In FY24, SBI General Insurance reports a 30% increase in profit to Rs 240 cr

In FY24, SBI General Insurance reports a 30% increase in profit to Rs 240 cr

According to a release from SBI General Insurance, the firm also showed impressive development in its total business, recording a Gross Written Premium (GWP) of Rs 12,731 crore, up 17% over the prior year.

On Thursday, SBI General Insurance revealed that its net profit for the fiscal year that concluded in March 2024 increased by 30.4% to Rs 240 crore.

In the preceding fiscal year, the non-life subsidiary of State Bank of India had a net profit of Rs 184 crore. According to a release from SBI General Insurance, the firm also showed impressive development in its total business, recording a Gross Written Premium (GWP) of Rs 12,731 crore, up 17% over the prior year.

These figures have been made possible, according to the statement, by the broad product range, cost optimization, brand, and distribution reach. "Health and Motor are leading the retail sector in significant growth. In addition to its significant presence in a number of business categories, including health, home, commercial, motor, and crop insurance, SBI General Insurance is still the market leader in the personal accident segment in the private sector, the statement said.

According to the statement, its solvency ratio was 2.25, indicating a robust financial condition in comparison to the minimal regulatory requirement of 1.50 times. SBI General MD and CEO Kishore Kumar Poludasu commented on the performance, stating that the firm has continuously grown at a quicker rate than the market.

"As we strive to the objective of making insurance available to all, we continue committed to creating simple economical products which leverage the trust customers have in our brand," he said.