State Bank Of India

SBI General Insurance, the general insurance arm of the State Bank of India, is planning to raise Rs 350 crore from its shareholders to finance its expansion plans in FY15. Moreover, the company is targeting 90% growth in premium to over Rs 2,000 crore. Earlier, the company’s gross underwritten premium collection increased to Rs 1,200 crore in FY14 from Rs 771 crore in FY13. SBI General Insurance is the joint venture between State Bank and Australia's Insurance Australia Group with SBI holding the majority stake.

The bank reported 34.20% fall in its net profit at Rs 2234.34 crore for third quarter ended December 31, 2013 as compared to Rs 3396.06 crore for the same quarter in the previous year. However, total income of the bank increased by 14.91% at Rs 39060.76 crore for quarter under review as compared to Rs 33992.11 crore for the quarter ended December 31, 2012.