SBI General books premium of Rs. 540.93 crore in H1 FY14

India Infoline News Service | Mumbai |

The company has registered a growth of 83% in premium income

SBI General Insurance Company Ltd, a joint venture between the State Bank of India and Insurance Australia Group (IAG), has garnered a premium income of Rs. 540.93 crore during the first half year of FY14, registering a growth of 83%.

BJ Sarma, MD and CEO said, “We have been able to achieve 83% growth in spite of difficult economic conditions and slow down in the automobile sector. Automobile sector slow down has forced many of the Insurers to look at renewal business aggressively over the last few months. In this backdrop, we were able to grow our Motor Insurance business by 136% during the first six months. We have increased our branch office network to 44 locations.”  

“We intend to go pan India by December’13. Our focus will be to aggressively expand our health & motor insurance portfolio during rest of the FY” Mr. Sarma further added.
 

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