SBI General Insurance premium income up 83% to Rs 541 cr in H1

MUMBAI: SBI General Insurance today said it has seen a healthy 83 per cent growth in premium income to Rs 540.93 crore in the first half of the current financial year.

"We have been able to achieve 83 per cent growth in premium collection despite difficult economic conditions and slowdown in the automobile sector," SBI General Insurance managing director and chief executive B J Sarma said in a statement.

As per the company, while slowdown in the automobile sector has forced many insurers to look at renewal business aggressively, SBI General Insurance was able to grow motor insurance business by 136 per cent during the first six months (April-September) of the fiscal.

The general insurer, which is present across retail, corporate and SME segments, also has piloted a simple health insurance policy through bancassurance channel.

"The product is gaining traction with SBI customers. We have already acquired over 3,500 customers in select locations where we have launched the product. We intend to go national by next month," the company said in a statement.

During the second half of the fiscal, the company will aggressively focus on health and motor insurance portfolio, it added.

SBI General Insurance is a joint venture between country's largest lender State Bank of India and Australian insurer Insurance Australia Group with SBI holding the majority stake.