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The Micro, Small &amp; Medium Enterprises (MSMEs) have been contributing significantly to the country’s economy and serve as a robust platform for business innovation. According to the MSME ministry data, there are about 6.3 crore MSMEs in India, which provide employment to approximately 11.10 crore Indians and contribute to about 27% to the country's GDP. It is important to note that the micro segment is more than 99% of the MSME population, while the Small &amp; Medium segment is less than 1% of the MSME universe. Compared to large or multinational firms backed by relatively deeper pockets, MSMEs require a bare minimum protection plan for managing the risks. The Union Budget FY22-23 also re-emphasised the need to make the MSME sector more robust and provide ways and means to mitigate the risks such as fire, theft, or worker safety. Most of these MSMEs often are business ventures where the promoter has invested their lifetime savings or borrowed money to start a new business. Given their small size and scale of operations, most of these MSME units are prone to risks that threaten their overall business objective – something that they put in years to scale up. Insurance offers protection from sudden shocks and uncertainties and helps mitigate adverse effects on the long-term business plan of the MSME, thus ensuring longevity and sustenance of the business. Why do MSMEs need to insure their business? MSMEs should understand and evaluate their risks and identify the optimal size of insurance covers based on their business activity and asset size. The probability of certain threats and perils might seem low and to save premiums these firms might remain underinsured or even uninsured. However, in the face of adversities, the damage caused and the stakes lost end up being much higher. MSMEs must pick the right insurance plan to avoid being underinsured. As the business grows, so does the allocated budget for insurance and risk mitigation measures. The decision on which kind of insurance protection plan an MSME unit needs must be made bearing certain factors in mind – nature of business, employee strength, and financial capability of the company, among others. Some of the key products that MSMEs could opt for are: 1. Bharat <keyword id="11967149" type="General" weightage="80" keywordseo="sookshma-udyam-suraksha" source="Orion">Sookshma Udyam Suraksha</keyword> &amp; Bharat Laghu Udyam Suraksha <ul><li>This is the newly devised asset insurance products for MSME sector from insurance regulator (IRDAI) and effective from April 1, 2021. These products protect MSME from fire, flood, and earthquakes among other perils. There are two schemes under this</li><li>Bharat Sookshma Udyam Suraksha, which is for MSME units having value at risk up to ₹5 crores</li><li>Bharat Laghu Udyam Suraksha for units having value at risk above ₹5 crore.</li></ul>2.Trade Credit InsuranceThis protects the enterprise from payment risks resulting from an issue regarding delivery of goods and services. 3. <keyword id="1672191" type="General" weightage="80" keywordseo="cyber-insurance" source="Orion">Cyber Insurance</keyword> coverage Adequate cyber insurance coverage is a must in today’s environment and can be the perfect risk mitigating tool against cyber threats of all kinds. 4. Marine Cargo Insurance Provides wide coverage for loss or damage caused to the cargo whilst in transit between any two points by sea/air/rail/road/courier. 5. <keyword id="5139309" type="General" weightage="80" keywordseo="group-medical" source="Orion">Group Medical</keyword> coverage policy For the employees of the MSME thereby building employee loyalty and faith by promoting a cohesive, healthy working environment. Besides these, there are numerous other insurance covers like Liability Insurance, Motor Insurance, etc. that cover multiple aspects depending on the nature of business of an MSME business While there is a rise in awareness about insurance, MSMEs are gradually understanding the importance of insurance as a risk mitigation tool because that is often the only saviour that helps them get back on their feet as quickly as possible, when adversity strikes, and the pandemic has made this more evident than ever before. This article is authored by Anand Pejawar, Deputy Managing Director at <keyword id="6400643" type="General" weightage="80" keywordseo="sbi-general-insurance" source="Orion">SBI General Insurance</keyword>. The opinions expressed are those of the author and do not necessarily reflect the views of Business Insider India.

