SBI General Insurance has posted a profit before tax of 278 crs in H1 FY 2019-20 compared to Rs 256 crs in the previous year.
The general insurance arm of banking major State Bank of India (SBI) reported an underwriting profit of Rs 37 crores in H1 19-20.
The Gross Written Premium (GWP) witnessed a significant growth of 51 per cent from Rs. 2,067 crores in H1 18-19 to Rs. 3,118 crores in H1 19-20.
The solvency ratio for FY 19 – 20 is 2.12. The company’s investment book improved to Rs 6,605 crores in the financial year 2019-20, compared with Rs 5,790 crores in corresponding period the previous fiscal.
Pushan Mahapatra, MD & CEO, SBI General Insurance said, “The year so far has witnessed steady growth, reflecting an upward graph. We are optimistic that the high-growth phase will endure while the altered sector landscape, industry regulations and improved economics will ensure growth acceleration. An improved distribution network, intelligent investments, backed with high-end technology will remain key moats for sustaining our RoE of 21.6 per cent.”
“Our focus on our claims promise has remained undeterred we have consistently delivered on it with Rs 1196.96 cr settled in H1 FY 19-20. We have settled 99 per cent of claims during some of the recent natural catastrophes”, he added.