SBI General Insurance Q1 net profit rises 126% to Rs 1.13 billion

Gross Written Premiums (GWP) has grown by 51 per cent over the past year to Rs 10.11 billion

SBI General Insurance on Tuesday reported a net profit of Rs 1.13 billion for the June quarter, up by 126 per cent from Rs 500 million recorded during the same period last year. This is the first quarter in its eight years of operations that the company has posted an underwriting profit. 

In the first quarter a year ago, the company incurred an underwriting loss of Rs 460 million, whereas in the June quarter, there has been an underwriting profit of Rs 70 million. 

Rikhil Shah, chief financial officer at SBI General Insurance, said: "We have witnessed a growth of 52% in