*SBI General Insurance reports 22% growth in GWP*
Owing to expansive pan-India reach enabled by the increasing number of distribution partners in bancassurance, OEM tie-ups and digital integrations SBI General gained a market share of 4.2%
• Revenue for FY 20-21 grew by 22% recording a GWP of Rs. 8312 crores
• Net Profit of the Company grew by 32%
• Combined Ratio recorded is 99.8% for FY 20-21
• Reported Solvency Ratio of 2.00
• Current Market Share grew to 4.2%
Mumbai, April 30, 2021: SBI General Insurance, one of India’s leading general insurance companies, today announced its financial results with a Net Profit of Rs. 544 crore and Gross Written Premium (GWP) of Rs. 8312 crore in FY 20-21. The company’s GWP grew by 22% where the general insurance industry has shown a growth of 5.2%. In its 11 years of operations, the company has shown steady growth for the past 4 years, while maintaining positive track record of underwriting.
Mr. PC Kandpal, MD and CEO, SBI General Insurance, said, “We all have gone through challenging times in the last financial year, however, I’m glad that SBIG has shown a decent growth in top line and bottom line with the support of our distribution partners and customers.
We will continue to fulfil the insurance needs of our customers through our simple and affordable product offerings. During challenging times like natural calamities or the current pandemic related hospitalisations, we have always fast-tracked the claim settlements of our customers, thereby ensuring that our customers get back on their feet quickly.”
He further added, “FY21 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 distributor part, for the ease of customers.”
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 to name a few.
SBI General has enhanced its customer base by more than 3 Cr. customers during FY21. The cumulative number of customers served till date adds up to 8.7 Cr. (approx.). The company declared and paid an interim dividend of 10% during FY21.
Particulars FY 20-21 FY 19-20
Gross Written premium (cr) 8,312 6,840
Profit before tax (cr) 718 564
Solvency Ratio 2.00 2.27
Combined Ratio 99.8% 98.0%
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 have a vision is to become the most trusted general insurer for a transforming India.
Ever since our establishment in 2009, from 17 branches in 2011, we have expanded our presence to over 137 branches pan-India. Till date, we have served around 8.7 crore customers.
We follow a robust multi-distribution model encompassing Bancassurance, Agency, Broking and Retail Direct Channels. 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, Agents, other financial, OEM and digital partners.
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 2020-21 with a Gross Written Premium (GWP) of Rs. 8312 crore with a growth of 22% and net profit of the Company grew by 32%. The company has shown steady growth for the past 4 years, while maintaining positive track record of underwriting.