SBI General Insurance has garnered premium of Rs 425.47 crore in the first eight months (April-November) of the ongoing financial year, a rise of 219 per cent over the same period in the previous fiscal.
“We are delighted with the performance as we were able to establish a strong foundation across retail, corporate and SME business segments as well as across various product lines like fire, motor, engineering, aviation, home & personal accident insurance during the year,” Managing Director and Chief Executive Officer of SBI General Insurance, Bhaskar Sarma said in a company release.
We are now well poised to take-off and accelerate the growth in the next four months to cross a GWP (gross written premium) level of Rs 700 crore in this fiscal, he added.
Mr. Sarma said the company has expanded its presence to 30 cities and plans to add another 10-15 cities before the end of this financial year.
According to the company, the company have issued nearly four lakh policies across retail, SME and corporate segments.
“The corporate segment makes up for nearly 27 per cent of its business, while SMEs account for 17 per cent,” the company said adding that it has also seen significant growth in SME segment.
It also said the general insurance company has rapidly expanded its footprint in rural region, which now accounted for 19 per cent of its premium income in the first eight months of the current fiscal.
SBI General Insurance Company Limited is a joint venture between the State Bank of India and Insurance Australia Group (IAG). SBI owns 74 per cent of the total capital and IAG the remaining 26 per cent, according to the company website.