SBI General Insurance

SBI General Insurance is a private general insurance company in India, founded in 2009. The company began operations in 2010 as a joint venture between the State Bank of India (SBI) and Insurance Australia Group (IAG). In 2019, IAG sold its entire 26% stake, which was acquired by Napean Opportunities LLP, an affiliate of Premji Invest, and Warburg Pincus.

The company is headquartered in Mumbai and has expanded its presence from 17 branches in 2011 to over 144 locations across India. SBI General Insurance utilizes a multi-distribution model that includes bancassurance, agency, broking, and digital channels. This network leverages over 22,000 SBI branches, agents, and other partners to reach customers in both urban and remote areas of the country. As of June 2024, the company is led by Managing Director & CEO Naveen Chandra Jha, who was nominated by the parent company, State Bank of India. Jha has been with SBI since 1994 and has held various roles in branch management, credit, and risk management.

SBI General Insurance offers a comprehensive range of products for retail, corporate, and SME clients. For individual customers, the portfolio includes health, motor, home, travel, and personal accident insurance. The corporate segment is served with products such as fire, marine, aviation, property, casualty, and liability insurance. The company also provides rural-focused products like crop and cattle insurance. Revenue is generated through the sale of these insurance policies. In the fiscal year 2023-24, the company reported a Gross Written Premium (GWP) of ₹12,731 crores, a 17% increase from the previous year.

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