State Bank of India's subsidiary- SBI General Insurance recorded 219 per cent growth in premium collection in April- November period against the same period last year. SBI General Insurance collected a premium of Rs 425.47 crore.
The company has expanded its branches in 30 cities and the company has laid an ambition to add another 10-15 cities to its present network before the end of the current financial year, Mr. Bhaskar Sarma, Managing Director and CEO of SBI General Insurance.
"We are now well poised to take-off and accelerate the growth in the next four months to cross a Gross Written Premium level of Rs 700 crore in this financial year," Mr. Sarma said.
SBI General Insurance has expanded its footprint to cover rural areas as well. The rural sector accounted 19 per cent of its premium income amounting to Rs 80.02 crore in the April-November period, said a press release from the company.