New Delhi: Indian private sector non-life insurer SBI General Insurance's premium income collection grew by nearly five times on-year to Rs 2.5 billion in the last financial year 2011-12, against Rs 430.2 million in the year-ago period.
The company issued over 267,000 policies during the fiscal and plans to further expand its customer base in the current fiscal 2012-13, SBI General Insurance said in a statement.
"We have an aggressive business expansion plans for the current year. We plan to further expand our foot print across SBI & its Associate Banks. This will give us additional 5,000 customer touch points," R R Belle, managing director and CEO of SBI General Insurance, said in the statement.
The insurer also plans to establish its health products in the market and boost its motor insurance segment, Belle said.
SBI General Insurance will open another 25-30 branches in tier II and III towns this year, he added.
The insurer currently operates in 20 cities pan-India. The insurance company generates 52% of its business from retail segment, 35% from the corporate segment and 13% from the small and medium enterprises, the statement said.
SBI General Insurance is a 74:26 joint venture between India's largest lender State Bank of India and Australia's general insurer provider Insurance Australia Group (IAG).
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