MSMEs run on promoter’s savings and need insurance as much as other businesses

<ul><li><keyword id="6400643" type="General" weightage="20" keywordseo="SBI-General-Insurance" source="Orion">SBI General Insurance</keyword> has a new <keyword id="8248210" type="General" weightage="20" keywordseo="sonic-identity" source="Orion">sonic identity</keyword> now. </li><li>The company’s musical id is envisaged to create a deep and multisensory experience for its customers and thereby amplify its key messaging of trust and support.</li></ul>SBI General Insurance (SBIG) today launched its signature tune, thereby establishing its <keyword id="11998803" type="General" weightage="20" keywordseo="sonic-brand-identity" source="Orion">sonic brand identity</keyword>. The newly launched musical id is a delightful symphony that encapsulates modern and forward-looking attitude. The company’s musical id is envisaged to create a deep and multisensory experience for its customers and thereby amplify its key messaging of trust and support. The music id will act as the brand’s signature tune, thereby integrating the tune in digital touch points. This sonic tune is a celebration of SBIG’s new brand identity which was launched last year. <div type="Youtube" id="7KgDorVyCnU" title="SBI General Insurance | Sound of Suraksha Aur Bharosa Dono" thumbUrl="https://i.ytimg.com/vi/7KgDorVyCnU/mqdefault.jpg"></div> Shefali Khalsa, Head – Brand &amp; Corporate Communication, SBI General Insurance shares, “Sound has great power and can connect with people at a deeper level. Our musical logo is designed to succinctly convey and resonate SBIG’s brand presence and underline the brand promise of “Suraksha Aur Bharosa Dono”. The sonic derived and launched is vibrant and energetic, indicating that SBI General as progressive.” SBI General having a strong foundation with multiple milestones, this new sonic identity will be another milestone in the trajectory.

