State Bank of India (SBI) Chairman C.S. Setty has signalled that SBI General Insurance and SBI Mutual Fund are strong contenders for public listing. While no IPO timeline is set, both are under active consideration.
The statement came during the launch of SBI General Insurance’s first dedicated health insurance branches in Telangana and Andhra Pradesh, with plans for a nationwide rollout.
SBI General Insurance is opening specialised health insurance branches to increase penetration in underserved markets. Setty aims to position the company as “the health insurer for every Indian.” This move complements SBI’s broader vision of serving every household in the country.
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SBI Mutual Fund is India’s largest Asset Management Company by Assets Under Management (AUM). Its retail reach and market dominance make it a top candidate for a high-value IPO, potentially one of the biggest in the financial services sector.
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Setty confirmed that while both companies are “strong candidates for listing,” no schedule has been decided. For unlisted market investors, this means IPOs are likely but may take time.
Bancassurance — a bank selling insurance products through its network — remains a core strength for SBI General Insurance. Setty emphasised the importance of offering need-based, suitable insurance products and improving accessibility, with efforts involving regulators, banks, and insurers.
Both companies operate in high-growth sectors — insurance and asset management.
SBI General Insurance’s health branch strategy could drive market share gains.
SBI Mutual Fund’s AMC leadership could attract significant IPO demand.
No IPO timelines announced; these remain long-term watchlist opportunities.
Currently, SBI General Insurance unlisted shares are unavailable; SBI Mutual Fund shares are available but at higher valuations than listed peers.
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