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SBI General Insurance reported a significant 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, according to a statement by SBI General Insurance.
The company attributed this impressive performance to its diverse product portfolio, extensive distribution network, brand recognition and effective cost optimisation strategies. It highlighted that its retail business, particularly in Motor and Health insurance segments, demonstrated strong growth. Additionally, SBI General Insurance maintained its leading position in the Personal Accident segment within the private market and continued to excel across various lines of business, including Health, Home, Crop, Commercial and Motor insurance.
Furthermore, the company emphasised its strong financial position, as reflected by its solvency ratio of 2.25, which surpasses the minimum regulatory requirement of 1.50 times. Kishore Kumar Poludasu, MD and CEO of SBI General Insurance, expressed satisfaction with the company's performance, noting its consistent growth trajectory compared to the market.
Poludasu reiterated the company's commitment to making insurance accessible to all, emphasising the focus on developing straightforward, value-driven products that leverage customer trust in the SBI General Insurance brand.
