The Hindu Business Line : SBI signs pact with Insurance Australia

Mumbai, May 13 State Bank of India on Tuesday signed an agreement with Insurance Australia Group (IAG) of Australia for its general insurance business. The venture is likely to start operations in this fiscal, subject to regulatory approvals.

Equity participation is proposed at 74:26 between SBI and IAG, subject to the RBI approval, said a press release from the bank.

The release quoted Mr Deepak Chawla, Deputy Managing Director, Corporate Strategy and New Businesses, SBI, as saying, “IAG’s proven capabilities in technical and underwriting expertise, pricing and risk management, and its track-record in working successfully with other partners in the Asian region, make it an ideal partner.”

The release said IAG has operations in Australia, New Zealand, Thailand, Malaysia, China, Singapore and the UK through various brands. Its current underwriting business is more than A$ 7.5 billion of premium per annum. It employs more than 16,000 people and has a good presence in various segments of the general insurance market such as auto insurance, property and casualty and commercial business. It has experience in all channels of distribution including ‘bancassurance’ channel. SBI has a life insurance subsidiary for which it has tied up with Cardiff of France.

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