SBI General posts net profit of Rs 412 crore in FY20

SBI General Insurance, a subsidiary of State Bank of India, on Sunday reported a net profit of Rs 412 crore for the financial year 2019-20. Profit before tax of the insurance company rose to Rs 564 crore in the financial year as against Rs 470 in the previous fiscal, SBI General Insurance said in a statement.

However, the company's underwriting profit declined to Rs 61 crore as against Rs 79 crore last year. The gross written premium (GWP) increased to Rs 6,840 crore in FY20 from Rs 4,717 crore in FY19.

The solvency ratio moderated to 2.27 against 2.34 last year.