SBI General Insurance to Consider IPO at the Right Time
Updated On Oct 26, 2020
The news of SBI General Insurance considering an initial public offering or IPO has been doing rounds from the past few days. As per Pushan Mahapatra, Managing Director and CEO, SBI General Insurance, the insurer will consider an IPO when the time is right, as of now, no time line has been set for IPO consideration. Commenting on the sidelines of an insurance conference organised by FICCI, Pushan Mahapatra said, “The IPO will happen at the right time. There is no decision as of now.”
Talking about plans for the current fiscal, Mahapatra said that the focus of the insurer will continue to remain on home, health, and SME insurance. He confirmed that SBI General Insurance is investing heavily in digital technology. “We expect 5 per cent of our sales from online channels in the next three years,” he added.
SBI General Insurance, which is a joint venture between State Bank of India and Insurance Australia Group (IAG). Few reports suggest that Insurance Australia Group is looking forward to exiting its holding in the general insurer. For 2018-19, the insurer posted a profit before tax of Rs. 470 Crore, which was 11% higher than the previous fiscal.
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