Mumbai; October 22nd, 2024: SBI General Insurance, one of India’s leading General Insurance companies, has reported a 591% growth in profit after tax at INR 414 crore for the first half of the current financial year. It had reported a profit after tax of INR 60 crore in the same period of the previous financial year.
The Company’s impressive performance is reflected in key financial metrics. The overall business also showed strong growth with the company’s gross written premium (GWP) growing at 16.1% while the industry is growing at 7% i.e. 2.3 times faster than the industry growth.
The solvency ratio stood at 2.26 times well above the minimum regulatory requirement of 1.50 times, demonstrating strong financial stability.
In H1 FY 24-25, the Company’s growth was primarily driven by strong performance in the Motor, Health, Engineering and Marine Cargo segments.
Commenting on the Company’s performance, Mr. Naveen Chandra Jha, MD & CEO, SBI General Insurance, said, “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. 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.”
Mr. Jitendra Attra, CFO, SBI General Insurance, said “Our financial results reflect our commitment to building long term value for stakeholders. The Company’s Profit after tax (PAT) growth of 591%, reflects our financial health and also the work done in improving productivity, improving loss ratios and focus on delivering customer value.”
SBI General Insurance continues to build on its diverse product portfolio and extensive distribution network, positioning itself for sustained growth and increased market share in the coming quarters.
About SBI General Insurance
SBI General Insurance one of the fastest-growing private general insurance firms, backed by the robust support of SBI upholds a legacy of trust and security. SBI General Insurance has been recognized as a Great Place To Work® Certified™ in India for year 2024-2025 period. We position ourselves as India’s most trusted general insurer amidst a dynamic landscape. Since our establishment in 2009, our expansion has been substantial, growing from 17 branches in 2011 to a nationwide presence of over 144 branches. In FY 2023-24, SBI General Insurance achieved significant growth, with a notable 17% increase in Gross Written Premium (GWP), reaching INR 12,731 crores.
The company has also received notable accolades including the ‘Domestic General Insurer of the Year’ – India at the Insurance Asia Awards 2023 in Singapore, recognition as one of the Best Brands 2023 at the ET Edge Best Brands events and being honoured as one of the Best BFSI Brands at the ET Now Best BFSI Brands Conclave 2024. We have also received recognition as the runner-up for Highest Growth – General Insurance at the ASSOCHAM 15th Global Insurance Summit & Awards and were named the winner in the ‘Best Large General Insurer’ category at the Mint BFSI Summit & Awards 2023.
With a team of 8,000+ employees and our multi-distribution model covering Bancassurance, Agency, Broking, Retail Direct Channels, and Digital collaborations, we are committed to providing both Suraksha and Bharosa to all our consumers. Leveraging a vast network of over 22,518+ SBI branches, agents, financial alliances, OEMs, and digital partners, we extend our services to even the most remote areas of India. Our offerings cater to Retail, Corporate, SME, and Rural segments, and our diverse product portfolio ensures accessibility through both digital and physical channels.
