Mumbai: SBI General Insurance has posted a healthy 54 per cent growth in premium income at Rs 1,188 crore in the past financial year.
The company, the general insurance arm of the country's largest lender SBI, also said that its market share increased from 1.12 per cent to 1.56 per cent during this period. Its combined ratio, which is the critical parameter of profitability, improved to 132 per cent in FY14 from 201 per cent reported in the previous fiscal.
“Despite a slowdown in the industry, we emerged as one of the fastest growing players and crossed the Rs 1,000-crore mark in just the fourth year of operations,” chief executive Bhaskar J Sarma said in a statement.
While the company generated 65 per cent of its business from the retail segment, the SME segment contributed nearly 21 per cent and corporate segment accounted for 13 per cent during the last fiscal.
“Bancassurance is the lead channel with a contribution of 65 per cent, followed by agency channel with 23 per cent, broker channel with 10 per cent and direct channel contributing the balance 2 per cent of the premium income,” Sarma said.
SBI General Insurance is the joint venture between State Bank and Australia's Insurance Australia Group with SBI holding the majority stake.