IAG Selling Stake in SBI General Insurance for Over A$640 Million

Date : 10/16/2019 @ 10:28PM
Source : Dow Jones News
Stock : Insurance Australia Group Limited (IAG)
Quote : 7.825  -0.025 (-0.32%) @ 7:49AM

IAG Selling Stake in SBI General Insurance for Over A$640 Million

Insurance Australia (ASX:IAG)
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2 Months : From Sep 2019 to Nov 2019

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   By Robb M. Stewart 
 

MELBOURNE, Australia--Insurance Australia Group Ltd. (IAG.AU) said Thursday it has agreed to sell its 26% stake in SBI General Insurance Co., a joint venture with State Bank of India (500112.BY), for more than 640 million Australian dollars (US$432.6 million).

The exit will be done through two deals, selling an interest of just over 16% in the venture to Napean Opportunities LLP and a 9.99% stake to an affiliate of Warburg Pincus LLP.

The sales, which are subject to regulatory approvals, are expected to complete during the 2020 financial year and IAG said it expected to see a lift of more than A$400 million in its regulatory capital and a net profit of more than A$300 million.

 

Write to Robb M. Stewart at robb.stewart@wsj.com

 

(END) Dow Jones Newswires

October 16, 2019 18:13 ET (22:13 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.


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