Gross Written Premium is at Rs. 3,118 crores and profits before tax at Rs. 278 crores in H1 FY 19 – 20.
SBI General Insurance, one of the leading general insurance companies in India, has achieved robust financial results with a profit before tax of 278 crore for H1 FY 19-20 compared to 256 crore in the previous year.
The general insurance arm of banking major State Bank of India (SBI) reported an underwriting profit of Rs 37 crore in H1 19-20. The Gross Written Premium (GWP) witnessed a significant growth of 51% from Rs. 2,067 crore in H1 18-19to Rs. 3,118 crore in H1 19-20. The solvency ratio for FY 19 – 20 is 2.12. The company’s investment book improved to Rs 6,605 crore in the financial year 2019-20, compared with Rs 5,790 crore in corresponding period the previous fiscal.
Sector wise break up of growth: Crop at 88%, Fire at 67%, PA at 57% & Health at 49%.
Commenting on the result, Pushan Mahapatra, MD & CEO, SBI General Insurance said “The year so far haswitnessed 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%.”
“Our focus on our claims promise has remained undeterred we have consistently delivered on it with 1196.96 Cr settled in H1 FY 19-20. We have settled 99% of claims during some of the recent natural catastrophes”, he added.