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SBI General Insurance in talks with banks to expand bancassurance partners

IANS  |  Chennai 

In an effort to expand its channel, SBI General Company Ltd is in talks with state-run as well as for distributing its products, said a on Thursday.

Currently, a major chunk of the insurer's premium is obtained from its partners like the parent (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," Lisa Jeffery, Deputy CEO, told IANS.

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 partners.

Queried about increasing its stake to the legally permitted 49 per cent 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 is a joint venture between SBI and holds 26 per cent share in SBI General

In September, SBI sold a four per cent stake in SBI General at Rs 482 crore to (1.65 per cent) and Premji Invest (2.35 per cent), valuing the company at about Rs 12,000 crore.

After the deal, SBI holds a 70 per cent stake in SBI General

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 29 2018. 20:00 IST
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