SBI General Insurance launches its sonic brand identity

New Delhi, Reliance Capital's (RCAP) expression of interest (EOI) for asset monetisation garnered mega response with 60 bids being received. <keyword id="13222" type="DOMAIN" weightage="20" keywordseo="SBI">SBI</keyword> Life and Apollo are among the 10 new bidders who have submitted expressions of interest for Reliance Capital's assets, taking the total number of bids to 60. December 1 was earlier the deadline for the submission of EOIs. Over 60 different bids have been received with SBI Capital Markets Limited and JM Financial Services Limited, the advisors to the lenders. Later the date for submitting the bids was extended to December 17. Over eight bidders have bid for entire RCAP assets on an as-is-where-is basis. The prominent among them are Oaktree, J.C. Flower and multiple ARCs. For Reliance General Insurance, which is owned 100% by RCAP, there are 18 bidders and prominent among them are, Chryscap, J.C. Flower, Blackstone, KKR, CVC Capital Partners, and Bain Capital. For Reliance Nippon Life Insurance, in which RCAP owns 51% controlling stake, has received 16 bids, including Bain Capital, NIIF, Arpwood Partners, Dabur Investments, Bandhan Bank, and <keyword id="884924" type="COMPANY" weightage="20" keywordseo="Multiples-Asset-Management">Multiples Asset Management</keyword> among others. For Reliance Securities, there are eight bidders, including Bain Capital, Religare Broking, Edelweiss Securities and other ARCs. For Reliance ARC, there are six bidders, including Bain Capital, International Asset Reconstruction Company and other ARCs. For Reliance Health, there are eight bidders - Blackstone, Bain Capital, Arpwood Partners, and other ARCs. There are also multiple bidders for RCAP's stake in ICEX and Paytm E-commerce business. Reliance Capital asset monetization process, to unlock value of its underlying businesses and to make RCAP debt free, was launched on October 31, 2020. The monetization process being run under the aegis of Committee of Debenture Holders and <keyword id="10477607" type="COMPANY" weightage="20" keywordseo="the-debenture-trustee-vistra-itcl-india-ltd">the Debenture Trustee Vistra ITCL India Ltd</keyword> - which represents 93% of total outstanding debt of Reliance Capital. EOIs were invited for all or part of RCL's stake in the following key subsidiaries and assets individually or in any combination thereof. This includes 100% stake in Reliance General Insurance Company Limited (RGI). It has a paid up capital of Reliance General Insurance is ₹252 crore as of September 30, 2020. It is the 4th largest <keyword id="10477608" type="COMPANY" weightage="20" keywordseo="private-general-insurance-company">Private General Insurance Company</keyword> with market share of 4.5% as of March 2020 in the General Insurance category. It has shown consistent growth in AUM Year-on-Year with investment book of ₹12,315 crore as on September 30, 2020. The company performed its best even during COVID times with Gross Direct Premium Income of ₹4,501 crore during the first six months of FY20- 21. It has a strong distribution network of 134 branches with amongst largest agency force of 46,742 as of September 30, 2020 across the country. Bids have been invited for 51% stake in <keyword id="10203731" type="COMPANY" weightage="20" keywordseo="reliance-nippon-life-insurance-company-limited">Reliance Nippon Life Insurance Company Limited</keyword> (RNLI). The paid up capital of Reliance Nippon Life Insurance is ₹1196 Cr. as of September 30, 2020. RNLI is a joint Venture with Japan's largest life insurer - Nippon Life which holds 49 % shareholding. It is the 10th largest <keyword id="10203730" type="COMPANY" weightage="20" keywordseo="private-sector-insurer">Private Sector Insurer</keyword> (in terms of Individual WRP) and amongst largest Non-Banca company with a network of 717 offices. It witnessed sharp turnaround in performance during FY19-20 with a profit after tax of ₹35 crore and 75% growth (12% CAGR) in embedded value over last four years. It has an impressive claim settlement ratio of 98.1% in FY19-20 and a higher Solvency ratio of 207% (as against regulatory requirement of 150%). As on September 30, 2020, the AUM was ₹21,912 crore and an individual premium market share of 2.20% amongst private insurers. Bids have been invited for 100% stake in Reliance Securities Limited - Broking &amp; distribution company offering services across asset classes including equities, commodities, derivatives, currency, mutual funds, bonds and corporate FDs. Also on offer is a 100% stake in Reliance Financial Limited - RBI registered NBFC, engaged in the business of financing, money lending, capital market linked financing activities, 49% stake in Reliance Asset Reconstruction Limited which manages portfolio of ₹1,996 crore as on September 30, 2020. A 20% stake in Indian Commodity Exchange is also being bid. Other key shareholders in ICEX are Central Warehousing Corporation, MMTC Limited, Indiabulls Housing Finance Limited, Indian Potash Limited and Bajaj Holdings and Investments. ICEX is a SEBI regulated commodity derivatives exchange. There is also 100% stake in Reliance Health Insurance Limited. Other PE investments like Naffa Innovations Private Limited, Paytm E-Commerce Private Limited. RCL's key businesses and subsidiaries are performing well and business will continue as usual. The management, professional team, customer and partners will be unaffected by the proposed asset monetisation programme of RCAP. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-spicejet-interglobe-aviation-tata-motors-pfizer-asian-paints-niit-lupin-and-others/articleshow/79849749.cms">Top stocks to watch – SpiceJet, InterGlobe Aviation, Tata Motors, Pfizer, Asian Paints, NIIT, Lupin, and others</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-mrs-bectors-food-specialities-ipo-allotment-status-online/articleshow/79808672.cms?upcache=2">Mrs Bectors Food Specialities IPO allotment today: Here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/business/startups/news/google-microsoft-invest-in-dailyhunt-for-its-short-video-platform-josh-making-it-the-latest-unicorn-in-india/articleshow/79850804.cms">Google, Microsoft invest in DailyHunt for its short video platform Josh – making it the latest unicorn in India</a>

Reliance Capital asset sale: SBI Life and Apollo join the race, nearly 70 bids received so far

As floods become a recurring threat, here’s how to insure your home from natural calamities

Mumbai, Jun 4 () Universal Sompo General Insurance has roped in Sharad Mathur of rival SBI General as its managing director and chief executive. Mathur, who has held various positions at SBI General Insurance and was last the head of distribution, will lead Universal Sompo's overall operations and report to the board. He brings over 23 years of experience in building scale and profitable general insurance businesses. Universal Sompo is a joint venture between Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investments Corporation and Sompo Insurance of Japan. It employs over 1,000 people across 86 branches and 17 zonal offices. "Under Mathur's leadership, we aim to develop a capability to deliver more innovative products, re-engineered distribution architecture and significant improvements in productivity," said Indian Bank MD Padmaja Chunduru. Daniel Neo, regional chief executive of Sompo Holdings Asia said: "India is a rapidly-growing market for our business in Asia. Mathur's understanding of the market and general insurance business, combined with his expertise in sustainable business expansion and digital technologies, will be a huge asset for Universal Sompo." Prior to joining SBI General in 2009, he was with ICICI Lombard General Insurance since its inception in 2001 and had held various regional and national leadership roles. Before that he worked with MRF, Bharat Shell and Reliance Retail. The city-based Universal Sompo is the first public-private partnership joint venture in the domestic general insurance industry. Its gross underwritten premium stood at Rs 2,833.53 crore in 2018-19 with a profit of Rs 206.71 crore. BEN ANU ANU

