June 25, 2019 / 12:10 AM / 25 days ago

Insurance Australia Group in talks over SBIG stake sale

(Reuters) - Insurance Australia Group on Tuesday said it has held talks with external parties on the potential sale of all or part of its 26% stake in India’s SBI General Insurance Company.

Australia’s second-largest insurer by market value was responding to an Indian newspaper report which cited sources saying that six private equity funds were among those shortlisted for picking up the stake.

SBIG is a joint venture between IAG and India’s largest lender, State Bank of India.

The Economic Times daily reported on Monday citing unnamed sources that IAG’s stake in SBIG was worth about 30 billion rupees ($433.2 million), valuing the entire firm at about $1.73 billion.

A deal on the stake sale was likely to be announced shortly, it added.

Last year, IAG said it would sell its Thai and Indonesian operations to Japanese insurer Tokio Marine Holdings for $390 million.

Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Stephen Coates

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