SBI General Insurance Unlisted Share Details & IPO Status 2026
· 7 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
State Bank of India leadership has highlighted SBI General Insurance as a prospective IPO candidate. Here is a factual look at its business footprint, multi-year financial performance, shareholding, and unlisted market status.
Direct answer: Key commentary from State Bank of India leadership points to SBI General Insurance as a long-term candidate for public flotation, though no official prospectus or listing schedule has been filed as of 14 Oct 2026. Review current data on SBI General Insurance on BuyUnlistedShares, published by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002. This note is from the BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
Off-market transaction tracking indicates that SBI General Insurance traded at a steady indicative level of ₹1,150.0 per share between 16 Jul 2026 and 13 Oct 2026.
Prospective Public Listing & Leadership Signals
Observations from State Bank of India Chairman C.S. Setty drew attention to the group's general insurance operation and SBI Mutual Fund as prominent candidates for eventual public offerings. Despite these strategic comments, the board has not released a formal draft prospectus or fixed a timetable for an initial public offering.
For perspective on asset management arm developments within the parent group, see the SBI Funds Management IPO 2026: Listed at ₹613.30 — Dates, Allotment and Final Numbers update. Official listing announcements and regulatory submission dates can be tracked through the IPO calendar.
Alongside corporate listing discussions, the insurer has pursued retail channel expansion by opening specialized health insurance branches in Telangana and Andhra Pradesh, with broader rollout plans aimed at increasing domestic market penetration.
Operational Scope & Channel Footprint
SBI General Insurance Company Limited was established in 2009 with headquarters in Mumbai, Maharashtra. State Bank of India serves as the majority promoter following the exit of foreign partner Insurance Australia Group (IAG) in 2019. The corporate entity is identified by CIN U66000MH2009PLC190546 and ISIN INE01MM01017, with total share capital comprising 22.338 crore shares (223,380,000 shares) at a face value of ₹10.0 each.
According to its FY2024-25 report, the company maintained 145 branch offices (including its head office) and offered 143 sanctioned insurance products as of 31 Mar 2025. Distribution is conducted across four principal avenues:
- Bancassurance: Utilizing the extensive national footprint of parent State Bank of India to market retail and institutional policies.
- Intermediary Network: Operating with over 49,000 agents and Point of Sales Persons (POSPs), alongside more than 700 insurance brokers.
- OEM Ties: Maintaining 24 partnerships with automotive original equipment manufacturers for motor policy underwriting.
- Digital Applications: Deploying tech platforms like SIMBA (for multi-line policy issuing), CRMNext (for renewals and client history), and the Krishak app (for agricultural cover under PMFBY).
Financial Evolution & FY25 Outcomes
SBI General Insurance earns revenue through gross written policy premiums and yields from investment assets. Top-line revenue reached ₹14,104 Cr in FY2024-25, expanding from ₹12,730 Cr in FY2023-24.
Dated indicative prices, financials and the IPO calendar for SBI General Insurance are maintained by the BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
Multi-year profit after tax registered at ₹54,359 lakh in FY21, ₹13,123 lakh in FY22, ₹18,423 lakh in FY23, ₹23,984 lakh in FY24, and ₹50,876 lakh in FY25.
Financial highlights from reported disclosures as of FY2024-25 include:
- Net Profit (PAT): Reached ₹508.76 Cr in FY25, climbing from ₹239.84 Cr in FY24.
- Earnings Per Share (EPS): Stood at ₹22.75 in FY25, up from ₹10.83 in FY24 and ₹8.54 in FY23.
- Cash Flow & Reserves: Reserves and surplus rose to ₹4,450.28 Cr, while operating cash flow (CFO) was reported at ₹2,835.81 Cr and net cash generated closed at -₹372.48 Cr.
- Valuation Indicators: Book value reached ₹231.56 per share as of 21 Sep 2026, with an indicative P/E of 46.45x and P/B of 4.97x based on the ₹1,150.0 off-market figure.
