With a positive combined ratio of 99.8 per cent ,SBI General Insurance, one of India’s fastest growing general insurance companies, reported a net profit of Rs. 544 crore,up by 32 per cent year on year (Y-O-Y), in FY 2020-21.
The company had an investment income of Rs 710 crore in FY 2020-21.
Gross written premium (GWP) of the company rose by 22 per cent y-o-y to Rs. 8312 crore, in FY 2020-21.
With a Combined Ratio of 99.8 per cent and claim ratio of 74.1 per cent, the company has an underwriting profit of Rs 8 crore in FY 20-21.
The company declared and paid an interim dividend of 10% during FY21.
PC Kandpal, MD and CEO, SBI General Insurance, said, “We all have gone through challenging times in the last financial year, however, I’m glad that SBIG has shown a decent growth in top line and bottom line with the support of our distribution partners and customers.''
Despite Covid-19 disruptions, the company has expanded its customer base by more than 3 crore to 8.7 crore during FY21.
“We will continue to fulfil the insurance needs of our customers through our simple and affordable product offerings. During challenging times like natural calamities or the current pandemic related hospitalisations, we have always fast-tracked the claim settlements of our customers, thereby ensuring that our customers get back on their feet quickly,” said Kandpal.
He further added, “FY21 demanded special focus on the Health and SME lines, and we managed to maintain a balanced growth. We are also scaling up our product bouquet and adopting digital disruptions to offer instant insurance solutions even at distributor part, for the ease of customers.”
SBI General’s corporate growth was primarily led by its expansive pan-India reach enabled by the increasing number of distribution partners in bancassurance, OEM tie-ups and digital integration like Indian Overseas Bank, Yes Bank, KIA Motors, Honda Siel Cars, Ford Motors, Tata Motors Pvt. Ltd., TVS Motors, Royal Enfield, Suzuki Motor Cycles, Jeep, Railyatri.