GWP grows at 16% more than double the industry growth of 7%
FinTech BizNews Service
Mumbai, 22 October, 2024: SBI General Insurance, one of India's leading General Insurance companies, has reported a 591% growth in profit after tax at INR 414 crore for the first half of the current financial year. It had reported a profit after tax of INR 60 crore in the same period of the previous financial year.
The Company's impressive performance is reflected in key financial metrics. The overall business also showed strong growth with the company's gross written premium (GWP) growing at 16.1% while the industry is growing at 7% i.e. 2.3 times faster than the industry growth.
The solvency ratio stood at 2.26 times well above the minimum regulatory requirement of 1.50 times, demonstrating strong financial stability.
In H1 FY 24-25, the Company's growth was primarily driven by strong performance in the Motor, Health, Engineering and Marine Cargo segments.
Commenting on the Company's performance, Mr. Naveen Chandra Jha, MD & CEO, SBI General Insurance, said, "We are pleased with our strong performance in H1 FY25, with growth accelerating across key segments such as Motor, Health, Engineering and Marine Cargo. This growth has been fueled by our strong distribution network, emphasis on technology and claims and the strength of the SBI brand. It highlights our commitment to delivering outstanding value to our customers while continuously driving innovation and leadership in the insurance sector. We look forward to sustaining this momentum and further strengthening our position in the industry.”
Mr. Jitendra Attra, CFO, SBI General Insurance, said “Our financial results reflect our commitment to building long term value for stakeholders. The Company’s Profit after tax (PAT) growth of 591%, reflects our financial health and also the work done in improving productivity, improving loss ratios and focus on delivering customer value.”
SBI General Insurance continues to build on its diverse product portfolio and extensive distribution network, positioning itself for sustained growth and increased market share in the coming quarters.
