SBI General Insurance registers 50% growth in its GWP for health insurance business in Financial Year 21-22
SBI General achieved a total GWP of Rs 9260 crore as compared to Rs 8312 crore in the previous financial year and maintained its market share of 4.15%. The company, expanding its services to over 3.34 crore customers in FY 2012, has registered steady growth year-on-year, registering a growth of 15.3% over the previous year.
SBI General Insurance today announced its financial results for the financial year 2021-22. The company has demonstrated impressive growth in the health insurance segment with an increase of 50% in GWP. The overall GWP of the company registered a growth of 11%.
For Financial Year 2021-22, SBI General achieved a total GWP of Rs 9260 crore as compared to Rs 8312 crore in the previous financial year and maintained its market share of 4.15%. The company, expanding its services to over 3.34 crore customers in FY 2012, has registered steady growth year-on-year, registering a growth of 15.3% over the previous year. In addition, the GWP of the Motor Insurance segment of the company has increased by 17%.
In Financial Year 2021-22, SBI General has expanded its presence and increased distribution reach through bancassurance, tie-ups with OEMs and digital integration. The company has added some prominent names to its strategic partnership, which include Bajaj Finance, IDFC First Bank, Google Pay and Uttarbanga Regional Rural Bank. In the financial year 2021-22, events like natural calamity, covid and crop insurance losses have affected the company's profits.
Commenting at the company's overall performance, PC Kandpal, MD & CEO, SBI General Insurance said, “Despite the hard surroundings that maintains with the pandemic, we've got registered considerable boom in GWP mainly withinside the medical health insurance segment. The robust overall performance displays our medical health insurance offering, customer support and virtual proposition. Our imaginative and prescient to reinforce the attain of coverage thru strategic tie-ups has enabled us to attain out to increasingly customers.
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