SBI General Insurance Net Profit Up 23.4 Per Cent At Rs 412 Crore In FY20
Money & Banking
Private sector SBI General Insurance reported a net profit of Rs 412 crore in 2019-20, which was a 23.4 per cent increase year on year. The insurer had a net profit of Rs 333.99 crore in 2018-19.
“SBI General Insurance booked an underwriting profit of ₹61 crore in 2019-20,” it said in a statement.
Its gross written premium increased 45 per cent to ₹6,840 crore last fiscal, compared to ₹4,717 crore in FY19. Its solvency ratio stood at 2.27 in FY20, down from 2.34 in the previous fiscal.
“SBI General has maintained a steady growth in 2019- 20. We’ve managed a growth of 45 per cent as compared to an industry growth of around 12 per cent,” said Pushan Mahapatra, MD and CEO. “New tie-ups and improved business from existing tie-ups in motor, higher branch activations/better penetrations across banca network, robust growth in corporate, SME and crop business have also contributed to the growth.” The company is also scaling up its product bouquet, he added.
SBI General served 3.11 crore customers last fiscal and the cumulative number of customers served till date stood at 6.8 crore, said the statement. The insurer reported an incurred loss ratio of 71.1 per cent and a combined ratio of 98 per cent last fiscal.
Published on
May 11, 2020
Private sector SBI General Insurance reported a net profit of Rs 412 crore in 2019-20, which was a 23.4 per cent increase year on year. The insurer had a net profit of Rs 333.99 crore in 2018-19.
“SBI General Insurance booked an underwriting profit of ₹61 crore in 2019-20,” it said in a statement.
Its gross written premium increased 45 per cent to ₹6,840 crore last fiscal, compared to ₹4,717 crore in FY19. Its solvency ratio stood at 2.27 in FY20, down from 2.34 in the previous fiscal.
“SBI General has maintained a steady growth in 2019- 20. We’ve managed a growth of 45 per cent as compared to an industry growth of around 12 per cent,” said Pushan Mahapatra, MD and CEO. “New tie-ups and improved business from existing tie-ups in motor, higher branch activations/better penetrations across banca network, robust growth in corporate, SME and crop business have also contributed to the growth.” The company is also scaling up its product bouquet, he added.
SBI General served 3.11 crore customers last fiscal and the cumulative number of customers served till date stood at 6.8 crore, said the statement. The insurer reported an incurred loss ratio of 71.1 per cent and a combined ratio of 98 per cent last fiscal.
Published on
USAA To Gift Vehicle To Military Family In The Chicago Area
USAA proudly announces the donation of four National Auto Body Council (NABC) Recycled Rides®. Read more
Former Army Maj. Gen. John B. Richardson IV Joins USAA To Lead Military Affairs
Two-star general and decorated combat veteran to bring forward-looking vision in continued service to military members a... Read more
Steeped In Tradition: USAA Kicks Off 124th Army-Navy Game Celebrations In A Massive Way, Honoring 250th Anniversary Of The Boston Tea Party
USAA honors history of rivalry game and the city, bringing giant bag of tea to Boston’s historic sites Read more
USAA Life Insurance Announces New Relationship With Trust & Will
USAA Life Insurance Company, a leading financial services brand for military members and their families, and Trust &... Read more
“Go Beyond Thanks:” New Survey Reveals We Should Do More Than Simply Thank Our Veterans For Their Service
Data Reveals Half of Military/Veterans Surveyed Feel Uncomfortable or Awkward When Someone Says the Phrase “Thank You ... Read more
USAA Expanding Education Program To Include Tuition-Free Support For Employees And Employee Dependents
Company also announces student loan 401(k) contribution match up to 8% Read more