New Delhi: SBI General Insurance, a subsidiary of State Bank of India, reported on Sunday that it made a net profit of Rs 412 crore in FY 2019-20. SBI General Insurance said in a statement that the pre-tax profit of the insurance company increased to Rs 564 crore during the period from Rs 470 in the previous financial year.
However, the company’s ‘underwriting’ profit fell to Rs 61 crore from Rs 79 crore last year. ‘Underwriting’ benefit refers to the difference between the premium and expenses received on an insurance policy and the payment made for settlement of claims.
