SBI General Insurance, the general insurance arm of State Bank of India, has garnered a premium income of Rs 425.47 crore during the first 8 months of FY 2012-13, registering an impressive 219 per cent growth.
Commenting on the 8 months performance during the current FY, Mr Bhaskar Sarma, MD and CEO, SBI General Insurance, said, “ We have expanded our presence to 30 cities and plans are on to add another 10-15 cities before the end of the FY. We have also added many new products during the year including Business Package Policy to serve the needs of the SME segment. We are now well poised to take off and accelerate the growth in the next four months to cross a GWP level of Rs 700 crore in this financial year”.
SBI General generates 56 per cent of its business from the retail segment. The corporate segment makes up for nearly 27 per cent of its business, while SMEs account for 17 per cent. The rural sector accounted for 19 per cent of its premium income amounting to Rs 80.02 crore during the first 8 months of the current FY.