New Delhi: State Bank’s unlisted arm SBI General Insurance on Friday said its net income grew 40 per cent year-on-year to Rs 184 crore in FY23 on gross written premium income of Rs 10,888 crore. The company said it can maintain the strong growth momentum throughout the year, as seen from the 40 per cent growth in net profit and 17.6 per cent growth in gross premium over the past 12 months.
It said its market share increased to 4.21 per cent in the year with over 22 crore customers. The company said the solvency ratio stands at 1.72 times, which is slightly higher than the regulatory mandate of 1.5 times. ,ALSO READ: 70-year-old Odisha woman walks miles for pension, FM Sitharaman reacts,
The privately held branch of the country’s largest bank did not offer detailed financial details, such as investment profit/loss, combined ratio, which is a key profitability metric for a general insurer, investment details and other numbers. (Also Read:
Managing Director and Chief Executive Kishore Kumar Poludasu said that this year the company achieved the milestone of being one of the first companies to cross the Rs 10,000 crore GWP benchmark in just 13 years of operations.
This is a result of our strong product portfolio, strategic corporate alliances, launch of health vertical and digitization of customer journey.