The UK-based Lloyd’s, the world’s leading provider of specialist insurance services, and leading global reinsurers, Germany’s Munich Re Group and Switzerland’s Swiss Re, are in talks with the State Bank of India (SBI), the country’s largest bank, for partnering in its general insurance foray. The partner is likely to be finalised in the next two months.
A senior SBI official said, “We will be partnering with a foreign reinsurer for our non-life insurance business and discussions are currently on with the world’s leading reinsurers.”
The bank is in the process of appointing an advisor to zero in on a foreign partner, according to sources within. The plans for venturing into general insurance come at a time when the bank is planning to hive off stakes in its life insurance and asset management companies to a separate holding company.
SBI holds 74 per cent stake in its life insurance venture, with Cardif SA of France owning the rest. The life insurance venture would require incremental capital of Rs 600 crore every year.
Read more in The Business Standard article.
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