SBI General Insurance tops Rs 7376cr premium
SBI General Insurance collected premiums of 7,376 crore rupees in the first half of the fiscal year, up 10.7 percent from the previous period and faster than the sector average of 7.3 percent. Health coverage expanded 41 percent, while personal accident policies jumped 48 percent, and motor insurance climbed 17 percent. The company increased its private market portion to 6.83 percent from 6.45 percent one year earlier and earned 422 crore rupees after taxes.
The loss ratio dropped to 79.6 percent from 86.1 percent as the insurer maintained capital reserves more than double the regulatory minimum. Business outside crop insurance grew 24 percent compared with 8 percent for private competitors. Chief executive Naveen Chandra Jha said the firm strengthened dealer networks and digital systems in recent months. Finance chief Jitendra Attra noted that gains across multiple product categories show the ability to meet changing customer demands.
