Kishore Kumar Poludasu, MD & CEO, SBI General Insurance, said, “SBI General has continued to grow steadily in FY 22-23, and has achieved a milestone of being one of the early companies to cross the benchmark of Rs.10,000 crores GWP in just 13 years of operations. This is a result of the company’s robust product portfolio, strategic corporate tie ups, the launch of the health vertical, and the digitisation of the customer journey to enrich customer experience.”
Mumbai:
SBI General Insurance, a subsidiary of State Bank of India, on Friday said its net profit has gone up by 40 per cent year-on- year(y-o-y) to Rs 184 crore in FY23.
The company also demonstrated strong growth in overall business clocking a gross written premium (GWP) of Rs 10,888 crore, up 17.6 per cent over the previous year.
The company witnessed strong top line growth and the profit before Tax (PBT) stood at
Rs. 244 crore in FY 22-23 as compared to Rs 178 crore in FY 21-22.
Its solvency ratio stood at 1.72, signifying its strong financial position.
Kishore Kumar Poludasu, MD & CEO, SBI General Insurance, said, “SBI General has continued to grow steadily in FY 22-23, and has achieved a milestone of being one of the early companies to cross the benchmark of Rs.10,000 crores GWP in just 13 years of operations. This is a result of the company’s robust product portfolio, strategic corporate tie ups, the launch of the health vertical, and the digitisation of the customer journey to enrich customer experience.”
The company’s diverse product portfolio, combined with the depth of its reach and thrust on digitisation has helped it to improve its market share to 4.21 per cent, touching the lives of over 22 crore customers in FY23.
It has also seen strong growth across its various lines of business including home, health, personal accident, commercial lines, and crop.