The company’s gross premium increased to Rs926 crore from Rs690 crore a year ago. Photo: MintMumbai: 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. The firm, Mahapatra said, generates almost 55% of its annual premium from SBI Group and other regional banks and would bring it down to 50% in future.

Source: Mint October 29, 2017 05:15 UTC