| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 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 |
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.
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]
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]
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]
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]
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]
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.
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.
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.
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.
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.
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).
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.
Niva Bupa Health Insurance Company Limited is an Indian health insurance company, founded in 2008. It is headquartered in New Delhi, India.
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.
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.
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.
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.
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.
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