State-owned reinsurer General Insurance Corp of India on Monday filed for an initial public offering which bankers have said could raise more than $1 billion, as part of the government's plans to list five non-life insurers in which it holds stakes.
GIC Re's filing comes amid a surge in IPOs in Asia's third-largest economy, which has spurred a slew of insurers to pursue listings, including SBI Life Insurance Co Ltd, a unit of State Bank of India.
