SBI General Insurance, one of India’s biggest general insurance companies, recorded a 50 per cent growth in December FY 24, resulting in a GDP of INR 1001 crore. The company provided around 14% to the overall accretion of the private insurance business, with the largest accretion in the month of December FY 24.
The Company’s comprehensive product line, together with its distribution and reach, resulted in SBI General increasing its private market share to 6.41 per cent in December FY 24, up 137 basis points from the same month last year.
In December, the Company also had substantial growth in retail, commercial lines, and rural & agri business. The company remains number one in the Personal Accident market, and it has a significant presence in a variety of business lines, including Health, Home, Commercial, and Motor.
The General Insurance industry grew by 14 per cent in the first nine months of fiscal year 23-24, while the Company expanded by 23 per cent. The growth is mostly driven by the health and motor segment, which remains the greatest contributor to the general insurance market.
Commenting on the Company’s performance, Kishore Kumar Poludasu, MD & CEO, SBI General Insurance, said, “We’re happy to share that we have registered a 50% surge in December premiums and a steady 23% growth in the first nine months of FY24, marking a significant growth for SBI General Insurance. The growth is attributed to our unwavering commitment to a customer-centric approach. We continue to achieve sustainable growth with profits. Looking forward, we see 2024 as a year of continued growth, as we will keep setting new benchmarks in the industry. With the objective of making insurance available to all by 2047, we will continue to develop simple and innovative products for our customers.”
