SBI General Insurance announces 51% GWP growth in H1FY20

SBI General Insurance has recorded a profit before tax of 278 crore for the first half of financial year 2019-20 (H1FY20) as compared to 256 crore a year ago. The gross written premium (GWP) has experienced a significant growth of 51% from Rs 2,067 crore in H1FY19 to Rs 3,118 crores in H1FY20. The solvency ratio for FY20 is 2.12. In the financial year 2019-20, the company’s investment book improved to Rs 6,605 crore in the financial year 2019-20, compared with Rs 5,790 crore in corresponding period the previous financial year, the company said in a statement. The SBI General reported an underwriting profit of Rs 37 crore in H1 19-20. “The year so far has witnessed steady growth, reflecting an upward graph. We are optimistic that the high-growth phase will endure while the altered sector landscape, industry regulations and improved economics will ensure growth acceleration. An improved distribution network, intelligent investments, backed with high-end technology will remain key moats for sustaining our RoE of 21.6%,” said Pushan Mahapatra, MD & CEO, SBI General Insurance. He further said that the bank has settled 99 percent of claims during some of the recent natural catastrophes.