KKR and Shriram General Insurance Company, a leading general insurance company backed by Indian financial services conglomerate Shriram Group and pan-African financial services group Sanlam, today announced the signing of definitive agreements under which, subject to the receipt of the necessary regulatory approvals, KKR will acquire a 9.99% stake in Shriram General Insurance. KKR’s investment will position Shriram General Insurance for continued growth in India’s fast-growing general insurance industry.
KKR’s investment builds on strong tailwinds in the Indian general insurance industry and SGI’s continued expansion into new segments and investment in its digital capabilities to meet the evolving needs and preferences of Indian consumers.
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 today.
Read more: Business Wire