Universal Sompo ropes in Sharad Mathur of SBI General Insurance as CEO

<ul><li>In the last 10 years, the insurance industry has adapted itself to the fast-paced internet world and has become hassle-free. </li><li><keyword id="3463335" type="PERSON" weightage="20" keywordseo="pushan-mahapatra">Pushan Mahapatra</keyword>, MD and CEO, <keyword id="6400643" type="UNKNOWN" weightage="20" keywordseo="SBI-General-Insurance">SBI General Insurance</keyword> walks us through the evolution of <keyword id="6512638" type="UNKNOWN" weightage="20" keywordseo="insurance-sector">insurance sector</keyword> and shares what the future of <keyword id="3779111" type="PERSON" weightage="20" keywordseo="digital-insurance">digital insurance</keyword> in India will look like. </li></ul>The insurance sector has endured an evolution over the past years, which has largely impacted the direction of the industry and shifted its traditional expectations. Due to a range of dynamic external influences from technology to socioeconomic factors to government policies, these macro trends are poised to continue, changing the insurance industry along with it. Since its inception, insurance industry has grown stronger as the sector adopted itself to increased awareness, innovative products, and more distribution channels. Though there has been a growth in premiums at the industry level, the insurance penetration level in India is still very low as compared to other countries in the world, thereby providing ample opportunity for all insurers in the ecosystem to grow. With over 460 million internet users, India is the second largest online market, ranked only behind China. By 2021, there will be about 635.8 million internet users in India, most of the digital population in India are mobile internet users. This has resulted in people who are adopting more digital mediums to interact and with the backing of the government to push for the digital India movement, the insurance industry is also adopting digital technologies in presence. The use of web-based technologies as an Insurance service delivery medium has added new elements to service dissemination. Escalation in self-service technologies has provided customers with multiple choices for using the services offered by insurers. The online service attributes of ‘convenience’ and ‘ease of use’ are being given priority by insurers for designing web-based services Future of digital insurance New digital platforms support micro duration and atomisation of insurance by item. In a digital era where the customer needs are ever-changing, insurance providers need digital infrastructure to introduce, evaluate, and adopt new products/technologies/business models. Building such infrastructure in-house will be costly and slower. Integrating with third party systems like hospitals to evaluate medical data for underwriting, evaluating the wellness of a policy holder in terms of fitness and his need during the entire customer lifecycle would ensure better products and pricing. Also, use of telematics systems in auto-insurance would change vehicle insurance from class-based pricing to driver behaviour-based pricing. Distribution through E-Tailors, Web aggregators and fintech companies are expected to witness an upward momentum in coming years In addition, Insurers in India are gradually adopting digital medium to provide their services keeping in view the millennials as well as rural penetration. Use of digital medium instead of physical distribution are much more feasible for them to reach out to the end users as well as increase insurance penetration. We are also witnessing improved quality data (IIB, IRDAI) availability for insurers for better underwriting decisions and service efficiency. - By Pushan Mahapatra, MD and CEO, SBI General Insurance Also see: <div type="Article" hostid="261" msid="73046703" title="Top stocks to buy in 2020, recommended by experts" mstype="2" mssubtype="0"></div>

 <div type="Article" hostid="261" msid="73078860" title="Here's why Airtel, ICICI Bank, L&amp;T, and Maruti Suzuki are among IIFL's top picks this new year" mstype="2" mssubtype="0"></div>

