Monday, July 24, 2017

SBI General Insurance posts first profit in seven years

For the first time since 2009, Indian insurer SBI General Insurance managed to achieve an after-tax profit for the latest financial year.

The company, a joint venture between State Bank of India (SBI) and Insurance Australia Group (IAG), registered  Rs1.53 billion (US$23.7 million) for the period, a significant improvement over the net loss of Rs1.2 billion back in 2015-16.

The company’s managing director and chief executive officer Pushan Mahapatra attributed the rise in profits to the firm’s improved risk selection and better expense-control measures.

He said the firm has also been proactively using its reinsurance facilities in a more efficient manner, as well as being conscious about its pricing.

Senior officials said underwriting profits also buoyed the company’s profitability last financial year.

Underwriting losses hit Rs3.75 billion in 2015–16 but improved to Rs1.97 billion in fiscal year 2016-17. The company’s net worth reached Rs10.98 billion.

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