KKR, a global investment firm, and Shriram General Insurance Company, a general insurance company backed by Indian financial services conglomerate Shriram Group and pan-African financial services group Sanlam, signed definitive agreements under which, subject to the receipt of 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.
Founded in 2008, Shriram General Insurance is a joint venture between Shriram Capital, the holding company for Shriram Group’s financial services business and Sanlam Limited, a pan-African financial services group. The company adopts a customer-centric approach towards business and is focused on nurturing homegrown talent and maximizing technology to meet the needs of underserved segments of the economy.
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.
“We are delighted to welcome KKR as our investor, and look to benefit from their global insurance expertise, as well as significant experience taking Indian companies to the next level,” Anil Kumar Aggarwal, managing director and CEO of Shriram General Insurance, said. “We look forward to collaborating closely to strengthen Shriram General Insurance’s offerings to Indian consumers and achieve continued success.”
“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,” Gaurav Trehan, Partner and CEO of KKR India, said. “We are truly excited to work with the Shriram Group and SGI’s high-quality management team to achieve their vision of serving their customers, and look forward to sharing our experience to take the company to new heights.”
