SBI General eyes about 150% growth in gross written premium in FY14

India Infoline News Service | Mumbai |

SBI General Insurance is planning to grow its gross written premium by around 150% in 2013-14

SBI General CEO Bhaskar Sarma on Sunday said that the company has earmarked a capital infusion of around Rs. 2.5 billion this fiscal even as the non-life insurer hopes to start adding to its bottomline by 2014-15. The company plans to break even by 2014-15.

The company is looking to earn a premium of about Rs. 11 billion in FY14 in the retail segment against Rs. 4.7 billion last year.

SBI General would concentrate on motor and health, both through bank and non-bank (agency) channel.

The insurer which started its operations in 2010 reported Rs. 7.7 billion as gross written premium in 2012-13.

SBI General is a 74:26 joint venture of the State Bank of India and Sydney-based Insurance Australia Group.



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