MIRA INFORM REPORT
|
Report Date : |
24.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
SBI GENERAL INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
“Natraj” 101, 201 and 301, Junction of Western Express, Highway and
Andheri Kurla Road, Andheri (East), Mumbai – 400069, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
24.02.2009 |
|
|
|
|
Com. Reg. No.: |
11-190546 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1500.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U66000MH2009PLC190546 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS63121C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Insurance Services. |
|
|
|
|
No. of Employees
: |
Information declined by management
|
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 15000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between the State Bank of India and
Insurance Australia Group (IAG). It is an established company having fine track record. Networth of the
company appears to be strong. The company has incurred consecutive losses for previous years which
led to its accumulation during FY13. However, in a short span, the subject 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. Trade relations are reported as decent. Business is active. Payments are
reported to be regular and as per commitments. In view of strong holding, the company can be considered for any
business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a quarter
of a century. The data was below an official estimate of 4.9 % annual growth
and compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Claims Paying Ability “iAAA” |
|
Rating Explanation |
Highest degree of safety and carry lowest
credit risk. |
|
Date |
September, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE
Contact No.: 91-22-42412070
LOCATIONS
|
Registered/
Corporate Office : |
Natraj 101, 201 and 301, Junction of Western Express, Highway and
Andheri Kurla Road, Andheri (East), Mumbai – 400069, Maharashtra, India |
|
Tel. No.: |
91-22-42412070 |
|
Mobile No.: |
91-8884600580 (Mr. Nagesh) |
|
Fax No.: |
91-22-42412071 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
(AS ON 13.08.2013)
|
Name : |
Mr. Pratip Chaudhari |
|
Designation : |
Nominee Director |
|
Address : |
Dunedin, 100 – A Napean Sea Raod, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
12.09.1953 |
|
Date of Appointment : |
21.04.2012 |
|
DIN No.: |
00915201 |
|
|
|
|
Name : |
Mr. Michael John Wilkins |
|
Designation : |
Nominee Director |
|
Address : |
8 Wonga Wonga ST Turramurra NSW 2074 NSW |
|
Date of Birth/Age : |
20.10.1956 |
|
Qualification: |
B.Com, MBA, DLI, FCA |
|
Date of Appointment : |
21.07.2010 |
|
DIN No.: |
02887974 |
|
|
|
|
Name : |
Mr. Justin Paul Breheny |
|
Designation : |
Nominee Director |
|
Address : |
#01-01-9, Nassim Road, Sigapore |
|
Date of Birth/Age : |
24.09.1956 |
|
Qualification: |
BEc, CPA, F Fin |
|
Date of Appointment : |
21.12.2009 |
|
DIN No.: |
02888020 |
|
|
|
|
Name : |
Mr. Mehender Kumar Garg |
|
Designation : |
Director |
|
Address : |
401/5, Vipul Belmonet, Golf Course Raod, Gurgaon – 122002, Haryana,
India |
|
Date of Birth/Age : |
10.05.1953 |
|
Qualification: |
Chartered Accountant / FIII |
|
Date of Appointment : |
21.04.2010 |
|
DIN No.: |
00081454 |
|
|
|
|
Name : |
Mr. Ashok Purushottam Pradhan |
|
Designation : |
Director |
|
Address : |
1301, C Wing, Synchronincity, Nahar Amrit Shakti Road, Chandivali,
Mumbai – 400072, Maharashtra, India |
|
Date of Birth/Age : |
30.09.1941 |
|
Qualification: |
M.Com, LL. B, CAIIB, Diploma in Management Accounting |
|
Date of Appointment : |
21.04.2010 |
|
DIN No.: |
00136805 |
|
|
|
|
Name : |
Mr. Srinivasan Vishvanathan |
|
Designation : |
Nominee Director |
|
Address : |
11-C, Kinellan Towers, 100-A, Napean Sea Road, Mumbai - 400006,
Maharashtra, India |
|
Date of Birth/Age : |
30.04.1954 |
|
Date of Appointment : |
