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  • SBI General Insurance records underwriting profits of Rs. 89 cr

    Published on January 24, 2019

    Hyderabad: SBI General Insurance, one of the leading general insurance companies in India, has recorded a profit of Rs.89 cr for Q3, FY 18-19 vis-à-vis Rs.58 cr for Q3, FY 17-18. SBI General recorded its sustainable Underwriting Profit of Rs.49 cr in Q3, FY 18 – 19 vis-à-vis an Underwriting Loss of Rs 41 cr in Q3, FY 17-18. The Gross Written Premium (GWP) also witnessed a significant growth of 37% from Rs.927 cr in Q3, FY 17-18 to Rs. 1,272 cr in Q3, FY 18-19. The solvency ratio for Q3, FY 18 – 19 is 2.33 against 2.72 for the same period, last year.

     Mr. Rikhil Shah, CFO, SBI General Insurance commented on the results, “SBI General has maintained a steady growth in FY 18 – 19, we’ve managed a growth of almost 32% vis-à-vis YTD Dec-17. Despite being one of the youngest players in the sector we have seen an impressive progress since commencing operations. We firmly believe that the true strength of an insurance player lies in securing underwriting profits. Therefore, we are proud to announce an underwriting profit of Rs.49 cr for Q3 FY18 – 19 and an overall underwriting profit of 86 cr till date.

    SBI General believes in offering varied products customized to our customer needs. While we offer health products such as the Arogya premier for our Metro customers, simple health products are also available for our Tier II/III cities and rural regions. The insurance industry is in an interesting phase right now and we are looking forward to leveraging this to get recognized as a leader in the segment.”

    The Q3, FY 19 results this fiscal have seen a major growth as compared to the same period, previous financial year.

      Q3 FY 18-19 Q3 FY 17-18
    Gross Written premium (cr) 1272 927
    Profit before tax 123 58
    Solvency Ratio 2.33 2.72
    Reinsurance Ceded 610 366
    Underwriting Profit/(Loss) 49 (41)
    Reinsurance Ratio 48% 40%
    Operating Expenses ratio to GWP 11% 19%
    Claims ratio 73% 66%
    Expenses Ratio to NEP 19% 43%
    Combined Ratio 92% 108%