SBI General books premium of Rs 2.70bn in Q1

SBI General Insurance Company Limited, a joint venture between the State Bank of India and Insurance Australia Group (IAG), has garnered a premium income of Rs. 270.89 crore during the first quarter of FY’ 14, registering impressive growth of 115% and continues to be the fastest growing General Insurance company in India.
Q1 Highlights

Q1 premium income of Rs 270.89 Crore representing 115% YOY growth.
No. of polices issued: 107% increase from 115,676 in previous year to 239,082.

Commenting on the first quarter results, B. J. Sarma, MD and CEO said, “We are satisfied with our first quarter performance. We have increased our presence to 40 locations and have been able to establish a strong foundation across Retail, Corporate and SME business segments as well as across various product lines like Motor, Fire, Engineering, Home Insurance and Personal Accident Insurance during the past year. Our recently launched Health Insurance product is gaining traction with customers. Expanding our presence in the Retail and SME segments will be our main focus this year. We are planning to add more products such as Travel Insurance, Home Insurance (content), Critical Illness and Hospital Cash Insurance in the course of the current year.” 

“We have chalked out an aggressive business expansion plan for the current year. We plan to further expand our footprint across SBI and its associate banks; this will give us additional customer touch points. We will also be expanding our branch network, adding another 25-30 branches in tier II and III towns this year.  Our focus will also be to aggressively expand our health and motor insurance in the market.  On the SME side, we have done well. Currently, our Retail segment contributes 59%, SME segment 21% and Corporate segment 20% of our premium income” Mr. Sarma further added.