10.07.2013 |
|
DIN No.: |
02255828 |
|
|
|
|
Name : |
Mr. Aravamudan Krishna Kumar |
|
Designation : |
Nominee Director |
|
Address : |
D/11, Kinellan Towers, 100-A, Napean Sea Road, Mumbai - 400006,
Maharashtra, India |
|
Date of Birth/Age : |
18.11.1954 |
|
Date of Appointment : |
14.12.2012 |
|
DIN No.: |
00871792 |
|
|
|
|
Name : |
Mr. Bhaskar Jyoti Sarma |
|
Designation : |
Managing director |
|
Address : |
Flat No.9C, Kinellan Tower, Napean Sea Road, Mumbai - 400006,
Maharashtra, India |
|
Date of Birth/Age : |
16.12.1955 |
|
Date of Appointment : |
01.08.2012 |
|
DIN No.: |
05282550 |
|
|
|
|
Name : |
Mr. Arundhati Bhattacharya |
|
Designation : |
Nominee Director |
|
Address : |
D-7, Kinellan Tower, 100A, J. M. Mehta Marg, Walkeshwar, Mumbai –
400006, Maharashtra, India |
|
Date of Birth/Age : |
18.03.1956 |
|
Date of Appointment : |
26.10.2013 |
|
DIN No.: |
02011213 |
KEY EXECUTIVES
|
Name : |
Mr. Nagesh |
|
Designation : |
Accounts Head |
|
|
|
|
Name : |
Mr. Mehendra Kumar Tripathi |
|
Designation : |
Secretary |
|
Address : |
405 C Wing Vasant Smruti, 90 Feet Road, Opp. St Lawrence School,
Thakur Complex, Kandivali (East), Mumbai – 400101, Maharashtra, India |
|
Date of Birth/Age : |
12.11.1974 |
|
Date of Appointment : |
21.12.2009 |
|
PAN No.: |
ACSPT6389F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 13.08.2013)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
State Bank of India, Kolkata, West Bengal, India |
|
110999950 |
|
IAG International Pty. Limited, Australia |
|
39000000 |
|
Bhaskar Jyoti Sharma |
|
10 |
|
P. K. Sanyal |
|
10 |
|
Rajeev Nandan Mehra |
|
10 |
|
S. Vishvanathan |
|
10 |
|
Purna Chandra Jena |
|
10 |
|
|
|
|
|
Total |
|
150000000 |
(AS ON 19.08.2013)
|
Names of Allottees |
|
No. of Shares
(Allottees) |
|
|
|
|
|
IAG International Pty Limited, Australia |
|
6500000 |
|
State Bank of India, India |
|
18500000 |
|
|
|
|
|
Total |
|
25000000 |
(AS ON 30.09.2013)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
26.00 |
|
Bodies corporate |
|
74.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Insurance Services. |
||||
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|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management
|
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A. Bafna and Company Chartered Accountants |
|
Address 1: |
UG - 283, The Mall, L. B. S Marg, Bhandup (West), Mumbai – 400078,
Maharashtra, India |
|
Address 2: |
K-2, Keshav Path, C-Scheme, Jaipur – 302001, Rajasthan, India |
|
PAN No.: |
AAGFA3909A |
|
Tel No.: |
91-141-2372572/2373873 |
|
|
|
|
Name : |
Singrodia Goyal and Company Chartered Accountants |
|
Address : |
4A, Kaledonia - HDIL, 2nd Floor, Sahar Road, Near Andheri Station,
Andheri (East), Mumbai – 400069, Maharashtra, India |
|
PAN No.: |
AAAFS7106D |
|
Tel No.: |
91-22-66256363 |
|
|
|
|
Holding Company : |
· State Bank of India |
CAPITAL STRUCTURE
(AS ON 13.08.2013)
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000000 |
Equity Shares |
Rs.10/- each |
Rs.20000.000 Millions |
|
|
|
|
|
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175000000 |
Equity Shares |
Rs.10/- each |
Rs.1750.000 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[All figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1500.000 |
1500.000 |
1500.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5031.000 |
5031.000 |
5031.000 |
|
|
4] (Accumulated Losses) |
(2783.230) |
(1331.609) |
0.000 |
|
|
5] Fair Value Changes Account |
(1.778) |
0.478 |
(378.134) |
|
|
NETWORTH |
3745.992 |
5199.869 |
6152.874 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3745.992 |
5199.869 |
6152.874 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
972.070 |
686.769 |
771.292 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
8843.502 |
6291.610 |
5375.390 |
|
|
DEFERREX TAX ASSETS |
0.0000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000