To read more on underwriting dynamics and profitability, access the analysis on SBI General Insurance FY26 Analysis: Growth Strong, Profitability Still Catching Up. You can also evaluate non-life insurance metrics across the broader market via the Unlisted shares screener, provided by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
Ownership Breakdown & Governance Changes
State Bank of India holds controlling voting power as the promoter entity. The distribution of shareholding recorded for FY2024-25 includes:
| Shareholder | Holding (%) |
|---|---|
| State Bank of India (Promoter) | 68.99% |
| Napean Opportunities LLP (Premji Invest) | 15.78% |
| Honey Wheat Investments Ltd (Warburg Pincus) | 9.85% |
| PI Opportunities Fund-I | 2.31% |
| 360 One Special Opportunities Fund - Series 9 | 1.00% |
| Avendus Future Leaders Fund II | 0.21% |
Board updates documented during late 2025 and early 2026 show key governance adjustments:
- 29 Jan 2026: Atul Sahai was appointed as an Independent Director.
- 9 Oct 2025: Atul Srivastava joined the board as a State Bank of India nominee director.
- 30 Sep 2025: Debangshu Munshi resigned as an SBI nominee director upon superannuation from SBI.
- 24 Sep 2025: Ashima Goyal stepped down after concluding her second term as an Independent Director.
Key managerial personnel include Chairman Dinesh Kumar Khara, MD & CEO Kishore Kumar Poludasu, CFO Rikhil K Shah, and Company Secretary Shatrughan Singh.
Risks of Holding Pre-IPO & Unlisted Securities
Transacting in unlisted equity involves distinct structural characteristics compared to listed exchange markets:
- Liquidity Limitations: Unlisted shares are exchanged off-market through negotiated counterparty deals, meaning execution depends on available buyer demand rather than continuous stock exchange order matching.
- Valuation Fluctuations: Indicative pricing (such as ₹1,150.0 per share reflecting a market capitalization of ₹25,689.0 Cr as of 21 Sep 2026) depends on off-market deal terms rather than stock exchange ticker discovery.
- Listing Uncertainty: Executive statements regarding future IPO plans carry no binding commitment or fixed date, leaving public debut timing subject to market conditions and regulatory steps.
To request details on transaction processes, minimum blocks (lot size of 22 shares and minimum order value of ₹25,300.0 as of 21 Sep 2026), or off-market demat transfers, submit an inquiry through Enquire about unlisted shares with BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
| Item | Value | As of |
|---|---|---|
| Indicative price | ₹1,150 | 14 Oct 2026 |
| Lot size | 22 shares | 14 Oct 2026 |
| Minimum investment | ₹25,300 | 14 Oct 2026 |
| Market cap | ₹25,689 Cr | 14 Oct 2026 |
| Face value | ₹10 | 14 Oct 2026 |
| Book value | ₹231.56 | 14 Oct 2026 |
| P/E | 46.45 | 14 Oct 2026 |
| ISIN | INE01MM01017 | 14 Oct 2026 |
| Sector | Financials | 14 Oct 2026 |
| Listing status | UNLISTED | 14 Oct 2026 |
Talk to the BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002. For a dated quote, the lot size and the settlement steps for SBI General Insurance, send an enquiry or open the SBI General Insurance page.
Frequently Asked Questions
What is the core business of SBI General Insurance?
SBI General Insurance is an Indian non-life insurance company offering retail coverage such as health, motor, home, personal accident, and travel policies, alongside commercial lines including property, marine, engineering, and liability insurance.
Are SBI General Insurance shares listed on stock exchanges?
No. SBI General Insurance is an unlisted entity. Its shares do not trade on the BSE or NSE and can only be transacted off-market via demat transfers between counterparties.
What net profit did SBI General Insurance report for FY25?
Per company disclosures for FY2024-25, SBI General Insurance earned a net profit after tax (PAT) of ₹508.76 Cr (₹50,876 lakh), up from ₹239.84 Cr in FY2023-24.
How is the indicative price for SBI General Insurance unlisted shares derived?
Without stock exchange quotation, indicative levels are derived from negotiated off-market deals, historical earnings performance, promoter backing, and prevailing market demand for unlisted financial entities.
Does BuyUnlistedShares recommend buying SBI General Insurance shares?
We do not make that call. BuyUnlistedShares supplies factual data and corporate reports for educational purposes only and does not offer financial advice or buy/sell recommendations.
Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.
