A joint venture between a Sydney-based multinational insurance company and an Indian banking and financial services firm is mulling over taking its general insurance business public next fiscal - but has dismissed any such move this year.
SBI General Insurance, a provider of health, motor, travel, and home insurance, is a joint venture between IAG
and State Bank of India (SBI), where the Australian insurer holds a 26% stake, while SBI owns 74%.
“It has reported profit in 2016-17 and we will wait for a year or so before going for IPO,” Dinesh Kumar Khara, SBI MD (associates and subsidiaries), told Press Trust of India (PTI).
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Khara revealed, however, that the insurer’s life division will go in for the IPO within a few months, wherein SBI will offload an 8% stake, while its foreign partner Cardif proposes to sell 4%.
Speaking about SBI General Insurance, Khara said it achieved break-even in 2016-17 and posted a Rs 153 crore profit as against a Rs 120 crore loss the year before, PTI reported.
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