SBI General Insurance records 50% growth in December FY 24, grows more than double of the private general insurance industry
One of the fastest
growing companies in the month of December FY 24 with a GDP of INR 1001 crores
New Delhi : SBI General Insurance, one of India’s leading General Insurance companies, registered a significant growth of 50% in the month of December FY 24, leading to GDP of INR 1001 crore. The Company has contributed around 14% to the overall accretion of private insurance industry, marking the highest accretion in the month of December FY 24.
The Company’s diverse product portfolio, combined with its distribution and its reach has resulted in SBI General improving its private market share to 6.41% in the month of December FY 24, with an improvement of 137 basis points in market share over the corresponding month of last financial year.
In the month of December, the Company also showcased strong growth across retail, commercial lines, and rural & agri business. The Company remains No. 1 in the Personal Accident segment, along with its strong presence in various lines of business including Health, home, commercial and Motor.
In the 9M FY 23-24, the General Insurance industry registered a growth of 14%, while the Company has registered a growth of 23%. The growth is primarily driven by the health and motor segment, which continues to be the largest contributor in the general insurance sector.
Commenting on the Company’s performance, Mr. 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.”