SBI General Insurance on April 23 reported its FY25 net profit surging 112 percent year-on-year to Rs 509 crore.
The company also recorded a Gross Written Premium (GWP) of Rs 14,140 crore, reflecting an 11.1 percent year-on-year growth, outpacing the industry’s 6.2 percent growth rate, said the company's regulatory filing.
Excluding the impact of the 1/n accounting norm, the filing said, SBI General’s GWP growth was even stronger at 14.5 percent, growing 1.7 times faster than the industry.
The company’s robust performance was driven by strong contributions from its Health Insurance segment, which grew 19.2 percent, and Motor Insurance, which surged 31.2 percent year-on-year.
Other segments, including Marine Cargo, Engineering, and commercial lines, also bolstered the insurer’s growth.
The company’s financial stability was underscored by a solvency ratio of 2.03, well above the regulatory requirement of 1.50, the filing said.
Commenting on the results, Naveen Chandra Jha, MD & CEO of SBI General Insurance, said, “Our FY25 performance reflects our commitment to customer service, growth, and profitability. With a GWP growth of 11.1 percent and a 2.1 times increase in PAT, we continue to grow faster than the market.”
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