October 16, 2019 / 9:44 PM / a month ago

Insurance Australia Group to sell SBI General interest for $432 mln

Oct 17 (Reuters) - Insurance Australia Group on Thursday said it had agreed sell its 26% interest in its joint venture with State Bank of India, SBI General Insurance , for about A$640 million ($432.38 million).

The insurer said Napean Opportunities and an affiliate of Warburg Pincus would acquire a 16.01% and 9.99% interest in SBI General, respectively.

$1 = 1.4802 Australian dollars Reporting by Ambar Warrick in Bengaluru Editing by Chris Reese

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