|
| 50% increase in Insurance premium income this year:SBI |
| Press Trust of India / Kochi Jul 16, 2009, 17:42 IST |
|
SBI Life Insurance is targetting a 50 per cent increase in its Insurance Premium income this fiscal, a top official today said.
During last year, though the target was Rs 7000 crore, SBI Life was able to achieve only about rs 5386 crore.
This year, plans were on to increase it by 53-55 per cent, U S Roy, Managing Director and CEO, told reporters here.
During the first quarter this year, SBI Life insurance had been in the top slot till May and at least a 30 per cent growth was on the cards, he said.
Steps had also been taken to increase the total premium income, he said announcing a tie-up with the Muthoot Group.
Roy said the total premium income collection last year was rs 7000 crore and this year it was likely to cross rs 10,000-rs 11,000 crore mark.
In Kerala, SBI Insurance did over rs 300 crore insurance premium collection last year and this year, the aim was to double it. Eighteen branches were added in Kerala during 2008-09, he said.
Muthoot Group Managing Director, George Alexander Muthoot, said the non-banking financial company hopes the tie-up would give tremendous growth opportunties.He said about rs 50 crore was expected as premium income in the first year from kerala.
SBI Life's products would be distributed and serviced through all the branches of Muthoot Finance.
|
|
|
|
|
|
|
|
|
|
 Read Business news in |  |
|
|
|
|
|
|
Advertisements |
|
|
|
|
|
|
|
|
|
|
Content Guide
