SBI General Insurance, one of the leading general insurance companies in India, recorded a profit before tax of Rs.402 cr for the first half of the financial year FY20-21 compared to Rs. 278 cr for H1 FY 19-20.
SBI General recorded Underwriting Profit of Rs.56 cr in H1 FY 20–21. The Gross Written Premium (GWP) also witnessed a significant growth of 17% from Rs. 3118 cr in H1 FY 19-20 to Rs.3658 cr in H1 FY 20-21. The solvency ratio for H1 FY20 –21 is 2.34 against 2.12 for the same period, last year.
MD and CEO, SBI General Insurance Company Limited PC Kandpal said, “Our strong distribution network and diversified products portfolio has enabled us to strike growth rate of 17% against the industry growth rate of 1.6% per cent. Led by Health, we expect to close this year with an overall growth of 20%. Since August, there has been an uptick in the motor segment, however, it will still be some time before the segment will come back to pre-Covid level. On the back of the massive increase in the use of the personal mode of commute due to the pandemic, we are expecting positive traction in the third-party cover business. In H1, our Crop and Fire segments have also contributed to our growth.
CFO Nikhil Shah said, “Despite the pandemic, SBIG has managed steady growth in H1 of FY 20 – 21 and Health category has seen a growth of 57% this year. SBIG has also recorded a healthy solvency ratio of 2.34 as against the regulatory requirement of a minimum of 1.50.”
He added, “SBI General believes in offering varied products customized to customer needs. We are scaling up our product bouquet with instant insurance solutions for the ease of consumers.”
At the start of Q2, SBI General revamped its brand identity. It conveys SBIG’s future-ready services to an evolving consumer consisting of traditionalist and modernist.