SBI General Insurance has recorded a steep 64 per cent rise in net profit at Rs 217 crore for the six-month period ended September, driven by a sustainable underwriting profit.
The general insurance arm of banking major State Bank of India (SBI) reported an underwriting profit of Rs 37 crore, against an underwriting loss of Rs 60 crore in the same period last fiscal year, the company said Wednesday in a statement.
Gross written premium rose 30 per cent to Rs 2,067 cr during the reporting period, the company said.
Rikhil K Shah, chief financial officer of the company, said, "We firmly believe that the true strength of an insurance player lies in securing underwriting profits. Therefore, while our profits have increased by almost 65 per cent (excluding the profit impact of one-time reinsurance ceding in LTH), we are proud to announce that we have additionally secured a sustainable underwriting profit of Rs 37 crore."