SBI might consider IPO of general insurance biz in FY19

State Bank of India has said it might look at taking the general insurance business public next financial year, ruling out any such move in 2017-18. SBI General Insurance is a joint venture between SBI and Insurance Australia Group. While SBI holds 74 per cent stake in the JV, the rest is with IAG. "It has reported profit in 2016-17 and we will wait for a year or so before going for IPO," SBI Managing Director (associates and subsidiaries) Dinesh Kumar Khara told PTI. He said, however, that SBI Life Insurance will go in for the initial public offer (IPO), wherein SBI and its foreign partner Cardif together offload 12 per cent stake, within a few months. SBI proposes to sell eight per cent, while Cardif of France, four per cent.