SBI General Insurance records Rs 10,888 crore GWP and a profit of Rs 184 crore in FY 22-23

~ Continues strong growth trajectory, records a growth of 17.6% on GWP over FY 21-22 ~

• GWP for FY 22-23 grows by 17.6% to Rs. 10,888 crore
• Net Profit surges to Rs. 184 crore in FY 22-23 with a growth of 40%
  

Mumbai, April 21^st, 2023: SBI General Insurance, one of India’s leading General Insurance companies, announced its financial results for FY 22-23. The Company continued to sustain the strong growth momentum, recording a profit of Rs. 184 crore for FY23, a growth of 40% from FY22. The Company also demonstrated strong growth in overall business clocking a Gross Written Premium (GWP) of Rs. 10,888 crore - a growth of 17.6% over the previous year.

The Company’s diverse product portfolio, combined with the depth of its reach and thrust on digitisation has helped SBI General to improve its market share to 4.21%, touching the lives of over 22 crore customers in FY23. It has also showcased strong growth across its various lines of business including home, health, personal accident, commercial lines, and crop.

The Company witnessed strong top line growth and the Profit Before Tax (PBT) stood at Rs. 244 crore in FY 22-23 as compared to Rs. 178 crore in FY 21-22. Its solvency ratio stood at 1.72, signifying its strong financial position.

Commenting on the Company’s performance, Mr. Kishore Kumar Poludasu, MD & CEO, SBI General Insurance, said, “SBI General has continued to grow steadily in FY 22-23, and has achieved a milestone of being one of the early companies to cross the benchmark of Rs.10,000 crores GWP in just 13 years of operations. This is a result of the Company’s robust product portfolio, strategic corporate tie ups, the launch of the health vertical, and the digitisation of the customer journey to enrich customer experience. With the objective of making insurance available to all, we will continue to create simple products that drive value and leverage the trust that customers have in our brand.”

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 141 branches pan-India. Till date, we have served over 34 crore customers. We have been awarded ‘Insurer of the Year’ in the non-life category at FICCI Insurance Industry Awards, for two consecutive years in 2020 & 2021. In 2022, recognized as the 'Best General Insurance Company of the Year' at the 'Third Emerging Asia Insurance Awards' organized by the 'Indian Chamber of Commerce'.

We have a robust multi-distribution model encompassing Bancassurance, Agency, Broking, Retail Direct Channels and Digital tie-ups. The widespread network of distributors like 22437 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.

SBI General Insurance reported a 17.6% growth in Gross Written Premium (GWP) in FY 2022-23 and the GWP stood at Rs. 10,888 crore.