SBI General Insurance on Wednesday reported a more than two-fold jump in net profit to Rs 509 crore for the 2024-25 financial year. The non-life subsidiary of State Bank of India had recorded a net profit of Rs 240 crore in the previous financial year.
The company also demonstrated strong growth in overall business clocking a gross written premium of Rs 14,140 crore as against Rs 12,731 crore reported in the previous financial year, registering a growth of 11% over the previous year, SBI General Insurance said in a statement.
In terms of financial position, the company's solvency ratio stood at 2.03, well above the regulatory requirement of 1.50, highlighting its strong financial stability, it said.
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