Page 6 - Insurance Times November 2019

Insurance Australia Shanai Ghosh appointed as CEO & Executive Director of
Group sells stake in SBI Edelweiss General Insurance

General Insurance Edelweiss General Insurance has recently appointed Shanai Ghosh as Execu-
tive Director & Chief Executive Officer (CEO). Shanai has
Insurance Australia Group, the joint
v e n tur e been with Edelweiss General Insurance for two years,
partner in spearheading Strategy, Marketing and Commercial Busi-
SBI Gen- ness and has been closely involved in the setting up and
eral Insur- launching of the business. Shanai has been Executive
Director & CEO-Designate of EGI since May.
ance, has
recently Shanai has over two decades of experience in Banking,
said that they have entered into Financial Services and Insurance. Her career graph is unique for the sheer di-
definitive agreements with an aim versity and breadth of roles comprising assignments in strategy, marketing, op-
of selling its entire stake of 26% in erations and sales. She has previously worked with Citi Bank, Tata AIG Life In-
the general insurance company with surance, Reliance Nippon Life Insurance and AU Small Finance Bank, before
a couple of private equity investors. joining the General Insurance business in Edelweiss.
Welcoming Shanai, Rujan Panjwani, Executive Director at Edelweiss and Head
Insurance Australia Group will sell
of the Insurance Business Group said, “Shanai has been with the organisation
16.01% of its 26% stake to Napean
since the inception of our General Insurance business and has showcased ex-
Opportunities LLP, an affiliate of
Premji Invest, a private equity firm. emplary leadership capabilities. She is well entrenched with the nuances of the
business and I am confident that she will build another quality business verti-
The rest 9.99% will be acquired by
WP Honey Wheat lnvestment Ltd of cal within the Edelweiss Group.”
the Warburg Pincus group. Shanai said, “General Insurance is highly commoditised. While product inno-
vation does provide a window of advantage, customer experience is what drives
IAG MD&CEO Peter Harmer said,
"IAG has enjoyed a strong and suc- customer stickiness. I believe the Non-Life landscape of the country offers a
cessful relationship with SBI since unique opportunity combining growth and transformational potential. The way
technology has transformed consumer journeys across industries in the last few
establishing SBI General joint ven- years, we aspire to do the same in Insurance.”
ture in 2009. With our sharpened
focus on core territories of Austra-
lia and New Zealand, now is the SBI General Insurance announces 51% GWP growth in
right time of IAG to exit its invest- H1FY20
ment in SBI General."
SBI General Insurance has recorded a profit before tax of 278 crore for the first
Upon the completion of the deal, half of financial year 2019-20 (H1FY20) as compared to
SBI will still continue to be the ma- 256 crore a year ago. The gross written premium (GWP)
jority shareholder in the general in- has experienced a significant growth of 51% from Rs
surance company holding 70% stake 2,067 crore in H1FY19 to Rs 3,118 crores in H1FY20.
and Premji Invest along with
The solvency ratio for FY20 is 2.12. In the financial year
Warburg Pinvus will jointly hold 2019-20, the company’s investment book improved to Rs
26%.
6,605 crore in the financial year 2019-20, compared with Rs 5,790 crore in cor-
The press release by IAG said, ”The responding period the previous financial year, the company said in a statement.
transactions, which are subject to The SBI General reported an underwriting profit of Rs 37 crore in H1 19-20.
regulatory processes and approvals, “The year so far has witnessed steady growth, reflecting an upward graph. We
are expected to complete during are optimistic that the high-growth phase will endure while the altered sector
IAG’s financial year ending June
landscape, industry regulations and improved economics will ensure growth
2020”.
acceleration. An improved distribution network, intelligent investments, backed
SBI General was valued at over Rs with high-end technology will remain key moats for sustaining our RoE of
12,000 crore recently following last 21.6%,” said Pushan Mahapatra, MD & CEO, SBI General Insurance. He further
year SBI’s 4% stake sale in its general said that the bank has settled 99 percent of claims during some of the recent
insurance arm for over Rs 482 crore. natural catastrophes.

6 The Insurance Times, November 2019