Comments
SBI General Insurance, a 74:26 partnership venture between State Bank of India (SBI) and Insurance Australia Group (IAG), aims to be among the top five players in the Indian non-life sector.
The company is currently ranked 8th in the general insurance business.
“We aspire to be within the top five players in the general insurance category by 2020, and to be there, we need to grow 50 per cent annually,” said Lisa Jeffery, Deputy CEO, SBI General Insurance.
“Our annual growth rate of 30 per cent is well above the industry average of 12 per cent,” she added. To achieve this aspirational growth, the company has a combination strategy, which includes digitalisation, addition of new products, and leveraging distribution channels, among others.
SME sector
Highlighting the health sector as a major focus area of the company, Jeffrey said small and medium enterprises (SMEs) sector will also be the focus area since it is largely untapped.
Jeffrey said the company is getting ready with its Initial Public Offering (IPO) plans in the year 2020.
As a pre-offer valuation exercise, SBI divested 4 per cent of its holdings in the general insurance company in September to Axis Bank and Premji Invest.
The company’s gross written premium (GWP) for the half-year period ended September 30, 2018, witnessed a 30 per cent increase at ₹2,067 crore, and it posted a net profit of ₹104 crore for the same period.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.