*SBI General Insurance Clocks 17% GWP growth in H1*
- 53% growth in Net Profit After Tax
- Combined Ratio of 96.8%
- Underwriting Profit of Rs. 56 cr in H1 FY 20-21
Mumbai, October 28, 2020: SBI General Insurance, one of the leading general insurance companies in India, recorded a profit before tax of Rs. 402 cr for the first half of the financial year FY20-21 compared to Rs. 278 cr for H1 FY 19-20. SBI General recorded Underwriting Profit of Rs. 56 cr in H1 FY 20–21. The Gross Written Premium (GWP) also witnessed a significant growth of 17% from Rs. 3118 cr in H1 FY 19-20 to Rs. 3658 cr in H1 FY 20-21. The solvency ratio for H1 FY20 –21 is 2.34 against 2.12 for the same period, last year.
P.C. Kandpal, MD and CEO, SBI General Insurance Company Limited said, “Our strong distribution network and diversified products portfolio have enabled us to strike growth rate of 17% against the industry growth rate of 1.6% per cent. Led by Health, we expect to close this year with an overall growth of 20%. Since August, there has been uptick in the motor segment, however it will still be some time before the segment will come back to pre-Covid level. On back of massive increase in use of personal mode of commute due to the pandemic, we are expecting positive traction in the third-party cover business. In H1, our Crop and Fire segments have also contributed in our growth.
Rikhil Shah, CFO, SBI General Insurance Company Limited said, “Despite the pandemic, SBIG has managed a steady growth in H1 of FY 20 – 21 and Health category has seen a growth of 57% this year. SBIG has also recorded a healthy solvency ratio of 2.34 as against the regulatory requirement of a minimum of 1.50.”
He added, “SBI General believes in offering varied products customized to customer needs. We are scaling up our product bouquet with instant insurance solutions for the ease of consumers.”
At the start of Q2, SBI General revamped its brand identity. It conveys SBIG’s future-ready services to an evolving consumer consisting of traditionalist and modernist.
SBI General also managed to bag well known recognitions in the last two quarters:
● Confirmed the ‘CRISIL AAA/stable’ rating
● Awarded the 'Insurer of the Year' at the FICCI Insurance Industry Awards
● Insurance Company of the year at the 5th India Insurance Summit and Awards
● Featured among the most trusted brands in insurance category by Readers’ Digest
About SBI General Insurance Company Limited:
SBI General is one of the fastest growing private general insurance companies, with the strong parentage of SBI, we, at SBI General Insurance, are committed to carry forward the legacy of trust and security; and to become the first choice for every Indian’s general insurance needs.
Ever since our establishment in 2009, from 17 branches in 2011, we have expanded our presence to around 124 branches pan-India.
We follow a robust multi-distribution model encompassing Bancassurance, Agency, Broking and Retail Direct Channels. Today, our distribution family includes over 22,900 IRDAI certified advisors including the State Bank Group employees, and over 12,000 Agents to make insurance easily available even in the remote areas of the country.
On the distribution network front, we have strong distribution partners adding up our reach to every nook and corner of India, with SBI’s over 22000 branch network, other financial and digital partners. Our current geographical exposure covers 125+ cities pan-India with a presence of another 350+ locations through satellite resources.
We currently serve three key customer segments viz. - Retail Segment (catering to Individual & Families), Corporate Segment (catering mid to large size companies) and SME Segment; and are future-ready to serve the growing needs of Indians with new age-processes and services at affordable prices.
SBI General Insurance closed the financial year 2019-20 with a Gross Written Premium of Rs. 6840 cr at a YoY growth of 45%.