The company's underwriting profit declined by 23 per cent to Rs 61 crore as against Rs 79 crore reported in FY19.
SBI General Insurance on Monday reported a 23 per cent jump in its net profit to Rs 412 crore for the fiscal ended March 31, 2020.
It had reported a profit after tax of Rs 334 crore in the previous financial year.
The company’s underwriting profit declined by 23 per cent to Rs 61 crore as against Rs 79 crore reported in FY19.
Its gross written premium (GWP) stood at Rs 6,840 crore in FY20 compared to Rs 4,717 crore in the previous fiscal.
“We have maintained a steady growth in FY20, we have managed a growth of 45 per cent as compared to an industry growth of around 12 per cent for FY20. Growth has been evident across all lines of businesses,” its managing director and CEO Pushan Mahapatra said in a release.
New tie-ups and improved business from existing tie-ups in motor, higher branch activations/better penetrations across bancassurance network, robust growth in corporate, SME and crop business has also contributed to the growth, he added.
The company reported an incurred loss ratio of 71.1 per cent and a combined ratio of 98 per cent in FY20.
Its solvency ratio stood at 2.27 as on March 31, 2020.