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Global investment firm agrees to buy 9.9% stake of Shriram General Insurance

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KKR, a leading global investment firm, and Shriram General Insurance Company (SGI), that is backed by Indian financial services conglomerate Shriram Group and pan-African financial services group Sanlam, yesterday announced the signing of definitive agreements under which KKR will acquire a 9.99 % stake in the Indian non-life insurer.

The deal is subject to the receipt of the necessary regulatory approvals.

KKR’s investment will position SGI for continued growth in India’s fast-growing general insurance industry.

Founded in 2008, SGI is a joint venture between Shriram Capital, the holding company for Shriram Group’s financial services business and Sanlam, a leading pan-African financial services group.

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.

Mr Anil Kumar Aggarwal, SGI managing director and CEO, said, “We look forward to collaborating closely to strengthen Shriram General Insurance’s offerings to Indian consumers and achieve continued success.”

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Mr Gaurav Trehan, partner and CEO of KKR India, said, “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.”

Some of KKR’s investments in the financial services 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. KKR offers alternative asset management as well as capital markets and insurance solutions. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products.

SRI operates 203 branches in 26 states counts more than 3,000 talented staff as its employees.

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