SBI General Insurance premium income up 54% at ₹1,188 cr

SBI General Insurance, the general insurance arm of State Bank of India, has registered 54 per cent growth in premium income at ₹1,188 crore during FY 2013-14.

Bhaskar J Sarma, MD & CEO of SBI General Insurance said, “We are satisfied with our growth during the last FY against the backdrop of an industry slowdown. We emerged as one of the fastest growing players in the general insurance industry and crossed the ₹1,000-crore mark in just the fourth year of operations.”

Talking about the distribution channels used by SBI General, Sarma said, “Bancassurance is the lead channel contributing 65 per cent, followed by the agency channel with 23 per cent, the broker channel with 10 per cent and direct channel contributing the balance 2 per cent of the premium income.”

Source: Business Line


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