SBI General Insurance result: Net profit jumps 30.4% to Rs 240 cr in FY24
- SBI General Insurance reported a 30.4 per cent rise in net profit at Rs 240 crore for the financial year ended March 2024.
- The non-life subsidiary of State Bank of India had recorded a net profit of Rs 184 crore in the previous financial year.
- The company also demonstrated strong growth in overall business clocking a Gross Written Premium (GWP) of Rs 12,731 crore, registering a growth of 17 per cent over the previous year, SBI General Insurance said in a statement.
- The diverse product portfolio, distribution reach, brand and cost optimization has helped deliver these numbers, it said.
- “The retail business led by Motor and Health have shown strong growth. SBI General Insurance continues to be No. 1 in the Personal Accident segment in the private market, along with its strong presence in various lines of business including Health, Home, Crop, Commercial and Motor,” it claimed.
- Its solvency ratio stood at 2.25, signifying its strong financial position against the minimum regulatory requirement of 1.50 times, it said.
