SBI General Insurance has reported a profit after tax (PAT) of INR 504 crore for the first nine months of the 2025 fiscal year (9M FY25), marking a whopping 273% year-on-year increase.
During this period, the insurer also achieved a 10.9% growth in gross written premium (GWP) and a 10.5% rise in gross direct premium (GDP), surpassing the general insurance industry’s growth rate of 7.8%.
The company’s solvency ratio stood at 2.12, comfortably above the regulatory requirement of 1.50.
Performance improvements were driven by significant growth in several business segments.
Motor insurance saw a 39% year-on-year increase, attributed to strengthened underwriting practices and expanded use of digital platforms for policy issuance and renewals.
Health insurance grew by 12%, bolstered by heightened healthcare awareness, increasing demand for comprehensive coverage, and the adoption of digital solutions.
SBI General also improved its loss ratio by approximately 4% compared to the same period in FY24, aided by better risk management and faster claims processing.
Naveen Chandra Jha, recently appointed managing director and CEO of SBI General Insurance, said the company’s performance during the first nine months of FY25 reflects its efforts to focus on innovation, operational efficiency, and sustainable growth.
“The notable growth across our motor, health, and engineering segments demonstrates our agility in responding to market trends and our commitment to delivering value to policyholders and stakeholders,” he said.
Chief financial officer Jitendra Attra stated that the financial results highlight the company’s disciplined approach to underwriting, operational excellence, and adaptability in a dynamic market environment.
“The significant increase in profitability and solvency highlights our robust business fundamentals and ability to foresee and adapt to a dynamic market environment,” he said.
SBI General Insurance grows as India’s general insurance industry is projected to grow at a compound annual growth rate (CAGR) of 9.9%, with gross written premium (GWP) expected to reach INR 4.89 trillion by 2028, according to a GlobalData report. This marks a significant increase from the INR 3.35 trillion forecast for 2024.
The industry was anticipated to expand by 11.2% in 2024, with personal accident and health (PA&H), motor, and property insurance contributing 93% of the total premiums in 2023.
Swetansha Chauhan, an insurance analyst at GlobalData, noted that the general insurance sector in India grew by 13.2% in 2023, supported by economic expansion, rising disposable incomes, and stronger awareness of health and other insurance products. Regulatory reforms have also provided a boost, and this momentum is likely to continue into 2025.
