SBI General Insurance Company Limited is a joint venture between the State Bank of India and Insurance Australia Group (IAG). SBI owns 74% of the total capital and IAG the remaining 26%.
SBI General closed the financial year 2011-12 with a Gross Written Premium of Rs.250.19 Crores. SBI General follows a robust multi-distribution model encompassing Bancassurance, Agency, Broking & Retail Direct Channels. Bancassurance is the major channel and will continue to be so during the next few years.
SBI General's current geographical coverage extends to 25 cities pan India and plans are on to extend this reach to another 25 cities before the end of the current financial year. We are currently serving 3 key customer segments i.e. Retail Segment (catering to Individual & Families), Corporate Segment (catering mid to large size Companies) and SME Segment. In a short span, SBI General has emerged as one of the few General Insurance companies in India to have a dedicated SME Team catering exclusively to the needs of SME Segment.
Current Policy offering of SBI General covers Motor, Health & Home Insurance for Individuals and Fire, Marine, Package, Construction & Engineering, Group Health, Group Personal Accident & Miscellaneous Insurance for Businesses.
State Bank of India enjoys the largest banking franchise in India. State Bank of India is country's largest & a premier commercial Bank in terms of balance sheet, profits, assets, deposits, branches and employees.
Along with its 5 Associate Banks, SBI Group has the unrivalled strength of over 19,000 branches across the country, arguably one of the largest in the world.
State Bank of India is today going through a momentous phase of Change and Transformation.
The Bank has ventured into many new businesses with strategic tie ups in Pension Funds, General Insurance, Custodial Services, Private Equity, Mobile Banking, Point of Sale Merchant Acquisition, Advisory Services, structured products etc each one of these initiatives having a huge potential for growth.
The Bank is surging ahead with cutting edge technology and innovative new banking models, to expand its reach.
With 22,141 ATMs of its own & 27,286 ATMs including its associate banks (as of 31st March 2012) complementing its over 19,000 branch network, State Bank of India today offers one of the largest banking network to the Indian customer.
Insurance Australia Group Limited (IAG) is an international general insurance group, with operations in Australia, New Zealand, the United Kingdom and Asia.
IAG's businesses underwrite around A$9.0 billion of premium per annum and employ around 13,600 people.
IAG operates some of Australia's leading general insurance brands including NRMA Insurance, CGU, SGIO, SGIC and Swann Insurance. In 2009, it also launched an on-line insurance business called The Buzz.
IAG's heritage dates back to 1925 when the National Roads and Motorists' Association (NRMA) started providing insurance to its members in New South Wales (NSW) and the Australian Capital Territory (ACT).
IAG is an ASX top 40 company with a market capitalisation of approximately A$6.6bn.
IAG's Australian operations distribute a range of personal and commercial insurance products, under several brands. Products are sold:
Be the most trusted general insurer in India with fair and transparent business practices, leading the Nation's effort in increasing insurance penetration.