SGI Philippines General Insurance Co. Inc., a non-life insurance company, complied early with the P1.3-billion capital requirement due by the end of 2022 after majority shareholder Shriram General Insurance Co. Ltd. of India infused a fresh capital of P624 million.
Insurance Commissioner Dennis Funa commended SGI Philippines for the early compliance with the capital requirement.
“Last Dec. 16, 2019, Shriram General Insurance Co. Ltd., an Indian insurance company and the majority shareholder of SGI Philippines, has infused fresh capital amounting to P624 million,” Funa said.
SGI Philippines is a joint venture of Shriram Group, Piramal Group and Sanlam Group, an Indian financial services conglomerate involved in commercial vehicle financing, consumer and enterprise finance, retail stockbroking and life insurance.
The Insurance Commission said as a result of the capital infusion, SGI Philippines’ net worth surged from P710 million to P1.35 billion, making it compliant not only with the net worth requirement for the year 2019 but also up to the year 2022.