After outpacing the industry, private sector non-life insurance firm SBI General Insurance is aiming to break even during the current financial year, a top official said.
Compared to last year, we have grown by 39 per cent in the last six months, that is till September. (Non-life insurance) industry grew by 29 per cent during the same period, SBI General Insurance Deputy CEO, Andrew Farlow told reporters.
Asked about plans for the current financial year, he said We had reported first time profits this year.
The company, during the first six months of the current financial year ending September 30, 2016, has collected a gross written premium of Rs 1,200 crore, as against Rs 2,042.50 crore registered during the last financial year.
Our focus is more on meeting the bottomline profits,he said, adding the company’s 80 per cent portfolio was in retail while the rest comprise commercial and SMEs.
To a query on whether the company was eyeing Rs 2,500 GWP during the current financial year, he said, It depends. Focus is on growing the business very profitably.
SBI General Insurance is a 74:26 joint venture between country’s largest public sector State Bank of India and Insurance Australia Group. It has about 7,500 agents across the country.