SBI General Insurance on Wednesday reported a more than two-fold jump in its net profit to ₹509 crore for the last fiscal, backed by around 11 per cent y-o-y increase in its gross written premium during the period.

The private sector general insurer’s net profit stood at ₹240 crore for the financial year 2023-24. During FY25, its gross written premium (GWP) grew 11.1 per cent y-o-y to ₹14,140 crore from ₹12,731 crore in FY24.

In a statement, the company said excluding the impact of 1/n accounting norm, the GWP witnessed a growth of 14.5 per cent for FY25.

“Additionally, the company gained 23 basis points improvement in private market share, reinforcing its strong foothold in the industry. SBI General Insurance continued to lead the Personal Accident (PA) segment, maintaining its position as the No. 1 private insurer,” it said.

Health cover rises

The company’s health insurance segment grew at 19.2 per cent y-o-y and the motor insurance segment posted a growth of 31.2 per cent y-o-y, contributing significantly to the overall growth of the company in FY25. Other segments like Marine Cargo, Engineering, and other commercial lines, also contributed “meaningfully” to the general insurance company’s overall growth.

The company’s solvency ratio stood at 2.03 for the last financial year, well above the regulatory requirement of 1.50.

Commenting on the company’s performance, Naveen Chandra Jha, MD & CEO, said, “At SBI General Insurance, we have been consistently growing faster than the market. In FY25, our GWP grew by 11.1 per cent, growing significantly faster than the industry. The company has registered 2.1 times increase in PAT, underscoring our financial health. As we celebrate 15 years of excellence, our FY25 results stand as a testament to our sustained focus on customer service, growth, and profitability.”

Jitendra Attra, CFO, said, “Our FY25 results reflect our commitment to sustainable growth and long-term value creation for our stakeholders. The company has displayed a significant improvement in the loss ratio compared to the previous financial year. This demonstrates our efforts in enhancing productivity, cost management, and operational efficiency. We will continue to focus on improving customer value while maintaining a strong financial position to support future growth.”

More Like This

Published on April 23, 2025