Mumbai: SBI General Insurance, one of India’s leading general insurance companies, recorded a significant growth of 50% in the month of December FY24, leading to a GDP of Rs 1001 crore. The company has contributed about 14% to the overall growth of the private insurance industry, which is the highest growth in the month of December FY24.
The company’s diverse product portfolio, coupled with its distribution and its reach, has led SBI General to improve its private market share by 6.41% in the month of December FY24, an increase of 137 basis points in market share compared to the corresponding month. Is with improvement. Previous financial year.
In the month of December, the company also recorded strong growth in retail, commercial sectors and rural and agri business.
The company continues to be No. 1 in the personal accident sector with its strong presence across various lines of business including health, home, commercial and motor.
The general insurance industry registered a growth of 14% in 9M of FY 23-24, while the company registered a growth of 23%. This growth is mainly driven by the health and motor segment, which remains the largest contributor to the general insurance sector.
Commenting on the company’s performance, Mr. Kishore Kumar Poludasu, MD & CEO, SBI General Insurance, said, “We are pleased to share that we have seen a 50% growth in December premiums and 23% growth in the first nine consecutive In the months of FY24, SBI General Insurance has recorded significant growth.
This growth is attributed to our unwavering commitment to our customer-centric approach. We will continue to achieve sustainable growth with profits. Looking ahead, we see 2024 as a year of continued growth, as we continue to set new standards in the industry.
With the aim of making insurance available to all by 2047, we will continue to develop simple and innovative products for our customers.” SBI General is one of the fastest growing private general insurance companies with the strong parentage of SBI.
We, at SBI General Insurance, are committed to carrying forward the legacy of trust and protection; and has a vision to become the most trusted general insurer for a changing India. Since our establishment in 2009, our growth has been rapid in various aspects.
We have grown our presence from 17 branches in 2011 to over 141 branches across India. Till now, we have served more than 34 crore customers. We have been honored as ‘Domestic General Insurer of the Year’ – India at the Insurance Asia Awards 2023 Singapore.
Additionally, we were recognized as one of the Best Brands 2023 in the ET Edge Best Brands 2023. Additionally, we were recognized as the Highest Growth – General Insurance Runner-up at the ASSOCHAM 15th Global Insurance Summit & Awards.
We have achieved ‘Insurer of the Year’ in the Non-Life category at the FICCI Insurance Industry Awards in 2022. We have a strong multi-distribution model that includes bancassurance, agency, broking, retail direct channels and digital tie-ups.
Our wide network of over 22437 SBI branches, agents, other financial tie-ups, OEMs and numerous digital partners like distributors enables us to extend our reach to remote areas of India.
We offer a bouquet of products spanning across various categories of businesses that cater to customers across all sectors such as retail, corporate, SME and rural, ensuring reach through digital as well as physical modes.
SBI General Insurance recorded a growth of 23.4% in gross direct premium (GDP) to Rs 8514 crore in 9 months of FY 23-24.
