SBI General Insurance half yearly profit soars 7 times to Rs 414 crore, GWP up by 16% YoY
General Insurance has reported a 591% growth in profit after tax at Rs 414 crore for the first half of the current financial year against Rs 60 crore in the corresponding period of the previous financial year.
The overall business also showed strong growth with the company's gross written premium (GWP) growing at 16.1% against the industry growth at 7%.
The solvency ratio stood at 2.26 times well above the minimum regulatory requirement of 1.50 times, demonstrating strong financial stability.
In H1 FY25, the company's growth was primarily driven by strong performance in the Motor, Health, Engineering and Marine Cargo segments.
“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,” said Naveen Chandra Jha, MD & CEO of SBI General Insurance.
Stock Trading
A2Z of Stock Trading — Online Stock Trading Course
By — elearnmarkets, Financial Education by StockEdge
Stock Trading
Market 104: Options Trading: Kickstart Your F&O Adventure
By — Saketh R, Founder- QuickAlpha, Full Time Options Trader
Stock Trading
Algo Trading Made Easy
By — Vivek
