SBI General Insurance Company Limited, the general insurance arm of State Bank of India (SBI), has successfully achieved Premium Income of Rs.1, 188 Crores during the FY 2013-143, registering an impressive 54% growth.
Sharing the Financial year performance, Bhaskar J Sarma, MD & CEO of SBI General Insurance said, â€śWe are satisfied with our growth during the last FY, against the backdrop of Industry slowdown. We emerged as one of the fastest growing players in General Insurance Industry and crossed the Rs.1, 000 Crores mark in just the 4th year of our operations. We expanded our footprint to over 400 locations pan India â€“ through our own Branch Network in 56 locations and presence in another 350+ locations through satellite resources during the last FY.
Sarma further added the following as the Key achievements of SBI General during the last FY:
Registering a growth of 54% against the Industry growth of 12%
Covering over 1.5 Crores lives through the Personal Accident Insurance Policy.
Increasing the market Share from 1.12% to 1.56%
Issuing over a million Policy during the last FY
Maintaining one of the highest solvency ratio in the Industry of 2.51, reinforcing the financial soundness and claim paying ability.
Acquiring over 40,000 Health Insurance customers through Bancassurance Channel within 5 months of launch.
Bringing down the combined Ratio to 132% from 201% the previous year
Ranked 6th in the fire business, 2nd amongst the Private players.
Ranked 3rd as per Market share in the Personal Accident Business amongst the PSU & Private players.
During the last FY SBI General generated 65% of its business from the Retail segment. The SME segment contributed nearly 21%, while Corporate segment accounted for 13%. Mr.Sarma added, â€śWe are especially happy with the way our Retail and SME Business Segments are growing. Retail segment registered a growth of 66% and SME Segment registered a growth of 70% during the last FYâ€ť. Talking about the Distribution Channels used by SBI General, Mr.Sarma said, â€śBancassurance is the lead Channel with a contribution of 65%, followed by Agency Channel with 23%, Broker Channel with 10% and Direct Channel contributing the balance 2% of the Premium Incomeâ€ť.
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