SBI General Insurance Grows 2.4 Times Faster than the Industry with 21.5 Percentage Growth in Q1 FY 26

Business Standard

4 days ago

NewsVoir
Mumbai (Maharashtra) [India], July 29: SBI General Insurance, one of India's leading general insurance companies, announced its financial results for Q1 FY26, posting a topline growth of 21.5%, significantly higher than the industry (Private & SAHI) growth of 6.2%, marking the Company as one of the fastest-growing general insurers in the country. The Company reported a Gross Written Premium (GWP) of INR 3250 crores, maintaining its upward momentum. Excluding the impact of 1/n accounting norm, the GWP of the Company grew by 25.6% for Q1FY26.
The Company gained 78 basis points improvement in private market share, i.e. 6.19% reflecting growing customer preference and an expanding footprint across key markets. The Profit Before Tax (PBT) stood at INR 249 crores, while the loss ratio improved significantly from 86.2% to 81.7%, indicating stronger portfolio quality and disciplined underwriting. Continuing to outpace industry growth, the company reported a Profit After Tax (PAT) of INR 188 crores. The solvency ratio stood at 2.08, well above the regulatory requirement demonstrating strong financial stability.
SBI General Insurance continues to lead the Personal Accident (PA) segment, maintaining its position as the No. 1 private insurer. The company gained market share in the key categories of Health by 72 bps , Motor by 47 bps and Personal Accident by 49 bps. The Health and Motor Insurance lines of business remain key growth drivers, while other segments, such as Fire, Engineering, and Liability, have also contributed significantly to the growth. This growth has been propelled by rising awareness, increased demand for comprehensive coverage, growing digital adoption, and supportive government policies.
Commenting on the Company's quarterly performance, Mr. Naveen Chandra Jha, MD & CEO, SBI General Insurance, said, "We have started FY26 on a strong note with sustained growth across all key parameters. Our GWP stood at INR 3250 crores, reflecting focus on balanced growth and profitability, backed by customer trust and agile execution. The insurance industry is evolving rapidly, shaped by rising awareness, regulatory momentum, and increasing adoption of digital platforms. Our performance is a reflection of our steadfast dedication to customer-focused innovation, operational excellence, and sustainable growth. We remain committed to further strengthening our capabilities and delivering on our promise of protecting what matters most to our customers."
Mr. Jitendra Attra, CFO, SBI General Insurance, added, "Our Q1 FY26 performance reflects a strong improvement across key financial metrics. Despite growing at 3.5X compared to private industry growth, our Loss ratio has shown significant improvement demonstrating disciplined underwriting, risk management, strong business portfolio and cost efficiency. The significant increase in profitability and solvency highlights our robust business fundamentals and our ability to foresee and adapt to a dynamic market environment. We will continue to focus on delivering value to all stakeholders while sustaining our growth momentum."
With a clear focus on customer-centricity, innovation, and operational strength, SBI General Insurance remains well-positioned to drive responsible growth and create long-term value in the evolving insurance landscape.
About SBI General Insurance
SBI General Insurance, one of the fastest-growing private general insurance firms, backed by the robust support of SBI, upholds a legacy of trust and security. We position ourselves as India's most trusted general insurer amidst a dynamic landscape. Since our establishment in 2009, our expansion has been substantial, growing from 17 branches in 2011 to a nationwide presence in 146 branches. In FY 2024-25, SBI General Insurance reported a Gross Written Premium (GWP) of INR 14,140 crores, recording a YOY growth of 11.1%.
The company received numerous prestigious accolades, showcasing its excellence across various domains. Key honors include being named as the Domestic General Insurer of the Year - India and Claims Initiative of the Year - India at Insurance Asia Awards 2025 Singapore, Large General Insurance category at the Mint BFSI Summit & Awards, the 3rd InsureNext Awards 2024 for Best Claims Settlement, and India's Best General Insurer of the Year at the 7th Insurance Conclave Awards. At the India Insurance Summit & Awards 2024, the company secured titles for General Insurance Company of the Year and Leading Implementer of Analytics Technology in Insurance. Additionally, it was honored as the Best BFSI Brand at the ET NOW Best BFSI Brands Conclave 2024 and included in BW BusinessWorld's India's Most Respected Companies. Certified as a Great Place to Work in 2024, the company also excelled at the ETBFSI Exceller Awards 2024 with recognition for Best Claims Management in Insurance and Best CSR Campaign of the Year, further highlighting its commitment to social responsibility and innovation.
With a team of over 9,000+ employees and our multi-distribution model covering Bancassurance, Agency, OEM, Broking, Retail Direct Channels, and Digital collaborations, we are committed to providing both Suraksha and Bharosa to all our consumers. Leveraging a vast network that includes over 22000+ SBI branches, plus agents, financial alliances, OEMs, and digital partners, we extend our services to even the most remote areas of India. Our offerings cater to Retail, Corporate, SME and Rural segments, and our diverse product portfolio ensures accessibility through both digital and physical channels.