SGI builds new capabilities, channels and products to meet the growing needs of Indians, says Trehan
Global investor KKR is taking 9.99% stake acquisition in Shriram General Insurance Company (SGI) to help build on strong tailwinds in the Indian general insurance industry and continued expansion into new segments and investment in its digital capabilities to meet the evolving needs and preferences of consumers.
Definitive agreements have been signed for the acquisition by KKR and SGI which are subject to the receipt of the necessary regulatory approvals.
“Shriram General Insurance has been one of the standout performers in India’s fast-growing general insurance industry, and continues to build on their record by developing new capabilities, channels and products to meet the growing needs of Indian consumers,” said Gaurav Trehan, Partner and CEO of KKR India.
“We are truly excited to work with the Shriram Group and SGI’s high-quality management team to achieve their vision of serving their customers, and look forward to sharing our experience to take the company to new heights,” he said on 11 Apr 2022.
“We are delighted to welcome KKR as our investor, and look to benefit from their global insurance expertise, as well as significant experience taking Indian companies to the next level,” added Anil Kumar Aggarwal, Managing Director and CEO of Shriram General Insurance.
“We look forward to collaborating closely to strengthen Shriram General Insurance’s offerings to Indian consumers and achieve continued success.”
Founded in 2008, Shriram General Insurance is a joint venture between Shriram Capital, the holding company for Shriram Group’s financial services business and Sanlam Limited, a leading pan-African financial services group. The Company adopts a customer-centric approach towards business and is focused on nurturing homegrown talent and maximizing technology to meet the needs of underserved segments of the economy. Today, it is one of India’s leading general insurance companies.
KKR’s investment in Shriram General Insurance builds on its track record and significant experience in India, including in the financial services sector.
Some of KKR’s investments in the sector have included Housing Development Finance Corporation, a leading housing finance company, SBI Life Insurance, a joint venture between the State Bank of India and BNP Paribas Cardif, Max Life, one of India’s largest private life insurance players, through Max Financial Services, and Five-Star Business Finance, a leading lender to small businesses.
Since setting up its Mumbai office in 2009, KKR has made more than 20 investments in India with more than a dozen active portfolio companies.
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities.
Shriram General Insurance is a Jaipur-based 13-year-old company licensed with the Insurance Regulatory and Development Authority of India. fiinews.com
