JAIPUR, India–(BUSINESS WIRE)–Apr 11, 2022–
KKR, a number one international funding agency, and Shriram General Insurance Company (“Shriram General Insurance”, “SGI” or “the Company”), a number one common insurance coverage firm backed by Indian monetary companies conglomerate Shriram Group and pan-African monetary companies group Sanlam, as we speak introduced the signing of definitive agreements beneath which, topic to the receipt of the mandatory regulatory approvals, KKR will purchase a 9.99% stake in Shriram General Insurance. KKR’s funding will place Shriram General Insurance for continued development in India’s fast-growing common insurance coverage {industry}.
This press launch options multimedia. View the complete launch right here: https://www.businesswire.com/news/home/20220411005340/en/
Founded in 2008, Shriram General Insurance is a three way partnership between Shriram Capital, the holding firm for Shriram Group’s monetary companies enterprise and Sanlam Limited, a number one pan-African monetary companies group. The Company adopts a customer-centric method in direction of enterprise and is targeted on nurturing homegrown expertise and maximizing expertise to satisfy the wants of underserved segments of the economic system. Today, it’s certainly one of India’s main common insurance coverage corporations.
KKR’s funding builds on sturdy tailwinds in the Indian common insurance coverage {industry} and SGI’s continued growth into new segments and funding in its digital capabilities to satisfy the evolving wants and preferences of Indian customers.
Anil Kumar Aggarwal, Managing Director and CEO of Shriram General Insurance, mentioned, “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. We look forward to collaborating closely to strengthen Shriram General Insurance’s offerings to Indian consumers and achieve continued success.”
Gaurav Trehan, Partner and CEO of KKR India, mentioned, “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. 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.”
KKR’s funding in Shriram General Insurance builds on its monitor document and vital expertise in India, together with in the monetary companies sector. Some of KKR’s investments in the sector have included Housing Development Finance Corporation, a number one housing finance firm, SBI Life Insurance, a three way partnership between the State Bank of India and BNP Paribas Cardif, Max Life, certainly one of India’s largest personal life insurance coverage gamers, by means of Max Financial Services, and Five-Star Business Finance, a number one lender to small companies. Since organising its Mumbai workplace in 2009, KKR has made greater than 20 investments in India with greater than a dozen lively portfolio corporations as we speak.
About KKR
KKR is a number one international funding agency that provides different asset administration in addition to capital markets and insurance coverage options. KKR goals to generate enticing funding returns by following a affected person and disciplined funding method, using world-class individuals, and supporting development in its portfolio corporations and communities. KKR sponsors funding funds that make investments in personal fairness, credit score and actual property and has strategic companions that handle hedge funds. KKR’s insurance coverage subsidiaries provide retirement, life, and reinsurance merchandise beneath the administration of Global Atlantic Financial Group. References to KKR’s investments could embody the actions of its sponsored funds and insurance coverage subsidiaries. For further details about KKR & Co. Inc. (NYSE: KKR), please go to KKR’s web site at www.kkr.com and on Twitter @KKR—Co.
About Shriram General Insurance
Shriram General Insurance Company is a three way partnership between Shriram Capital Ltd., the holding firm for the monetary companies enterprise of the Shriram Group and Sanlam Limited, a number one pan-African Financial Services Group headquartered in South Africa. Shriram General Insurance is a Jaipur-based 13-year-old firm licensed with the IRDAI (“Insurance Regulatory and Development Authority of India”). The Company provides an entire vary of common insurance coverage merchandise, starting from Motor, Travel, Home and Personal Accident in the retail area to personalised merchandise like Fire, Engineering, and Marine Insurance in the company area. The Company additionally provides a spread of merchandise for rural India. As of December 31, 2021, the Company holds an industry-leading solvency margin ratio of 4.70. As of March 31, 2022, seven occasions of capital invested has been paid as a dividend, and the Company operates 203 branches in 26 states / UT, counts 3083 proficient workers as its workers, and manages property value INR 106.85 billion and 4.344 million stay insurance policies.
View supply model on businesswire.com:https://www.businesswire.com/news/home/20220411005340/en/
CONTACT: MediaFor KKRAnita Davis
+852 3602 7335
Anita.Davis@kkr.comWei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.comFor Shriram General InsuranceRajesh Chandramouli
+919840063508
rajesh.c@shriram.com
KEYWORD: INDIA ASIA PACIFIC
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES INSURANCE FINANCE
SOURCE: KKR
Copyright Business Wire 2022.
PUB: 04/11/2022 04:30 AM/DISC: 04/11/2022 04:32 AM
http://www.businesswire.com/news/home/20220411005340/en