A one-time income of Rs 170 crore from its reinsurance portfolio pushed up the net profit of SBI General Insurance to a massive Rs 251 crore in the September quarter, from Rs 5.5 crore in the year-ago period.
The company's gross premium increased to Rs 926 crore from Rs 690 crore a year ago, of which crop insurance alone contributed Rs 306 crore in the reporting period.
"With a one-time income of Rs 170 crore from reinsurance portfolio, we had an underwriting profit of Rs 156 crore in the second quarter against a loss of Rs 78 crore in year-ago period," Pushan Mahapatra, the managing director and chief executive of SBI General Insurance, told
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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