KOLKATA, Jan 24: SBI General Insurance on Thursday announced a record profit of Rs 89 cr for Q3, FY 18-19 vis-?-vis Rs 58 cr for Q3, FY 17-18.
SBI General recorded its sustainable Underwriting Profit of Rs 49 cr in Q3, FY 18 ? 19 vis-?-vis an Underwriting Loss of Rs 41 cr in Q3, FY 17-18.
The Gross Written Premium (GWP) also witnessed a significant growth of 37 pc from Rs 927 cr in Q3, FY 17-18 to Rs 1,272 cr in Q3, FY 18-19.
The solvency ratio for Q3, FY 18-19 is 2.33 against 2.72 for the same period, last year.
CFO of SBI General Insurance Rikhil Shah while commenting on the results said, the company has maintained a steady growth in FY 18 -19, We have managed a growth of almost 32 per cent vis-?-vis YTD Dec 17. Despite being one of the youngest players in the sector we have seen an impressive progress since commencing operations. We firmly believe that the true strength of an insurance player lies in securing underwriting profits. Therefore, we are proud to announce an underwriting profit of Rs 49 cr for Q3 FY18 -19 and an overall underwriting profit of 86 cr till date.”
In a statement he said, “SBI General believes in offering varied products customized to our customer needs. While we offer health products such as the Arogya premier for our Metro customers, simple health products are also available for our Tier II/III cities and rural regions. The insurance industry is in an interesting phase right now and we are looking forward to leveraging this to get recognized as a leader in the segment.”