SBI General Insurance delivered a strong FY26 performance, with Gross Direct Premium (GDP) rising 14.5% to Rs 15,904 crore — crossing the Rs 15,000 crore mark for the first time since inception. The company grew at 1.6 times the industry growth rate, further strengthening its market position.
Growth Across Segments
The growth was broad-based across key segments. Health insurance grew 27%, reflecting the post-GST exemption demand surge. Motor insurance grew 16%, supported by strong vehicle sales. Personal Accident (PA) grew an impressive 40%, and Fire insurance grew 10%.
The company strengthened its position in the PA segment, maintaining its No. 1 ranking among private and SAHI insurers. Private and SAHI market share improved by 27 basis points to 7.17% from 6.90% in FY25.
Profitability and Underwriting
PAT rose 8.7% to Rs 553 crore from Rs 509 crore in FY25. The loss ratio improved significantly to 78.3% from 82.4%, reflecting better underwriting discipline. However, the combined ratio remains above 100% at approximately 109%, indicating that the core underwriting business is still operating at a loss.
The solvency ratio stood at a healthy 1.90 times, comfortably above the regulatory requirement.
Sources: Economic Times (April 24, 2026), Business Standard (April 24, 2026), ET BFSI (April 28, 2026)