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
UPDATE: USAA Delivers $150 Million In Loans Within 48 Hours To Serve Members Impacted By Government Shutdown
FOR THE MOST UP-TO-DATE DATA ON USAA SHUTDOWN ACTIVITY, VISIT USAA STORIES: LINK Read more
USAA Names Rob Arena President Of Life Insurance Company
Sep 30 2025 SAN ANTONIO – September 30, 2025 – USAA has appointed Rob Arena as Preside... Read more
USAA Prepares Financial Assistance To Serve Members Impacted By Potential Government Shutdown
No-interest loan and payment relief options among the benefits that eligible members can access Read more
USAA, NFL Extend Long-standing Partnership
USAA to continue providing exceptional Salute to Service NFL experiences to the military community Read more
Nearly Half Of Gen Z Doesnt Know What Affects Their Credit Score, According To New USAA Report
Study Reveals Gaps in Young Adults’ Credit Knowledge and Optimism for Financial Growth Read more
USAA Stands With Our Communities To Provide Support Amid Devastating Texas Floods
Association commits $500,000 and activates employee volunteers to support Read more