NEW DELHI: SBI General Insurance Company on Wednesday announced the appointment of Naveen Chandra Jha as its new Managing Director and Chief Executive Officer.

He was nominated by the parent company, State Bank of India, for the position. He succeeds Kishore Kumar Poludasu.

Jha has been associated with the State Bank of India since 1994 and has held several key positions during his tenure.

Prior to his current role at SBI General Insurance, Jha served as Deputy Managing Director of SBI.

During the year ended on March 31, 2024, the bank infused additional capital of Rs 489.67 crore in SBI General Insurance Company Ltd. The company has also allotted ESOP (Employee Stock Ownership Plan) to employees and consequently, the bank's stake has decreased from 69.95 per cent to 69.11 per cent.