News: IAG Insurance Australia Group Agrees Sale Of 26% Interest In SBI General

Oct 17 (Reuters) - Insurance Australia Group Ltd (IAG) :

• AGREES SALE OF 26% INTEREST IN SBI GENERAL
• TOTAL CONSIDERATION AMOUNTS TO OVER $640 MILLION
• TRANSACTIONS ARE EXPECTED TO COMPLETE DURING IAG'S FINANCIAL YEAR ENDING 30 JUNE 2020
• INSURANCE AUSTRALIA GROUP- AGREED TO SELL WHOLE OF ITS 26% INTEREST IN ITS JV WITH STATE BANK OF INDIA, SBI GENERAL INSURANCE COMPANY (SBI GENERAL)
• NAPEAN OPPORTUNITIES LLP TO ACQUIRE A 16.01% INTEREST
• AN AFFILIATE OF WARBURG PINCUS LLC TO ACQUIRE A 9.99% INTEREST IN SBI
• TRANSACTIONS IS EXPECTED TO RESULT IN AN INCREASE IN IAG'S REGULATORY CAPITAL POSITION OF MORE THAN $400 MILLION IN FY20
• TRANSACTION EXPECTED TO RESULT IN AN INCREASE IN IAG'S REGULATORY CAPITAL POSITION OF MORE THAN $400 MILLION
• ON DEALS COMPLETION, EXPECTED TO INCREASE CO'S REGULATORY CAPITAL POSITION OF MORE THAN $400 MILLION, NPAT OVER $300 MILLION TO BE RECOGNISED IN FY20
• AGREES SALE OF 26% INTEREST IN SBI GENERAL

Source text http//reut.rs/2MG1aPq

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