SBI General Insurance records 50% growth in its GWP for the health insurance line of business in FY 21-22
Mumbai, April , 2022: SBI General Insurance, one of India’s leading General Insurance companies today announced its financial results for FY 2021-22. The company demonstrated strong growth in the health insurance segment with a 50% growth in GWP, whereas it has reported an overall growth of 11% in GWP.
For the FY 2021-22, SBI General booked a total GWP of INR 9260 crores, compared to INR 8312 crores in the previous fiscal, and maintained its market share of 4.15%. The company has registered steady growth year-on-year, expanding its services to over 3.34 crore customers in the financial year FY22, which is up by 15.3% from last year. Apart from this the company has also witnessed a spike of 17% GWP in motor insurance segment.
In FY 2021-22, SBI General has expanded its footprint and scaled up the distribution reach through bancassurance, OEM tie-ups and digital integrations. The company has added some of the leading names in their strategic partnerships viz Bajaj Finserv, IDFC First Bank, Google Pay, and Uttarbanga Kshetriya Gramin Bank to name a few.
Commenting on the company’s performance, Mr. PC Kandpal, MD & CEO, SBI General Insurance, said, “Despite the challenging environment continued with pandemic, we have registered significant growth in GWP especially in the health insurance segment. The strong performance underpins our health insurance offerings, customer service, and digital proposition. Our approach to strengthen insurance penetration via strategic tie-ups has enabled us to reach a wider customer base. We shall continue our efforts to increase the insurance penetration.”
In FY2021-22, the events like natural catastrophe, covid and crop insurance losses have impacted the company’s bottom line, however, company has maintained a healthy solvency ratio of 1.85.