SBI General Insurance FY21 net profit rises 32%

SBI General Insurance reported a 32 per cent increase in its net profit to ₹544 crore in 2020-21 as against ₹412 crore in the previous fiscal.

Its gross written premium (GWP) also grew 22 per cent to ₹8,312 crore last fiscal from ₹6,840 crore in 2019-20.

Solvency ratio was 2 in 2020-21 versus 2.27 in 2019-20. Combined ratio was 99.8 per cent last fiscal as against 98 per cent in the previous fiscal.

“SBI General’s corporate growth was primarily led by its expansive pan-India reach enabled by the increasing number of distribution partners in bancassurance, OEM tie-ups and digital integration like Indian Overseas Bank, Yes Bank, KIA Motors, Honda Siel Cars, Ford Motors, Tata Motors Pvt. Ltd., TVS Motors, Royal Enfield, Suzuki Motor Cycles, Jeep, Railyatri,” it said in a statement on Friday.

The private sector general insurer has also enhanced its customer base by more than three crore customers during 2020-21. The cumulative number of customers served till date adds up to about 8.7 crore, it said.

“Fiscal year 2020-21 demanded special focus on the Health and SME lines, and we managed to maintain a balanced growth. We are also scaling up our product bouquet and adopting digital disruptions to offer instant insurance solutions even at the distributor part, for the ease of customers,” said PC Kandpal, MD and CEO, SBI General Insurance.

In its 11 years of operations, the company has shown steady growth for the past four years, while maintaining a positive track record of underwriting.

The company declared and paid an interim dividend of 10 per cent during 2020-21.

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