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SBI General Insurance on Wednesday posted a 64.4 per cent increase in its net profit to Rs 217 cr for the first half of the current fiscal as compared to Rs 132 crore a year ago.
For the six months ending September 30, 2018, the company said it has made an underwriting profit of Rs 37 cr as compared to an underwriting loss of Rs 60 crore in the same period a year ago.
The gross written premium also increased by 30 per cent to Rs 2,067 crore in the April to September period this fiscal compared to Rs 1,593 crore a year ago.
SBI General Insurance said its solvency ratio in the first half of the fiscal was 2.46 and the combined ratio was 96.8 per cent.
“Our profits have increased by almost 65 per cent excluding the profit impact of one time reinsurance ceding in LTH,” said Rikhil K Shah, CFO, SBI General Insurance.
In a statement, the general insurer said that figures reported in the first half of 2017-18 are devoid of the impact of one time LTH reinsurance ceding, including which, the net profit rises to Rs. 301 crore, underwriting profit to Rs 110 crore, combined ratio at 87 per cent, leading to an annualised return on equity of around 48 per cent.
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