Hyderabad: SBI General Insurance, one of the leading general insurance companies in India, has achieved robust financial results with a profit before tax of 278 crs for H1 FY 19-20 compared to 256 crs in the previous year.

The general insurance arm of banking major State Bank of India (SBI) reported an underwriting profit of Rs 37 crores in H1 19-20. The Gross Written Premium (GWP) witnessed a significant growth of 51% from Rs. 2,067 crores in H1 18-19 to Rs. 3,118 crores in H1 19-20. The solvency ratio for FY 19 – 20 is 2.12. The company’s investment book improved to Rs 6,605 crores in the financial year 2019-20, compared with Rs 5,790 crores in corresponding period the previous fiscal.

Sector wise break up of growth: Crop at 88%, Fire at 67%, PA at 57% & Health at 49%.

Commenting on the result, Mr. Pushan Mahapatra, MD & CEO, SBI General Insurance said, “The year so far has witnessed steady growth, reflecting an upward graph. We are optimistic that the high-growth phase will endure while the altered sector landscape, industry regulations and improved economics will ensure growth acceleration. An improved distribution network, intelligent investments, backed with high-end technology will remain key moats for sustaining our RoE of 21.6%.”

“Our focus on our claims promise has remained undeterred we have consistently delivered on it with 1196.96 Cr settled in H1 FY 19-20. We have settled 99% of claims during some of the recent natural catastrophes”, he added.

About SBI General Insurance

SBI General Insurance Company Limited commenced its operations in the year 2010 and is a joint venture between State Bank of India and Insurance Australia Group (IAG).

The company offers a complete suite of products ranging from Motor, Health, Personal Accident, Travel and Home Insurance in the retail space and products like Aviation, Fire, Marine, Package, Construction & Engineering, Liability & Cyber Defence Insurance in the commercial space.

SBI General Insurance follows a robust multi-distribution model encompassing Bancassurance, Agency, Broking and Retail Direct Channels. Today, SBI General’s Distribution family includes over 21,000 IRDA certified employees including the State Bank Group employees, and over 10,000 Agents to make insurance easily available even in the remote areas of the country.

SBI General Insurance has established its presence in nearly 24000 branches of State Bank Group. The company’s current geographical exposure covers 110+ cities pan India with a presence of another 350+ locations through satellite resources. SBI General Insurance is currently serving three key customer segments i.e. Retail Segment (catering to Individual & Families), Corporate Segment (catering mid to large size companies) and SME Segment.

SBI General Insurance closed the financial year 2018-19 with a Gross Written Premium of Rs. 4717 cr at a YoY growth of 33%.