SBI General Insurance on a robust growth momentum, as profits up by 11%
Guwahati, April 26, 2019: SBI General Insurance, one of the leading general insurance companies in India, has achieved strong financial results with a profit before tax of Rs. 470 crores for FY 18-19 compared to Rs. 422 crores in the previous year. The Company recorded an Underwriting Profit of Rs. 79 crores in FY 18 – 19 up by 147% from 32 crores in FY 17-18. The Gross Written Premium (GWP) also witnessed a significant growth of 33% from Rs. 4717 crores in FY 17-18 to Rs. 3553 crores in FY 18-19. The solvency ratio for FY 18 – 19 is 2.34 against 2.54 for the same period, last year. The company’s investment book improved to Rs 6357 crores in the financial year 2018-19, compared with Rs 5292 crores in the previous fiscal.
Commenting on the result, Mr. Pushan Mahapatra, MD & CEO, SBI General Insurance said, “It has been an excellent year, recording a healthy growth in both in top line and bottom line. We are one of the very few general insurance companies to have made underwriting profit despite being the youngest player in the industry. Our focus is to maintain our well-balanced LoB, Profit and Return on Equity. We are particularly looking at strengthening our on-ground presence with an addition of over 1000 employees on a pan India scale while diversifying our product offerings.”
“Our focus is on becoming digital ready in the near future in order to cater to product segments in travel, health and personal accident space. ‘Go direct and digital’ is our new motto,” he added.