|
0.000 |
|
|
Cash & Bank Balances |
1518.043
|
661.682
|
713.646 |
|
|
Other Current Assets |
511.438
|
50.462
|
48.888 |
|
|
Loans & Advances |
0.000
|
351.815
|
255.971 |
|
Total
Current Assets |
2029.481
|
1063.959
|
1018.505 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
618.583
|
609.566
|
|
|
Other Current Liabilities |
|
817.297
|
260.228 |
|
|
Provisions |
4687.853
|
1406.589
|
142.519 |
|
Total
Current Liabilities |
8099.061
|
2842.469
|
1012.313 |
|
|
Net Current Assets |
(6069.580)
|
(1778.510)
|
6.192 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3745.992 |
5199.869 |
6152.874 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
1 |
OPERATING
PROFIT/(LOSS) |
|
|
|
|
|
a) Fire Insurance |
(719.172) |
(846.192) |
(396.588) |
|
|
b) Marine Insurance |
(17.280) |
(13.785) |
(4.570) |
|
|
c) Miscellaneous Insurance |
(1092.735) |
(568.197) |
(370.398) |
|
|
|
|
|
|
|
2 |
INCOME FROM
INVESTMENTS |
|
|
|
|
|
a) Interest, Dividend and Rent - Gross |
358.490 |
453.903 |
501.786 |
|
|
b) Profit on sale of Investments |
33.125 |
16.549 |
2.172 |
|
|
|
|
|
|
|
3 |
OTHER INCOME
(Miscellaneous Income) |
1.348 |
4.405 |
0.739 |
|
|
|
|
|
|
|
|
Profit and Loss
on sale of Assets |
0.015 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL (A) |
(1436.209) |
(953.317) |
(266.859) |
|
|
|
|
|
|
|
4 |
OTHERS |
|
|
|
|
|
Share Issue Expenses |
14.398 |
0.000 |
0.000 |
|
|
Preliminary Expenses Written off |
0.000 |
0.000 |
0.000 |
|
|
Others |
1.014 |
1.247 |
1.341 |
|
|
|
|
|
|
|
|
TOTAL (B) |
15.412 |
1.247 |
1.341 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
(1451.621) |
(954.564) |
(268.200) |
|
|
|
|
|
|
|
|
PROVISION FOR
TAXATION |
|
|
|
|
|
Current Tax |
0.000 |
0.000 |
0.000 |
|
|
Fringe Benefit Tax |
0.000 |
0.000 |
0.000 |
|
|
Transfer to any
Reserves or Other Accounts (to be specified) Excess provision written back |
0.000 |
1.089 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
(1451.621) |
(953.475) |
(268.200) |
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(1331.609) |
(378.134) |
(109.934) |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(2783.230) |
(1331.609) |
(378.134) |
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (Rs.) |
(9.68) |
(6.36) |
(1.79) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.25 |
0.37
|
1.01 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM BORROWINGS DETAIL: NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
CHARGES:
|
Entity |
Competent
Authority |
Regulatory
Charges |
Regulatory Action(s)/
Date of Order |
|
|
|
|
|
|
SBI General Insurance Company Limited |
IRDA |
Did not comply with obligatory target in terms of minimum premium to be
underwritten in respect of standalone commercial vehicles motor third party
insurance |
Imposed penalty Rs.0.500 Million 11.09.2013 |
NOTE:
The Registered office of the company
has been shifted from Corporate Centre, State Bank Bhavan, Madame Came Road,
Mumbai – 400021, Maharashtra, India to the present address w.e.f.07.11.2011
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
PRESS RELEASE
NON-LIFE PREMIUM
INCOME RISES 6.7% TO RS 8,421 CRORE IN APRIL
June 01, 2014
NEW
DELHI: Premium income of non-life insurers grew by 6.73 per cent
to Rs.84214.500 Millions in April this year, according to data of insurance
sector regulator Irda.
Public sector non-life insurers registered a rise of 8.41
per cent in their premium income to 46025.200 Millions.
Privately-owned companies in the segment saw their premium
rising by 4.77 per cent in April to Rs.38189.300 Millions, Insurance Regulatory
and Development Authority (Irda) said in the release.
Among the four public sector non-life players, New India
registered a growth of 13.94 per cent in its premium income at Rs.15444.300
Millions and National Insurance Company witnessed a rise of 10.29 per cent at
Rs.10132.800 Millions during April.
