Mumbai, Oct 28: Private non-life insurer SBI General Insurance reported a 53 per cent growth in profit after tax at Rs 300 crore for the first half of the current financial year.
It had reported a profit after tax of Rs 196 crore in the same period of the previous fiscal.
The company’s gross written premium (GWP) grew 17 per cent to Rs 3,658 crore in the April-September period, from Rs 3,118 crore in the year-ago period, the insurer said in a release.
It recorded an underwriting profit of Rs 56 crore, as against Rs 37 crore in the year-ago period.
“Our strong distribution network and diversified products portfolio have enabled us to strike a growth rate of 17 per cent 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 per cent,” the bank’s managing director and CEO P C Kandpal said in the release.
Since August, there has been an uptick in the motor segment, however it will still be some time before the segment will come back to pre-COVID level, he said.
On back of massive increase in use of personal mode of commute due to the pandemic, the company is expecting positive traction in the third-party cover business, Kandpal said.
In the first half of this fiscal, crop and fire segments have also contributed to the company’s growth, he added.
Health category saw a growth of 57 per cent this year. Its combined ratio was 96.8 per cent.
The solvency ratio for the first half (H1) of financial year 2021 was 2.34, against 2.12 in the same period last year.
In the financial year 2019-20, its gross written premium had grown by 45 per cent to Rs 6,840 crore.
The company serves three key customer segments – retail segment (individual & families), corporate segment (mid to large size companies) and Small and medium-sized enterprises (SME) segment. (PTI)
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