IAG Completes 26% Stake Sale In SBI General Insurance
Money & Banking
Australia’s IAG has exited SBI General Insurance by selling its entire 26 per cent stake in the general insurer. “IAG is pleased to advise it has completed the sale of its 26 per cent interest in SBI General in lndia,” State Bank of India said in a filing on Monday.
The transaction was originally announced in October last year where IAG would sell its stake to Premji Invest and Warburg Pincus Group.
“As a result, IAG will book a net profit on sale of its interest in SBI General of approximately $310 million in the second half of 2019-20,” SBI said, adding that the completed sale of the interest in SBI General has increased IAG’s regulatory capital position by nearly $450 million.
SBI owns 70 per cent stake in SBI General, which is an unlisted firm. SBI’s stake will remain unaffected.
Under the transaction, Napean Opportunities LLP (an affiliate of Premji Invest) will hold 16.01 per cent stake in SBI General Insurance (SBIG), WP Honey Wheat Investment will hold 9.99 per cent interest, PI Opportunities Fund-1 2.35 per cent stake and Axis New Opportunities AIF – I 1.65 per cent of the share capital of the company,vthe companies had said at the time.
IAG was looking to exit SBI General Insurance for some time with its focus on core territories of Australia and New Zealand
Published on
March 30, 2020
Australia’s IAG has exited SBI General Insurance by selling its entire 26 per cent stake in the general insurer. “IAG is pleased to advise it has completed the sale of its 26 per cent interest in SBI General in lndia,” State Bank of India said in a filing on Monday.
The transaction was originally announced in October last year where IAG would sell its stake to Premji Invest and Warburg Pincus Group.
“As a result, IAG will book a net profit on sale of its interest in SBI General of approximately $310 million in the second half of 2019-20,” SBI said, adding that the completed sale of the interest in SBI General has increased IAG’s regulatory capital position by nearly $450 million.
SBI owns 70 per cent stake in SBI General, which is an unlisted firm. SBI’s stake will remain unaffected.
Under the transaction, Napean Opportunities LLP (an affiliate of Premji Invest) will hold 16.01 per cent stake in SBI General Insurance (SBIG), WP Honey Wheat Investment will hold 9.99 per cent interest, PI Opportunities Fund-1 2.35 per cent stake and Axis New Opportunities AIF – I 1.65 per cent of the share capital of the company,vthe companies had said at the time.
IAG was looking to exit SBI General Insurance for some time with its focus on core territories of Australia and New Zealand
Published on
USAA And U.S.VETS Expand Effort To Prevent Veteran Homelessness Before It Starts
New Financial Resiliency Program Combines Housing, Coaching and Financial Services to Help 50,000 Veterans Build Lasting... Read more
USAA Bank Launches New Rewards Credit Cards, Delivering Higher Value For Everyday Spending
New survey data shows consumers increasingly rely on rewards to offset everyday expenses, from groceries to gas Read more
USAA Names Mara Motherway Senior Vice President And Head Of Government Relations
Jul 09 2026 SAN ANTONIO — July 9, 2026 — USAA today announced the appointment of Mara Moth... Read more
USAA And Wounded Warrior Project Launch $5 Million Initiative To Help Veterans Build Financial Security During The Transition To Civilian Life
Warrior Secure Start is a purpose-built program that combines financial education, personalized coaching and empowerment... Read more
USAA To Honor Those Who Made 250 Years Of Freedom Possible
Through partnerships, events and community engagements, USAA will celebrate the service members whose sacrifices helped ... Read more
USAA Introduces Smoky: A K9 Ambassador Rooted In Military Heritage And Well-being
Company launches first-ever Chief Pawsitivity Officer and announces $60,000 grant to K9s For Warriors to support veteran... Read more