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SBI General Insurance will consider an initial public offering “at the right time”, its Managing Director and CEO Pushan Mahapatra said on Friday, but indicated that there is no definite timeline for it.
“The IPO will happen at the right time. There is no decision as of now,” he said on the sidelines of an insurance conference organised by FICCI. SBI Life Insurance had listed on the bourses in 2017, and there has been expectation of a similar exercise by the general insurer as well, possibly this fiscal.
SBI General Insurance, which started operations in 2010, is a joint venture between State Bank of India and Insurance Australia Group (IAG). There have also been reports that Insurance Australia Group is looking to exit its holding in the general insurer. Mahapatra, however, declined to comment on it. Talking about plans for the current fiscal, Mahapatra said the insurer will continue its focus on home, health, and SME insurance.
He also said the insurer is investing heavily in digital technology. “We expect 5 per cent of our sales from online channels in the next three years,” he said.
For 2018-19, the insurer posted a profit before tax of ₹470 crore, which was 11 per cent higher than the previous fiscal.
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