A one-time income of Rs170 crore from its reinsurance portfolio pushed up the net profit of SBI General Insurance to a massive Rs251 crore in the September quarter, from Rs5.5 crore in the year-ago period. The company’s gross premium increased to Rs926 crore from Rs690 crore a year ago, of which crop insurance alone contributed Rs306 crore in the reporting period.
“With a one-time income of Rs170 crore from reinsurance portfolio, we had an underwriting profit of Rs 156 crore in the second quarter against a loss of Rs78 crore in year-ago period,” Pushan Mahapatra, the managing director and chief executive of SBI General Insurance, told PTI.
