Mumbai:
SBI General Insurance, one of the leading general insurance companies in India, has recorded a profit before tax of Rs 387 cr for 9M FY 19-20 vis-à-vis Rs 378 cr for 9M FY 18-19.
SBI General recorded its sustainable underwriting profit of Rs 14 cr in 9M FY 19 – 20.
The gross written premium (GWP) also witnessed a significant growth of 46% from Rs. 3,339 cr in 9M FY 18-19 to Rs. 4891 cr in 9M FY 19-20.
The solvency ratio for 9M FY 19 – 20 is 2.12 against 2.33 for the same period, last year.
Rikhil Shah, CFO, SBI General Insurance Company said, “SBI General has maintained a steady growth in FY 19 – 20, we’ve managed a growth of almost 46% as compared to an industry growth of 15% for 9M FY19-20. Despite being one of the youngest players in the sector, we have seen an impressive progress since commencing operations. Growth has been evident across all lines of businesses. New tie-ups & improved business from existing tie-ups in motor, higher branch activations/better penetrations across SBI network has also helped in contributing to the growth.
He added, “SBI General believes in offering varied products customised to customer needs. We are scaling up our product bouquet with instant insurance solutions for the ease of consumers.”