SBI General Insurance, a subsidiary of SBI, on Friday reported a 11.3 per cent rise in profit before tax at Rs 470 crore for the financial year ended March. It was Rs 422 crore in previous year. The solvency ratio for FY18–19 is 2.34 against 2.54 for the same period last year. SBI General is looking at listing of its shares in the second half of the current financial year. Joint venture partners — SBI and Insurance Australia Group — are working on modalities for listing after September 2019, top company executive said.
A senior SBI executive also confirmed that groundwork is being done for taking company public in Q3 and Q4 of FY20.
Pushan Mahapatra, MD & CEO of SBI General Insurance, said there were no plans for fresh capital infusion for now. The company will be in position to support business plans with internal resources.