SBI General Insurance Registers Rs 133.57 Crore In Premium Income During The First Eight Months In FY '12
SBI General Insurance issued over 1.2 Lakh Policies for the FY
Online, December 9, 2011 (Newswire.com) - SBI General Insurance, the general insurance arm of State Bank of India, has successfully garnered a Premium Income of Rs. 133.57 crore at the end of November 2011. SBI General commenced its operation in FY '11 and closed the financial year with a Premium of Rs.43.02 crore.
Commenting on the business achieved, Mr. R.R. Belle, MD & CEO, SBI General Insurance said, "SBI General Insurance commenced its retail business towards the end of last financial year and its SME business, in March 2011. The crossing of Rs.100 Crore Premium during October was an important milestone, riding on back of a strong corporate, retail & SME performance. It is a significant development as it is an outcome of our focus on select products.
The current financial year also saw the total number of policies issued by SBI General crossing 1.2 lakh mark. SBI General currently operates out of 20 locations pan-India and generates 52 per cent of its business from the retail segment. The corporate segment makes up for nearly 40 per cent of its business, while SMEs account for eight per cent.
Since its launch, the company has rapidly expanded its foot print to cover some rural areas as well. The rural sector accounted for 10% of its premium income in the first half of the financial year.
About SBI General Insurance
SBI General Insurance Company Limited is a joint venture between the State Bank of India and Insurance Australia Group (IAG), Australia's leading general insurance provider. It serves three key customer segments i.e. retail segment that caters to individual and families, the corporate segment including mid to large size companies and the SME segment. Currently, SBI General covers motor and home insurance for individuals; fire, marine, package, construction and engineering, group health and miscellaneous insurance for businesses.
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