SBI General Insurance Half Year Net Profit Soars To Rs 414 Cr

SBI General Insurance has reported a 591 per cent growth in profit after tax at Rs 414 crore for the first half of the current financial year. It had reported a profit after tax of Rs 60 crore in the same period of the previous financial year.

The overall business also showed strong growth with the company's gross written premium (GWP) growing at 16.1 per cent while the industry is growing at 7 per cent which is 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 H1FY24-25, the company's growth was primarily driven by strong performance in the Motor, Health, Engineering and Marine Cargo segments.

Naveen Chandra Jha, Managing Director and Chief Executive Officer (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.”

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 per cent, reflects our financial health and also the work done in improving productivity, improving loss ratios and focus on delivering customer value.”

Notably, SBI General Insurance reported a rise in net profit, reaching Rs 240 crore for the financial year ended March 2024, marking a 30.4 per cent increase compared to the previous year. As the non-life subsidiary of State Bank of India, the company witnessed robust growth across its business, achieving a Gross Written Premium (GWP) of Rs 12,731 crore, representing a 17 per cent growth over the preceding year.