SBI General insurance net up by 126%

SBI General Insurance has recorded a 126 per cent jump in its net profit at Rs. 113 crore for the first quarter of the fiscal. Its net profit stood at Rs. 50 crore in the same period a year ago. “SBI General recorded its maiden sustainable underwriting profit of Rs. 7 crore in the first quarter of the fiscal against an underwriting loss of Rs. 46 crore in the first quarter of 2017-18,” it said in a release. Its gross written premium also shot up by 52 per cent to Rs. 1,011 crore in the quarter ended June 30, 2018, against Rs. 667 crore a year ago. The solvency ratio for the quarter under review improved to 2.38, against 2.3 for the same period last year. “We have witnessed a growth of 52 per cent in the first quarter of the fiscal against an industry growth of 12 per cent,” noted Rikhil Shah, CFO, SBI General Insurance. Its claims ratio rose to 75.2 per cent in the first quarter of the fiscal against 70 per cent a year ago. The insurer began its operations in 2010 and is a 74:26 joint venture between State Bank of India and Insurance Australia Group.