SBI General Insurance Company, which started its operations towards the end of last financial year, has seen its premium income rise to Rs 133.57 crore within the first 8 months of the current fiscal.
SBI General Insurance is a joint venture between the State Bank of India (SBI)and the Insurance Australia Group (IAG). SBI owns 74% stakes while 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 another 25 cities by mid-2012.
In the non-life insurance space, SBI General Insurance Company’s product offerings for individual customers at present are limited to home insurance and motor insurance for private cars and two-wheelers.
The Managing Director and Chief Executive Officer (CEO) of the company is R.R. Bele. Commenting on the achievement, R.R. Belle, MD & CEO, of SBI General Insurance said, “SBI General Insurance commenced its operation in FY 2011 and its SME business in March 2011. The crossing of Rs 100 crore premium in October was an important milestone, riding on the back of a corporate, retail, and SME performance.”
