Edition:
India

Insurance Australia Group Agrees Sale Of 26% Interest In SBI General


Thursday, 17 Oct 2019 

Oct 17 (Reuters) - Insurance Australia Group Ltd ::AGREES SALE OF 26% INTEREST IN SBI GENERAL.TOTAL CONSIDERATION AMOUNTS TO OVER $640 MILLION.TRANSACTIONS ARE EXPECTED TO COMPLETE DURING IAG'S FINANCIAL YEAR ENDING 30 JUNE 2020.INSURANCE AUSTRALIA GROUP- AGREED TO SELL WHOLE OF ITS 26% INTEREST IN ITS JV WITH STATE BANK OF INDIA, SBI GENERAL INSURANCE COMPANY (SBI GENERAL).NAPEAN OPPORTUNITIES LLP TO ACQUIRE A 16.01% INTEREST.AN AFFILIATE OF WARBURG PINCUS LLC TO ACQUIRE A 9.99% INTEREST IN SBI.TRANSACTIONS IS EXPECTED TO RESULT IN AN INCREASE IN IAG'S REGULATORY CAPITAL POSITION OF MORE THAN $400 MILLION IN FY20.TRANSACTION EXPECTED TO RESULT IN AN INCREASE IN IAG'S REGULATORY CAPITAL POSITION OF MORE THAN $400 MILLION.ON DEALS COMPLETION, EXPECTED TO INCREASE CO'S REGULATORY CAPITAL POSITION OF MORE THAN $400 MILLION, NPAT OVER $300 MILLION TO BE RECOGNISED IN FY20.AGREES SALE OF 26% INTEREST IN SBI GENERAL.