SBI General achieves 22% growth rate in first half

Mumbai : SBI General Insurance Company Limited (SBI General), the general insurance arm of State Bank of India (SBI), has recorded Premium Income of Rs.663.9 Crores during the first half of FY 2014-15, representing impressive growth of 22%.

Sharing the Financial year-to-date performance, Bhaskar J Sarma, MD & CEO of SBI General Insurance said, “Our growth during the first half of the year has been encouraging against a backdrop of just 8% Industry growth.  We continue to maintain our growth momentum and position as one of the fastest growing players in the General Insurance Industry.  During the period, we expanded our footprint to over 400 locations across India – through our own Branch Network in 57 locations and a presence in another 350+ locations through satellite resources.

Talking about the distribution channels used by SBI General, Sarma said, “Bancassurance is the lead channel with a contribution of 63%, followed by Agency with 21%, Broking with 11%, and Agri & Rural contributing the balance of 5% of Premium Income”.  “Within the product portfolio, Fire contributed 34% of Premium Income, followed by Motor at 32%, Personal Accident at 17%, Health at 5% and other products 12%”.

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