SBI General Insurance premium income up 83 per cent at Rs 541 crore in fiscal first half

SBI General Insurance said on Wednesday that it has seen a healthy 83 per cent growth in premium income to Rs 540.93 crore in the first half of the current financial year (FY14).

 

"We have been able to achieve 83 per cent growth in premium collection despite difficult economic conditions and slowdown in the automobile sector," SBI General Insurance managing director and chief executive B J Sarma said in a statement.

 

While slowdown in the automobile sector has forced many insurers to look at renewal business aggressively, SBI General Insurance was able to grow motor insurance business by 136 per cent during the first six months (April-September) of FY14, the company said.

 

The general insurer, which is present across retail, corporate and SME segments, also has piloted a simple health insurance policy through bancassurance channel.

 

"The product is gaining traction with SBI customers. We have already acquired over 3,500 customers in select locations where we have launched the product. We intend to go national by next month," it noted.

 

During the second half of the fiscal year, the company will aggressively focus on health and motor insurance portfolio, it said.

 

SBI General Insurance is a joint venture between State Bank of India and Australian insurer Insurance Australia Group with India's largest lender, SBI, holding a majority stake.