The future of digital insurance in India

<ul><li>There are a total of 14 life insurance companies and 13 non-life insurance companies with a market share less than 1%, so acquisition is bound to happen.</li><li><keyword id="75577" type="General" weightage="20" keywordseo="icici-prudential-life" source="Orion">ICICI Prudential Life</keyword> and <keyword id="80292" type="General" weightage="20" keywordseo="sbi-life" source="Orion">SBI life</keyword> are among top two gainers in the insurance segment.</li><li>Reliance Life, Bharti Axa, and Edelweiss Tokio too are good acquisition candidates in the life insurance space, say analysts at ICICI Securities.</li></ul>The insurance industry is likely to witness more mergers and acquisitions as the competition gets tougher. Recently, <keyword id="472962" type="General" weightage="20" keywordseo="hdfc-life" source="Orion">HDFC Life</keyword> <a href="https://www.businessinsider.in/searchresult.cms?query=exide&amp;sortorder=score">acquired </a>Exide Life to strengthen its operations while ICICI Lombard General Insurance has received final nod to acquire Bharti AXA General. So, mergers and acquisitions will be a crucial part of the growth journey as there are many insurance companies with less than 1% market share. There are a total 14 life insurance companies and 13 non-life insurance companies with a market share less than 1%, according to a report by ICICI Securities. In the listed space, SBI Life and ICICI Life have performed well with 36% and 43% returns in 2021, so far, respectively. Analysts at CLSA reportedly say SBI Life leads listed life insurers with strong growth and hence is their top pick among life insurers. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Listed insurance companies </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% year-to-date returns </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Prudential Life </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">43% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SBI Life </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">36% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">The New India Assurance </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">21% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HDFC Life </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Lombard General </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr></tbody></table> “When we look into all the life insurers, beyond the leading ones in the private sector, Exide actually had the largest agency new business premium in FY21 at ₹4.3 billion followed by Reliance Life (₹3.6 billion), Bharti Axa (₹2.9 billion) and Edelweiss Tokio (₹2 billion). Hence, if agency premiums and agent number is taken into consideration, Reliance Life, Bharti Axa, and Edelweiss Tokio too are good acquisition candidates in the life insurance space,” said a report by ICICI Securities. <div type="image" title="life chart" height="900" width="1200" msid="86035349" hostid="261"></div> The broking firm has given a positive call on the shares of HDFC Life, SBI Life and ICICI Prudential Life. It has recommended a ‘buy’ rating to HDFC and SBI while an ‘add’ rating to ICICI Prudential. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/here-is-how-naukri-parent-info-edges-stock-went-up-23-in-the-last-one-month/articleshow/86032576.cms">Here is how Naukri parent Info Edge’s stock went up 23% in the last one month</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/stock-market-experts-like-raamdeo-agrawal-of-motilal-oswal-group-and-biju-samuel-of-elara-capital-say-that-the-benchmark-index-will-continue-to-rise/slidelist/86030450.cms">Some of India’s biggest investors are nervous but not everyone wants to leave the party</a>

More consolidation may happen in insurance sector going ahead; SBI Life, ICICI Prudential Life among analysts top picks

Mumbai, Dec 17 () SBI chairman Rajnish Kumar on Tuesday said it will take up to three years more to list its general insurance arm.
The bank will list its asset management company before SBI General Insurance, Kumar said while speaking at the India Economic Conclave organised by Times Network here.
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.
SBI General Insurance, which is a joint venture with Insurance Australia Group, has to "mature" and will await the valuation to touch Rs 50,000 crore, Kumar said.
"We are discussing but if you ask me sequentially then it will be AMC first then SBI General because. We believe that still it is about 2-3 years away before SBI General matures," he said.
Speaking on the asset quality position, Kumar reiterated that non-performing assets had touched a peak last quarter and there will be an improvement from this quarter onwards.
On telecom exposure, Kumar said the bank had burnt its "fingers and body" in the past, but sounded more confident for the sector now.
He said the risk is a "lot less" now and also added that the bank is in a position to absorb setbacks, if any, in the future.
The bank is not getting much of demand for large projects given the state of the economy and the project loans are much smaller now, Kumar said.
Amid a sustained period of liquidity surplus, he said availability of money to fund the debt requirements of corporates is not the problem, but it is equity raising which is proving to be a difficulty.
Companies are facing difficulties for equity raising due to a slew of concerns, including the general economic scenario and the low investor confidence due to setbacks like losing money in the past.
Kumar said he does not see any "major changes" when it comes to consolidation of state-owned banks.
He, however, hinted that state ownership of lenders limits the discretion of the management in taking business decisions as compared to private sector rivals.
"When you are a private bank, you still have a choice in terms of selecting your client. In SBI, you don't have that choice at times, even if business is not generating profits," he said.
The SBI chief also admitted that the lender has not delivered to equity investors, but sought the bank to be evaluated on the basis of "stakeholder value" that it is generating.
The equity valuations are suppressed because of a "small segment" not representing over 10 per cent of the balancesheet, which pulls down the performance, Kumar said.
Rather than looking at returns for equity holders by way of share price appreciation, there is a need to look at wider "stakeholder returns" which more number of people across the world are tracking, he said.
Kumar said SBI does not need any capital from the government and will depend on internal accruals and profits itself for its buffers, and also exhorted its peers to do the same. AA BAL

