Hyderabad: SBI Life Insurance is eyeing gross written premium (GWP) of around Rs 19,000-20,000 crore for this fiscal as compared to Rs 15,867 crore in the year ago period, said SBI Life managing director and chief executive officer Arijit Basu, who was in the city to inaugurate the company’s new regional office.
“Till December, we have grown by 39% in individual new business premium and the industry has been growing at around 20-22%. SBI Life, among the private insurance companies, has gained market share from 18% in December 2015 to 21% in December 2016. The target for the financial year is — Rs 9,500 crore of new business premium including Rs 7,000 crore of individual new business and gross written premium is expected to touch Rs 19,000 or Rs 20,000 crore, including renewal premium,” he said.
GWP is the total premium, direct and assumed, written by an insurer before deductions for reinsurance and ceding commissions and includes additional and return premiums