Evidence of actuarial hiring: IRDAI-registered insurer (Appointed Actuary required) (source). Checked 10 Nov 2026.
About SBI General
SBI General Insurance is the general insurance subsidiary of State Bank of India. It began operations in 2010, originally as a joint venture with Australia's Insurance Australia Group, which later sold its stake; SBI holds the majority, with the rest held by financial investors. It is not listed.
The company is headquartered in Mumbai, where the actuarial team sits. Much of its business comes through SBI's branch network, so bancassurance-linked lines such as health, personal accident, home and property loans cover, and motor are significant, along with crop and commercial business.
For an actuary, SBI General offers a mid-sized team with exposure to both retail pricing and reserving, and products shaped by bank distribution and loan-linked cover. As part of the SBI group it has steady access to customers and capital.
What the actuarial team does
- Health and personal accident pricing for bancassurance products
- Motor and property pricing
- IBNR reserving and the Appointed Actuary's statutory reports
- IRDAI product filings
- Solvency and capital planning
- Reinsurance and catastrophe exposure analysis; Ind AS 117 preparation
How students get in
SBI General posts vacancies on its careers page (sbigeneral.in/career) and on job portals. Actuarial analyst roles in Mumbai appear periodically; the exact papers required are not published, but core-paper passes are the usual baseline. Unlike the State Bank itself, the insurer recruits directly rather than through bank exams. A named trainee scheme, internship programme or exam-support policy is not published. Apply through the careers page.
Roles this employer has advertised:
Questions students ask
Which papers are required?
Not published; core papers CS1, CS2 and CM1 are typical.
Where does the actuarial team sit?
At the Mumbai head office.
Do I need to clear an SBI bank exam?
No; SBI General hires directly through its careers page. No actuarial internship is published.