United India had a premium income of Rs.10955.100 Millions
in April, up 7.22 per cent from a year ago, while Oriental Insurance Company
had premium collection of Rs.8173.200 Millions, an increase of 10.04 per cent
from year-ago period.
In the private sector, the premium income of SBI General rose by 5.37 per cent to Rs.1053.800
Millions and HDFC ERGO General had premium income of Rs.3504.500 Millions,
down 15.95 per cent from a year ago.
Among others in the private space, premium of Reliance General increased by 14.51 per cent to
Rs.3400.700 Millions and that of ICICI Lombard grew by a meagre 3.47 per cent
to Rs.8462.800 Millions.
Bharti AXA General had a rise of 6.33 per cent in its
premium collection at Rs.2073.900 Millions, while Bajaj Allianz registered a growth of 9.56 per cent
to Rs.4212.300 Millions in April.
SBI GENERAL INSURANCE FY14 PREMIUM INCOME UP 54% AT RS 11880.000 MILLIONS
Company also said that its market share increased from
1.12% to 1.56%
Mumbai, May 13, 2014
General Insurance has
posted a healthy 54% growth in premium income at Rs.11880.000 Millions in the
past financial year.
The company, the general insurance arm of the
country's largest lender SBI, also said that its market share increased from
1.12% to 1.56% during this period.
Its combined ratio, which is the critical
parameter of profitability, improved to 132% in FY14 from 201% reported in the
previous fiscal.
"Despite a slowdown in the industry, we
emerged as one of the fastest growing players and crossed the Rs.10000.000
Millions mark in just the fourth year of operations," chief executive
Bhaskar J Sarma said in a statement.
While the company generated 65% of its business
from the retail segment, the SME segment contributed nearly 21% and corporate
segment accounted for 13% during the last fiscal.
"Bancassurance is the lead channel with a contribution of 65%,
followed by agency channel with 23%, broker channel with 10% and direct channel
contributing the balance 2% of the premium income," Sarma said.
SBI General Insurance is the joint venture
between State Bank and Australia's Insurance Australia Group with SBI holding
the majority stake.
SBI GENERAL INSURANCE
SETS 60% PREMIUM GROWTH THIS FISCAL
APRIL 06, 2014
MUMBAI: SBI General Insurance hopes to maintain its growth momentum
of recent years and has set a 60 per cent target in premium growth in the 2014-15 fiscal.
The subsidiary of the country's largest lender SBI had a gross written
premium of Rs.7708.500 Millions in FY13, and has registered around 55 per cent
rise in premium of around Rs.12000.000 Millions in FY14.
"In this fiscal we expect to grow at around 60 per cent, which we
feel is reasonable," managing director and chief executive Bhaskar J Sarma
told PTI.
He said any pick up in industrial activity and automobile sales will
support growth further.
As per the general insurer, while the motor insurance segment
comprised around Rs.4650.000 Millions of the total premium, fire contributed to
around Rs.4120.000 Millions with rest coming from health and other segments in
FY14.
"This fiscal, our focus will be on the motor, health and commercial
lines among other things," Sarma said, adding that the company will also
focus on increasing the marine insurance pie during this period.
The general insurer, which has filed some products in health insurance
segment, will also launch them after receiving approval.
SBI General Insurance, which draws around 60 per cent of its business
from banking channel, also said it would focus more on the other channels like
brokers.
"We want to focus on brokers and agency channel this fiscal. Our
focus on banking channel will also continue which has given us good result in
the initial period of our operation," Sarma said.
About the financials, he said the combined ratio of
the company came down to around 130 per cent in FY14 from 210 per cent in FY13,
which means that the company spent Rs.1.30 for every rupee it earned last
fiscal. Its loss ratio was close to 75-80 per cent during last fiscal.
Sarma also said the company will require some capital infusion from
promoters in the current financial year.
"We will require some capital in the current fiscal from
promoters," Sarma said, adding the amount is yet to be determined.
SBI General Insurance is the joint venture between State Bank of India and Australian insurer Insurance
Australia Group with SBI holding the majority stake.
SBI GENERAL FRETS OVER MULTIPLE INSURANCE BROKING MODEL
APRIL 25, 2014
MUMBAI: SBI General Insurance has opposed the idea of making it mandatory for banks to sell insurance covers of multiple companies, saying it will not solve the problem of mis-selling of products.
