Private sector SBI General Insurance on Monday reported a net profit of ₹412 crore for FY20.

“SBI General Insurance booked an underwriting profit of ₹61 crore in 2019-20,” it said in a statement.

Its gross written premium increased 45 per cent to ₹6,840 crore last fiscal, compared to ₹4,717 crore in FY19. Its solvency ratio stood at 2.27 in FY20, down from 2.34 in the previous fiscal.

“SBI General has maintained a steady growth in 2019- 20. We’ve managed a growth of 45 per cent as compared to an industry growth of around 12 per cent,” said Pushan Mahapatra, MD and CEO. “New tie-ups and improved business from existing tie-ups in motor, higher branch activations/better penetrations across banca network, robust growth in corporate, SME and crop business have also contributed to the growth.” The company is also scaling up its product bouquet, he added.

SBI General served 3.11 crore customers last fiscal and the cumulative number of customers served till date stood at 6.8 crore, said the statement. The insurer reported an incurred loss ratio of 71.1 per cent and a combined ratio of 98 per cent last fiscal.