SBI General achieves 33% growth rate during 2014-15

Bhaskar J Sarma, MD & CEO of SBI General Insurance said, “In the last financial year, SBI General Insurance has emerged as the fastest growing amongst major private general insurance companies. We have grown at a rate of 33% compared to the industry growth of 9.3%.”

SBI General Insurance Company Limited (SBI General), the general insurance arm of State Bank of India (SBI), has achieved Premium Income of Rs.1,577 Crores during FY 2014-15, registering an impressive 33% growth.

Sharing the Financial year performance, Bhaskar J Sarma, MD & CEO of SBI General Insurance said, “In the last financial year, SBI General Insurance has emerged as the fastest growing amongst major private general insurance companies. We have grown at a rate of 33% compared to the industry growth of 9.3%.”

“We believe that SBI General has managed a stellar performance due our customer focussed Insurance covers, exceptional service and most importantly, our single minded attention towards Claims service which was ably demonstrated during the recent disasters.” He added. 

Some of the Key achievements of SBI General during the last FY:

Fastest Growing Insurer in the Industry with a YOY growth of 33%

Increased market share from 1.53% to 1.86%

Ranked 2nd in the fire business amongst the Private players with 6.4% share 

Ranked 2nd as per Market share in the Personal Accident Business with a 13.4% share

Maintaining one of the highest solvency ratios in the Industry, of 2.80, reinforcing SBI General’s financial soundness and claim-paying ability. 

Acquiring over 275,000 Health Insurance customers through the Bancassurance Channel. 

During the last FY SBI General generated 70% of its business from the Retail segment. The SME segment contributed nearly 15%, while Corporate segment accounted for 15%. Mr.Sarma added, “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 FY. Our strength in retail is strongly driven by distribution reach of our Banca partners. We intend to harness it further by making consumers aware of our products, services and brand.” 

Talking about the Distribution Channels used by SBI General, Sarma said, “Bancassurance is the lead Channel with a contribution of 61%, followed by Agency Channel with 17%, Broker Channel with 14% and Direct Channel contributing the balance 7% of the Premium Income” . 

Speaking on SBI General's focus for the new financial year, Mr Sarma concluded, “We will continue to create simple, innovative products that are easy to understand and develop our distribution channels. We are focussed on promoting General Insurance covers to smaller towns and rural areas."