SBI General, banks to expand network

Currently, a major chunk of the insurer’s premium is obtained from its bancassurance partners like the parent State Bank of India (SBI)) and others. “We are in discussions with public and private sector banks. Since the talks are still in progress, it will be too soon to discuss,” said Lisa Jeffery, Deputy CEO.

During the first half of the current fiscal year to March, SBI General earned Rs 2,064.4 crore premium income. Out of that, about Rs 763 crore is from its bancassurance partners.

On IAG International increasing its stake to the legally permitted 49 pc in SBI General Insurance, Jeffery said: “IAG and SBI are in talks with respect to stake increase. However, this conversation is between the parent companies and we have no updates on the same.” The non-life insurer is a JV between SBI and IAG International. IAG International holds 26 pc share in SBI General Insurance. In September, SBI sold a four per cent stake in SBI General at Rs 482 cr to Axis New Opportunities Fund (1.65 pc) and Premji Invest (2.35 pc), valuing the company at about Rs 12,000 crore.