~ Crosses INR 1000 crore monthly GWP, records INR 12,731 crores GWP ~
– GWP for FY 23-24 grows by 17% to INR 12,731 crores
– Profit before Tax (PBT) surges to INR 319 crores in FY 23-24 with a growth of 30%
– Solvency ratio stood at 2.25
Mumbai, April 25th, 2024: SBI General Insurance, one of India’s leading General Insurance companies, announced its financial results for FY 23-24. The Company continued to sustain its strong growth momentum, recording a profit before tax of INR 319 crores for FY 23-24, a growth of 30% from FY23. The Company also demonstrated strong growth in overall business clocking a Gross Written Premium (GWP) of INR 12,731 crores – a growth of 17% over the previous year.
The Company’s diverse product portfolio, distribution reach, brand and cost optimization has helped deliver these numbers. 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.
The Company witnessed strong top line growth and the Profit Before Tax (PBT) stood at INR 319 crores in FY 23-24 as compared to INR 244 crores in FY 22-23. Its solvency ratio stood at 2.25, signifying its strong financial position against the minimum regulatory requirement of 1.50 times.
Commenting on the Company’s performance, Mr. Kishore Kumar Poludasu, MD & CEO, SBI General Insurance, said, “At SBI General, we have been consistently growing faster than the market. The company has registered a strong growth with GWP of INR 12,731 crores in FY 23- 24, in just 14 years of operations. This remarkable feat is a testament to our diversified product portfolio, distribution strength, leveraging technology, and our relentless dedication to customer centricity. 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.”
Mr. Jitendra Attra, CFO, SBI General Insurance, said “Our financial results reflect our commitment to building long term value through profitable growth for stakeholders. The Company’s profit growth by 30%, reflects our financial health and also the work done in improving productivity, improving opex ratios and focus on delivering customer value.”
About SBI General Insurance
SBI General is one of the fastest growing private general insurance companies, with the strong parentage of SBI. We, at SBI General Insurance, are committed to carry forward the legacy of trust and security; and have the vision to become the most trusted general insurer for a transforming India.
Ever since our establishment in 2009, our growth has been exponential in various aspects. We have expanded our presence from 17 branches in 2011 to over 143 branches pan-India. We have been awarded as the ‘Domestic General Insurer of the
Year’ – India at the Insurance Asia Awards 2023 Singapore. Additionally, we were recognized as one of the Best Brands 2023 at the ET Edge Best Brands 2023. Furthermore, we were recognised as Highest Growth – General Insurance runner up at ASSOCHAM 15th Global Insurance Summit & Awards. Recently, recognized as the winner in the ‘Best Large General Insurer’ category at the Mint BFSI Summit & Awards 2023.
We have a robust multi-distribution model encompassing Bancassurance, Agency, Broking, Retail Direct Channels and Digital tie-ups. The widespread network of distributors like 22,518 plus SBI branches, Agents, other financial alliances, OEMs, and multiple digital partners enable us to extend our reach to the pocketed remote areas of India. We offer a bouquet of products spread across various lines of businesses that cater to customers across all segments like Retail, Corporate, SME and Rural, ensuring accessibility via digital as well as physical modes.
