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SBI General Insurance plans IPO in 2020, aims to be in top-five non-life insurers

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Chennai, Nov 26 (IANS) SBI General Insurance Company Ltd aims to be among the top five non-life insurers by investing in technology and launching new products, and seeks to go public through an initial share sale in 2020, a senior official said on Monday.

The company plans to boost the number of agents and other distribution channels, and focus on health insurance policies.

“We are investing in digital technology and looking at digital strategy. Now there are insurers that are purely into digital technology. The investment is part of our overall budget for information technology,” Lisa Jeffery, Deputy CEO, told reporters.

At a time when the industry is registering a 12 per cent growth, SBI General Insurance is clocking about 30 per cent business growth.

“We hope to log about 35 per cent growth in our gross domestic premium income (GDPI). During the first half of the current fiscal, the GDPI growth was about 30 per cent at Rs 2,067 crore and the net profit was at Rs 270 crore,” Jeffery added.

She said SBI General Insurance was one of the few players to have posted an underwriting profit, or premium income minus claims.

According to Jeffery, the company got 3,289 claims due to Kerala floods for a value of about Rs 168 crore, towards which Rs 64 crore has been paid out.

She said the company officials contacted the policyholders (insured) and told them about the insurance protection and claims procedure.

With respect to cyclone Gaja that devastated several districts in Tamil Nadu, the company has received 128 claims.

The fire premium rates continue to go down with the entry of purely online/digital insurers without the traditional set-up.

To a question, Jeffery said that IAG International was not planning to increase its stake in the company from the current 26 per cent to the maximum permissible 49 per cent.

The non-life insurer is a joint venture between State Bank of India (SBI) and IAG International.

In September, SBI sold a four per cent stake in SBI General at Rs 482 crore to Axis New Opportunities Fund (1.65 per cent) and Premji Invest (2.35 per cent), valuing the company at about Rs 12,000 crore.

After the deal, SBI holds a 70 per cent stake in SBI General Insurance.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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