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SBI General plans to enter crop insurance

SBI General's gross underwritten premium collection increased 56% to Rs. 1,200 crore in FY14 from Rs. 771 crore in FY13

June 24, 2014 11:28 IST | India Infoline News Service
SBI General Insurance plans to raise Rs. 350 crore from its shareholders to fund its expansion plans in FY15, according to a media report.
SBI General's gross underwritten premium collection increased 56% to Rs. 1,200 crore in FY14 from Rs. 771 crore in FY13.
The insurer reported a loss of Rs. 98 crore last fiscal against Rs. 88 crore. The company expects to breakeven in FY15-16.
The general insurer plans to enter the crop insurance segment in six districts, the report added. However, no further details have been provided about the time period and the amount of money to be invested.
SBI General Insurance is a joint venture between the State Bank of India and Sydney-headquartered Insurance Australia Group.

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