-
ALSO READ
Black Friday 2020: History, its connection with Christmas, Thanksgiving Day
BNP Paribas Cardif offloads 5% stake in SBI Life via open market sale
Irdai slaps Rs 51 lakh fine on four insurers for violation of norms
ICICI Pru Life confident to double value of new business premium in FY23
IDBI Bank sells 23% stake in life insurance JV to Belgian partner
-
Private non-life insurer SBI General Insurance (SBIG) Friday said its net profit grew by 32 per cent to Rs 544 crore in the fiscal ended March 3, 2021.
Gross written premium (GWP) rose 22 per cent to Rs 8,312 crore in the fiscal compared to Rs 6,840 crore in the fiscal 2019-20, a release 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, the company's managing director and CEO P C Kandpal said.
During the year, its solvency ratio stood at 2 as against 2.27 in the previous fiscal.
Combined ratio was at 99.8 per cent compared to 98 per cent in fiscal 2019-20.
Kandpal said FY21 demanded special focus on the health and SME lines, and the insurer 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 the distributor part, for the ease of customers, he said.
The insurer enhanced its customer base by more than three crore customers during FY21. Its cumulative number of customers served till date stands at close to 8.7 crore.
The company declared and paid an interim dividend of 10 per cent during FY21.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU