VN Research & Consulting
 Like us on facebook  Follow us on twitter  Follow us on LinkedIn  IndiaNotes on Google Plus  IndiaNotes on Pinterest  IndiaNotes on Stumbleupon  Subscribe to our feeds

Stocks  A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
You are here: IndiaNotes >> Author's Corner >> Businesswire India Press Releases

Businesswire India Press Releases

SBI General Achieves 22% Growth Rate during the First Half Year of FY 2014-15 Despite Tough Market Conditions

06-11-2014 2:19PM | Source : SBI General Insurance
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, Mr. 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.   

Mr. Sarma highlighted the following as the key achievements of SBI General during the latest half year:
  • Registering growth of 22%, against the Industry growth of 8%.
  • Covering over 2.0 Crore lives through the Personal Accident Insurance Policy.
  • Increasing market share from 1.4% during the same period last FY to 1.58% in the current FY.
  • Maintaining one of the highest solvency ratios in the Industry, of 3.65, reinforcing SBI General’s financial soundness and claim-paying ability.
  • Acquiring over 100,000 Health Insurance customers through the Bancassurance Channel.
  • Bringing down the combined Ratio to 127%, from 132% at the beginning of the financial year.
  • Ranking 6th by market share in the Fire business, 2nd amongst the Private players.
  • Ranking 3rd by market share in the Personal Accident business amongst the PSU and Private players. 
  • Launching Travel Insurance through on-line and other key channels like Bancassurance, Broking and Agency.
  • Planning to launch Critical Illness Insurance, Hospital Daily Cash Insurance, and Loan Insurance through the Bancassurance Channel shortly.
Talking about the distribution channels used by SBI General, Mr.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%”. 

Mr. Sarma also added, “The financial impact of Cyclone Hudhud to SBI General will not result in a major adverse effect on profitability.  This is a direct result of utilising IAG’s expertise in Global Catastrophe Modelling and the prudent reinsurance purchases that we undertake”.
About SBI General Insurance

SBI General Insurance Company Limited is a joint venture between the State Bank of India and Insurance Australia Group (IAG), Australia’s leading general insurance provider. It serves three key customer segments: the retail segment that caters to individuals and families; the corporate segment including mid to large size companies; and the SME segment. Currently, SBI General provides Health, Motor, Personal Accident, Travel & Home Insurance for individuals; Fire, Marine, Package, Construction & Engineering, Group Health and Miscellaneous Insurance for businesses.

MSLGROUP, Alethea Fernandes ,
MSLGROUP, Sama Ahmed,

[email protected]
[email protected]

Intraday Tips

What are technical calls?
* SEBI certified analyst

View Stock Advice by: