SBI general insurance H1 FY25 net profit soars 6.9 times to Rs414 cr, outpacing industry growth
Oct 22, 2024
Mumbai (Maharashtra) [India], October 22 : SBI General Insurance, reported a 591 per cent increase in net profit for the first half of FY25, reaching Rs414 crore.
This growth compares to a profit after tax (PAT) of Rs60 crore in the same period last year. The company's strong financial performance extended to its business operations, with the gross written premium (GWP) growing by 16.1 per cent, more than double the industry average growth of 7 per cent.
The solvency ratio stood at 2.26 times, significantly above the regulatory requirement of 1.50 times, reflecting robust financial stability.
The impressive growth in H1 FY25 was driven by key segments such as Motor, Health, Engineering, and Marine Cargo.
Commenting on the performance, Naveen Chandra Jha, MD and CEO of SBI General Insurance, stated, "We are pleased with our strong performance in H1 FY25, with growth accelerating across key segments such as Motor, Health, Engineering and Marine Cargo. This growth has been fueled by our strong distribution network, emphasis on technology and claims and the strength of the SBI brand."
He added, "It highlights our commitment to delivering outstanding value to our customers while continuously driving innovation and leadership in the insurance sector. We look forward to sustaining this momentum and further strengthening our position in the industry."
Jitendra Attra, CFO of SBI General Insurance, added, "Our financial results reflect our commitment to building long term value for stakeholders. The Company's Profit after tax (PAT) growth of 591 per cent, reflects our financial health and also the work done in improving productivity, improving loss ratios and focus on delivering customer value."
