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SBI General Insurance reports 22% growth in GWP

 Owing to expansive pan-India reach enabled by the increasing number of distribution partners in bancassurance, OEM tie-ups and digital integrations SBI General gained a market share of 4.2%

  • Revenue for FY 20-21 grew by 22% recording a GWP of Rs. 8312 crores
  • Net Profit of the Company grew by 32%
  • Combined Ratio recorded is 99.8% for FY 20-21
  • Reported Solvency Ratio of 2.00
  • Current Market Share grew to 4.2%

Kolkata, April 30, 2021: SBI General Insurance, one of India’s leading general insurance companies, today announced its financial results with a Net Profit of Rs. 544 crore and Gross Written Premium (GWP) of Rs. 8312 crore in FY 20-21. The company’s GWP grew by 22% where the general insurance industry has shown a growth of 5.2%. In its 11 years of operations, the company has shown steady growth for the past 4 years, while maintaining positive track record of underwriting.

Mr. PC Kandpal, MD and CEO, SBI General Insurance, said, “We all have gone through challenging times in the last financial year, however, I’m glad that SBIG has shown a decent growth in top line and bottom line with the support of our distribution partners and customers.

We will continue to fulfil the insurance needs of our customers through our simple and affordable product offerings. During challenging times like natural calamities or the current pandemic related hospitalisations, we have always fast-tracked the claim settlements of our customers, thereby ensuring that our customers get back on their feet quickly.”  

He further added, “FY21 demanded special focus on the Health and SME lines, and we managed to maintain a balanced growth. We are also scaling up our product bouquet and adopting digital disruptions to offer instant insurance solutions even at distributor part, for the ease of customers.”

SBI General’s corporate growth was primarily led by its expansive pan-India reach enabled by the increasing number of distribution partners in bancassurance, OEM tie-ups and digital integration like Indian Overseas Bank, Yes Bank, KIA Motors, Honda Siel Cars, Ford Motors, Tata Motors Pvt. Ltd., TVS Motors, Royal Enfield, Suzuki Motor Cycles, Jeep, Railyatri to name a few.

SBI General has enhanced its customer base by more than 3 Cr. customers during FY21. The cumulative number of customers served till date adds up to 8.7 Cr. (approx.). The company declared and paid an interim dividend of 10% during FY21.

Particulars FY 20-21 FY 19-20
Gross Written premium (cr) 8,312 6,840
Profit before tax (cr) 718 564
Solvency Ratio 2.00 2.27
Combined Ratio 99.8% 98.0%

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