SBI General Insurance logs 30% jump in profit at Rs 240 cr in FY24

New Delhi: SBI General Insurance on Thursday 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.

Commenting on the performance, SBI General MD and CEO Kishore Kumar Poludasu said, the company has been consistently growing faster than the market.

"As we strive to the objective of making insurance available to all, we remain committed to creating simple value-oriented products that leverage the trust customers have in our brand," he said.