SBI General’s FY23 Profit Up 40% to Rs 184 Cr; Premium Rises 17.6%
The unlisted subsidiary of State Bank, SBI General Insurance, reported its net income rose 40% year over year to Rs 184 crore in FY23 on a gross written premium income of Rs 10,888 crore.
The unlisted subsidiary of State Bank, SBI General Insurance, said on Friday that on the basis of gross written premium income of Rs 10,888 crore, its net income increased 40% year over year to Rs 184 crore in FY23.
The company claimed that it could maintain the year’s strong growth trend, as seen by the 40 percent increase in net profit and the 17.6 percent increase in gross premium over the previous 12 months.
It said the year also saw its market share rise to 4.21 per cent with over 22 crore customers.
According to the corporation, the solvency ratio was 1.72x, just slightly more than the regulation requirement of 1.5x.
The privately held division of the biggest bank in the country did not provide a thorough financial statement that included investment gains/losses, the combined ratio, which is a general insurer’s primary profitability statistic, investment information, and other figures.
According to managing director and chief executive Kishore Kumar Poludasu, the company crossed the threshold of Rs 10,000 crore of GWP in just 13 years of operations, making it one of the first organisations to do so.
This is due to the strength of our product line, our strategic business partnerships, the introduction of the health vertical, and the digitalisation of the customer journey.
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