SBI plan to list general insurance arm may take 3 yrs

Mumbai, May 11 () SBI General Insurance on Monday reported a 23 per cent jump in its net profit to Rs 412 crore for the fiscal ended March 31, 2020.It had reported a profit after tax of Rs 334 crore in the previous financial year.The company's underwriting profit declined by 23 per cent to Rs 61 crore as against Rs 79 crore reported in FY19.Its gross written premium (GWP) stood at Rs 6,840 crore in FY20 compared to Rs 4,717 crore in the previous fiscal."We have maintained a steady growth in FY20, we have managed a growth of 45 per cent as compared to an industry growth of around 12 per cent for FY20. Growth has been evident across all lines of businesses," its managing director and CEO Pushan Mahapatra said in a release.New tie-ups and improved business from existing tie-ups in motor, higher branch activations/better penetrations across bancassurance network, robust growth in corporate, SME and crop business has also contributed to the growth, he added.The company reported an incurred loss ratio of 71.1 per cent and a combined ratio of 98 per cent in FY20.Its solvency ratio stood at 2.27 as on March 31, 2020. HV BALBAL

SBI General Insurance FY20 profit rises 23 pc to Rs 412 cr

New Delhi, Dec 13 () The Competition Commission of India (CCI) on Friday said it has approved acquisition of shares in SBI General Insurance by Napean Opportunities LLP and Honey Wheat.
 The transaction involves acquisition of 16.01 per cent paid-up share capital of SBI General Insurance by Napean Opportunities and 9.99 per cent by Honey Wheat Investment Ltd, the CCI said in two separate statements.
 State-owned State Bank of India (SBI) in October said its joint venture partner IAG would sell entire 26 per cent stake in its subsidiary SBI General Insurance to Napean Opportunities and WP Honey Wheat for an undisclosed amount.
 The country's largest lender and Insurance Australia Group (IAG) held 70 per cent and 26 per cent, respectively, in SBI General Insurance.
 "The agreements have been reached with Napean Opportunities LLP (an affiliate of Premji Invest) to acquire a 16.01 per cent interest and WP Honey Wheat Investment Ltd (Warburg Pincus Group) to acquire a 9.99 per cent interest," SBI had said.
 The Competition Commission of India (CCI) has also approved Sanaka Growth SPV I Ltd's investment in Edelweiss Securities Ltd (ESL).
 "The proposed combination relates to investment by Sanaka in ESL and Edelweiss Global Investment Advisory Business (EGIA) subsidiaries of up to INR equivalent to USD 44 million," the CCI said in another release.
 Sanaka's principal activity is that of investment holding and related activities with the objective to achieve long-term capital appreciation, it added. SRS HRS

You Searched For "sbi general insurance" and got 10 results

MSMEs run on promoter’s savings and need insurance as much as other businesses

Anand Pejawar

SBI General Insurance launches its sonic brand identity

BI India Partner

Reliance Capital asset sale: SBI Life and Apollo join the race, nearly 70 bids received so far

IANS

As floods become a recurring threat, here’s how to insure your home from natural calamities

Anagh Pal

Universal Sompo ropes in Sharad Mathur of SBI General Insurance as CEO

PTI

The future of digital insurance in India

Guest Author

More consolidation may happen in insurance sector going ahead; SBI Life, ICICI Prudential Life among analysts top picks

Bhakti Makwana

SBI plan to list general insurance arm may take 3 yrs

PTI

SBI General Insurance FY20 profit rises 23 pc to Rs 412 cr

PTI

CCI approves stake buy in SBI General Insurance by Napean Opportunities, Honey Wheat

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