SBI General posts 33% rise in premium for FY15

During the last fiscal, the insurer generated 70% of its business from the retail segment

SBI General Insurance posted a 33 per cent 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, said in the last financial year, SBI General Insurance has emerged as the fastest growing amongst major general insurance companies. 

He said the company’s 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 per cent to 1.86 per cent. It acquired over 275,000 health insurance customers through the bancassurance channel.  

During the last financial year, SBI General generated 70 per cent of its business from the retail segment. The SME segment contributed nearly 15 per cent, while corporate segment accounted for 15 per cent. 

"We are especially happy with the way our retail and corporate business segments are growing. Corporate segment registered a growth of 47 per cent and the retail segment registered a growth of 42 per cent during the last financial year," said Sarma.