IAG in talks over possible stake sale - reports

IAG in talks over possible stake sale - reports | Insurance Business

IAG in talks over possible stake sale - reports

An Australian insurance giant has held talks with external parties on the potential sale of all or part of its stake in a $1.73 billion insurance joint venture with India’s largest lender.

Insurance Australia Group (IAG) owns a 26% stake, worth about 30 billion rupees ($433.2 million), in SBI General Insurance Company (SBIG), with State Bank of India (SBI) owning the remaining 74%.

IAG was responding to a report by Indian newspaper The Economic Times, which cited unnamed sources saying that six private equity funds, including PremjiInvest, Carlyle, ChrysCapital, and GICNSE of Singapore, were potentially interested in acquiring the SBI stake, Reuters and AAP reported.

The insurer said it will keep the market posted about any agreement reached about the stake sale.