SBI General posts 33% rise in premium for FY15
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SBI General Insurance posted a 33% growth in premium income for FY15. The insurer collected premiums of Rs 1,577 crore for the year ended March 31, 2015.
Bhaskar J Sarma, MD & CEO of SBI General Insurance, said that in the last financial year the insurer has emerged as the fastest growing company amongst major private general insurance companies.
He said that their performance was better due to the customer-focussed insurance covers, service and attention towards claims service. The company increased its market share from 1.53% to 1.86%. It acquired over 275,000 health insurance customers through the bancassurance channel.
During the last fiscal, SBI General generated 70% of its business from the retail segment. The SME segment contributed nearly 15%, while corporate segment accounted for 15%.
"We are especially happy with the way our Retail and Corporate Business Segments are growing. Corporate segment registered a growth of 47% and retail segment registered a growth of 42% during the last financial year," said Sarma.
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