The general insurance arm of the State Bank - SBI General Insurance- has ap...
SBI General Insurance Company Limited, which started its operations in 2010, has crossed the Rs 100 crore mark in terms of premium income. At the end of October 2011, the company has garnered premium income of Rs 117 crores.
Commenting on this achievement, R.R. Belle, MD & CEO, SBI General Insurance said, “SBI General Insurance commenced its retail business towards the end of last financial year and its SME business, in March 2011. The crossing of Rs.100 crore premium is its first milestone, riding on back of a strong corporate, retail & SME performance. It is a significant development as it is an outcome of focus on select products, available on the IT Platform.”
SBI General Insurance Company Ltd is a joint venture between the State Bank of India (SBI)and Insurance Australia Group (IAG). SBI owns 74% of the total capital the remaining 26% is owned by IAG. The company is present in 20 cities across the length and breadth of the country and has plans to reach to another 25 cities by mid 2012. As of now, their product offerings for individual customers are limited to home insurance and motor insurance for private cars and two wheelers.