SBI General Insurance, the unlisted arm of State Bank, on Friday said its net income surged 40 per cent year-on-year to Rs 184 crore in FY23 on a gross written premium income of Rs 10,888 crore. The company said it could sustain the strong growth momentum through the year, as visible from the 40 per cent jump in net profit and 17.6 per cent growth in gross premium over the 12 trailing months.
It said the year also saw its market share rise to 4.21 per cent with over 22 crore customers. The solvency ratio stood at 1.72x, marginally higher than the regulatory mandate of 1.5x, the company said. The privately held arm of the nation's largest bank did not offer a detailed financial statement, such as investment gains/loss, the combined ratio, which is the key profitability metric for a general insurer, investment details and other numbers.
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The managing director and chief executive Kishore Kumar Poludasu said the year saw the company achieve the milestone of being one of the early companies to cross the benchmark of Rs 10,000 crore of GWP in just 13 years of operations. This is a result of our robust product portfolio, strategic corporate tie-ups, the launch of the health vertical and the digitisation of the customer journey.
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