MUMBAI : Insurance Australia Group Ltd (IAG) on Thursday said it has agreed to sell its entire 26% stake in SBI General Insurance (SBIG) to Warburg Pincus and Premji Invest for $432.38 million. The country’s largest lender, State Bank of India (SBI), will continue to own 70% in its general insurance arm. India’s largest bank was earlier looking to list SBI General Insurance in fiscal 2021. In November 2018, SBI sold 4% stake in SBI General Insurance for ₹482 crore (around $66 million) to two alternative investment funds (AIFs)—Axis New Opportunities AIF-I and PI Opportunities Fund-I, an AIF of Premji Invest. SBI General Insurance sells motor, health, personal accident, travel and home insurance to retail customers and aviation, fire, marine, liability and cyber defence insurance policies in the commercial space.

Source: Mint October 17, 2019 17:37 UTC