Sbi General Insurance

SBI General Insurance appoints Naveen Chandra Jha as its new MD & CEO

SBI General Insurance Company on Wednesday announced the appointment of Naveen Chandra Jha as its new Managing Director and Chief Executive Officer. He was nominated by the parent company, State Bank of India, for the position. He succeeds Kishore Kumar Poludasu. Jha has been associated with the State Bank of India since 1994 and has held several key positions during his tenure. Prior to his current role at SBI General Insurance, Jha served as Deputy Managing Director of SBI. During the year ended on March 31, 2024, the bank infused additional capital of Rs 489.67 crore in SBI General Insurance Company Ltd. The company has also allotted ESOP (Employee Stock Ownership Plan) to employees and consequently, the bank's stake has decreased from 69.95 per cent to 69.11 per cent.

SBI General Insurance withdraws Arogya Plus policy with effect from Oct 5

According to the press release by the company, "This decision is part of our ongoing commitment to continuously review and refine our product offerings to better serve our customers' evolving needs"

There's distrust regarding claim settlements: PolicyBazaar's Yashish Dahiya

Ritesh Kumar of HDFC Ergo said, "At the core, health insurance needs to be affordable. It's a complex problem as we are a regulated industry but the provider (health service) is not regulated."

General insurance will grow by 18-24% in FY24: Kishore Kumar Poludasu

SBI General Insurance is a multi-product and multi-channel distribution network, said Poludasu

Odisha tragedy: Only 30% opted for world's cheapest travel insurance

Railways' plan, costing just 35 paise per passenger, offers a cover of up to Rs 10 lakh

SBI General unveils 'Surety Bond Bima' for infrastructure projects

SBI General Insurance, the non-life insurance arm of State Bank of India (SBI), on Tuesday announced the launch of the General Surety Bond Bima (Conditional & Unconditional)' insurance product. Surety Bond Insurance will act as a security arrangement for infrastructure projects and will insulate the contractor as well as the principal (contract awarding authority). The product is designed to provide protection against breach of terms and conditions by the contractors either during the bidding stage or during the performance stage of a project, SBI General said in a statement. The Surety insurance product consists of a wide range of bonds, such as bid bonds, advance payment bond, performance bond, and retention money bond, it said. The product caters to the requirements of a diversified group of contractors, many of whom are operating in today's increasingly volatile environment, he said while launching the product. Additionally, the statement said, there are two variants available

SBI General FY23 net profit jumps 40% to Rs 184 cr, premium up by 17.6%

SBI General Insurance, the unlisted arm of State Bank, on Friday said its net income surged 40 per cent year-on-year to Rs 184 crore in FY23 on a gross written premium income of Rs 10,888 crore. The company said it could sustain the strong growth momentum through the year, as visible from the 40 per cent jump in net profit and 17.6 per cent growth in gross premium over the 12 trailing months. It said the year also saw its market share rise to 4.21 per cent with over 22 crore customers. The solvency ratio stood at 1.72x, marginally higher than the regulatory mandate of 1.5x, the company said. The privately held arm of the nation's largest bank did not offer a detailed financial statement, such as investment gains/loss, the combined ratio, which is the key profitability metric for a general insurer, investment details and other numbers. The managing director and chief executive Kishore Kumar Poludasu said the year saw the company achieve the milestone of being one of the early compa

IRDAI imposes Rs 30 lakh penalty on SBI General Insurance Company

Regulator IRDAI has imposed a penalty of Rs 30 lakh on SBI General Insurance Company for its failure to comply with the third-party motor insurance regulations.

SBI General insurance net profit grows 32% to Rs 544 cr in FY21

The results are for the fiscal ended March 3, 2021.

Future Enterprises board meet on September 7, to take up RIL deal today

Company's board to meet today on sale of retail arms to RIL

Future group eyes insurance biz sale to SBI General, Premji Invest

The Future group holds 51 per cent in the general insurance business, while the rest is owned by Italy's Generali group.

SBI may take 3 years to list general insurance arm: Chairman Rajnish Kumar

SBI had last year listed its life insurance arm and the proceeds came in handy to fight difficulties in asset quality. It is also planning to part-sell its stake in SBI Cards

IAG sells its stake in SBI General Insurance for over Rs 3000 crore

Insurance Australia Group will sell 16.01 per cent of its 26 per cent stake to Napean Opportunities LLP, an affiliate of Premji Invest, a private equity firm

IAG to sell stake in SBI General Insurance to Premji Invest, Warburg Pincus

SBI and lnsurance Australia Group (IAG) currently own 70 per cent and 26 per cent, respectively, in SBI General Insurance

SBI General Insurance aims at Rs 6,000-crore premium income in FY20

The company is bullish on SME and health segments to counter slowdown in auto space

SBI General Insurance sets target of 30% spike in premium collection

SBI General Insurance is also investing heavily in digital, partnership and analytics space, says MD Pushan Mahapatra

SBI General net profit grows by 64 per cent to Rs 2.17 bn for H1 FY19

The company said that it made an underwriting profit of Rs 370 million in H1 FY2019 as against an underwriting loss of Rs 600 million during the same period of last financial year

SBI Gen Insurance bets on cyber protection, eyes 30% jump in premium income

Firms in which IP is critical, such as pharma and research and knowledge-based organisations, were taking the lead in seeking cyber covers to protect their computer systems from hack attacks

SBI General Insurance Q1 net profit rises 126% to Rs 1.13 billion

Gross Written Premiums (GWP) has grown by 51 per cent over the past year to Rs 10.11 billion

SBI General Insurance net profit doubles to Rs 1.13 billion in June quarter

Solvency ratio improved to 2.38 in the reporting quarter, from 2.30 in the same period last year