SBI General Insurance premium soars to Rs 425.47 cr in Apr-Nov
- BJP tears into UPA govt on 4th anniversary, says it lacks leadership
- Madras High Court issues notice to BCCI, Sports Minister over IPL spot-fixing
- Jessica Lal murder: Actor Shayan Munshi, ballistic expert Manocha to face perjury trial
- India seeks access from US to 26/11 terror convicts Headley, Rana
- Govt further cuts import tariff value of gold
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.
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.
- Fixing probe now reaches Bollywood, son of Dara Singh held
- BCCI cashes Pune Warriors guarantee, 'disgusted' Sahara walks out of IPL
- Sreesanth spent Rs 1.95L on clothes, bought friend BlackBerry, paid in cash: Police
- Delhi firm with MoD as client is linked to Pak cyberattacks
- After Infosys, iGATE sacks Phaneesh Murthy for sexual misconduct
- 2 weeks after harassment, Haryana schoolgirls return, cops in tow