SBI General Insurance, a joint venture between the State Bank of India (SBI) and Insurance Australia Group (IAG), has written to the insurance regulator, stating that it disagrees with the proposal, Mike Wilkins, managing director and CEO at IAG, told ET. He, however, added that the general insurance company will take a fresh look at its marketing strategy if the Insurance Regulator and Development Authority (Irda) implements the new insurance distribution model.
The finance ministry and the insurance regulator have made it explicitly clear that banks will soon have to adopt the broking model where they sell covers of all insurance companies and disband the existing practice of 'corporate agency', wherein they sell insurance products of a single company with whom they have an exclusive tie-up.
Wilkins said if banks have to offer products of multiple insurers, it may result in insurance companies selling only those products that are profitable to them and not to customers. "We believe that it will not solve the problem of mis-selling of products," he said.
The proposal to do away with corporate agency model created ripples within banking and insurance companies as many banks and global insurance companies share a cozy relation on account of exclusive arrangements. The SBI and its five associate banks, with over 14,000 branches, control one-fourth of market share in terms of deposits and advances in India, and have an exclusive arrangement to sell general insurance cover of SBI General.
SBI GENERAL INSURANCE WINS TECHNOLOGY
MATURITY AWARD FOR 2013
02 July, 2013
India, July 2 -- SBI General Insurance Company Limited, a joint venture between the State Bank of India and Insurance Australia Group (IAG) has won the Technology Maturity Award for 2013 organized by Fintelekt, a media group focused on Banking and Insurance.
SBI General Insurance received the award based on an IT solution which provides
integrated customer information to employees. The solution has resulted in
increased customer satisfaction, reduced costs and differentiation in a competitive
marketplace. To support the solution the company has also run an intensive
customer data quality program and has significantly improved data quality
scores.
BJ Sarma, MD&CEO, SBI General Insurance said, "We are delighted
to receive the award. Superior customer experience is a key part of our
strategy and this technology solution goes a long way in providing that
experience. It demonstrates our commitment to make a major difference in the
general insurance market."
He further added, "We believe positive customer experience can be a
disruptor in the industry and lead to much greater acceptance of general
insurance products. We have several other initiatives lined up to enhance the
customer experience. Along with technology, we will always be committed to
serving our customers. Our people's commitment and hard work in the journey so
far has made this possible."
SBI GENERAL INSURANCE PREMIUM INCOME SOARS BY 481
PER CENT
April 30, 2012
Mumbai: SBI General Insurance posted a whopping 481.45 per cent growth in premium
income at Rs2501.400 Millions during FY12, the first full year of operation for
the company, according to a press release issued here.
The general
insurance arm of State Bank of India had collected a total premium of only
Rs.430.200 Millions in FY11.
"The year
2011-12 was the first full year of operation for SBI General Insurance with a
larger suite of products. We were able to establish a strong foundation across
retail, corporate and SME business segments as well as across various product
lines like fire, engineering, aviation, home insurance and motor insurance
during the past year," SBI General Insurance Managing Director and CEO R R
Belle said.
"We plan to
further expand our foot print across SBI and its associate banks which will give
us additional 5,000 customer touch points. We will also be expanding our branch
network adding another 25-30 branches in tier II and III towns this year,"
he said.
The company will
also focus on establishing its health products, grow motor insurance and
consolidate the SME business during the year, he added.
SBI General which
issued 2.67 lakh policies last year currently operates out of 25 locations
pan-India and generates 52 per cent of its business from the retail segment.
The corporate
segment makes up for nearly 35 per cent of its business, while SMEs account for
13 per cent.
SME segment poses
a stiff challenge for General Insurers as the industry is still trying to
evolve a viable model to serve the segment, Belle said.
Since last year,
the company has rapidly expanded its foot print to cover many rural areas and
the rural sector accounted for 16 per cent of its premium income amounting to
Rs.400.000 Millions during the last financial year.
SBI General
Insurance Company Limited is a joint venture between the State Bank of India
and Insurance Australia Group (IAG), Australia's leading general insurance
provider.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.19 |
|
|
1 |
Rs.102.56 |
|
Euro |
1 |
Rs.81.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums. |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums. |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums. |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity. |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.