SBI General post 11% rise in profit before tax at Rs 470 cr in FY19

SBI General Insurance, a subsidiary of SBI, Friday reported 11.3 per cent increase in profit before tax at Rs 470 crore for the financial year ended March 2019. The company had recorded a profit before tax of Rs 422 crore in the previous fiscal, SBI General Insurance said in a statement. The company's underwriting profit more than doubled to Rs 79 crore from Rs 32 crore in the previous financial year. The Gross Written Premium (GWP) also witnessed a growth of 33 per cent from Rs 4,717 crore in 2017-18 to Rs 3,553 crore at the end of March 2019.

However, the solvency ratio moderated to 2.34 against 2.54 last year. Commenting on the numbers, SBI General Insurance MD Pushan Mahapatra highlighted that the company has recorded a healthy growth in both in topline and bottomline.  "Our focus is on becoming digital ready in the near future in order to cater to product segments in travel, health and personal accident space," he said.