, Vishwanath (13 July 2022). "nurture.farm partners SBI General Insurance, Future Generali to extend coverage to farmers". www.thehindubusinessline.com. Retrieved 26 July 2022.
  17. Team, C. R. I. (5 July 2016). "SBI General is number 1 in "Under-served market"". Corporate Risks India Insurance Brokers Pvt. Ltd. Retrieved 27 July 2022.
  18. "SBI General Insurance Collaborates with Maharashtra Police to Support the 'Mrityunjay Doot' Scheme". ANI News. Retrieved 26 July 2022.