Chennai, May 11 (IANS): Non-life insurer SBI General Insurance on Monday said it had closed last fiscal with a net profit of Rs 412 crore and a lower underwriting profit of Rs 61 crore.
Simply put, underwriting profit is the difference between the premium received and some share of expenses incurred and claims paid.
The SBI General Insurance posted an underwriting profit of Rs 61 crore last fiscal down from Rs 79 crore posted in FY19.
According to SBI General Insurance, the company posted net profit of Rs 412 crore last fiscal and a gross written premium (GWP) of Rs 6,840 crore.
While the company statement is silent on the net profit posted for 2018-19, the GWP for that year was Rs 4,717 crore.