SBI General Insurance has registered a 53 per cent jump in its net profit for the first half of FY21 at ₹300 crore, compared to ₹196 crore in the same period last fiscal.
For the period between April to September 2020, the private sector general insurer recorded underwriting profit of ₹56 crore. The gross written premium grew 17 per cent to ₹3,658 crore (₹3,118 crore).
Its solvency ratio was 2.34 (2.12).
PC Kandpal, MD and CEO, SBI General Insurance Company, said the insurer expects to close the year with an overall 20 per cent growth, led by the health segment. “Our strong distribution network and diversified products portfolio have enabled us to strike a growth rate of 17 per cent against the industry growth rate of 1.6 per cent,” he said.
From August, there has been an uptick in the motor segment. However, it will still be some time before the segment comes back to pre-Covid levels, he added.
“On the back of a massive increase in the use of personal mode of commute due to the pandemic, we are expecting positive traction in the third-party cover business,” Kandpal said, adding that in the first half of the fiscal, the crop and fire segments have also contributed to the insurer’s growth.