SBI : General Insurance has reported a solid performance for the first nine months of FY26, strengthening its standing among India’s fastest-growing general insurance providers. The company delivered growth well ahead of the broader industry, supported by steady expansion across key business segments and tighter financial controls.

Premium Growth Surpasses Industry Average

During the nine-month period, SBI General Insurance recorded a Gross Direct Premium of INR 10,769 crore, reflecting a year-on-year increase of 14.5 percent. This performance was notably higher than the overall industry growth rate of 8.7 percent. The company’s non-crop portfolio showed even stronger momentum, expanding by 25.5 percent compared to the industry’s 13.1 percent growth in the same category.

Business Segments Drive Momentum

The company’s growth was broad-based, with several core lines of business posting healthy gains. Health insurance premiums rose by 29 percent, while the Personal Accident segment registered a sharp 49 percent increase. Motor insurance grew by 19 percent, and the Fire segment reported a 13 percent rise. Together, these segments underpinned the company’s focus on scalable expansion, operational discipline, and customer-focused offerings.

Market Share Sees Notable Improvement

SBI General Insurance also strengthened its competitive position during the period. Its market share among private and standalone health insurers improved by 39 basis points, rising from 6.25 percent in the first nine months of FY25 to 6.64 percent in the corresponding period of FY26. This gain reflects consistent performance across retail and commercial portfolios.

Profitability and Financial Strength Improve

Profitability metrics showed clear improvement over the previous year. The company reported a Profit After Tax of INR 522 crore for the nine months ended FY26. The loss ratio declined to 78.5 percent, compared with 84.3 percent in the same period last year, indicating better underwriting outcomes and claims management. The solvency ratio stood at 2.12 times, comfortably above the regulatory requirement of 1.50, highlighting a strong capital position.

Leadership Highlights Long-Term Strategy

Commenting on the results, Managing Director and Chief Executive Officer Naveen Chandra Jha said the company’s performance reflects the strength of its long-term foundation. He noted that SBI General Insurance grew significantly faster than both the overall industry and the private and standalone health insurance segment. According to him, the focus remains on building a resilient, technology-driven, and customer-centric insurance institution that delivers sustainable value while expanding protection across India’s evolving risk landscape.

CFO Emphasizes Operational Discipline

Chief Financial Officer Jitendra Attra attributed the improved financial performance to disciplined risk management and operating efficiency. He pointed to the decline in the loss ratio as evidence of stronger underwriting practices, improved risk selection, and more effective claims handling. He added that the company remains committed to profitable growth, capital efficiency, and long-term value creation in a competitive market environment.

Continued Focus on Technology and Customers

SBI General Insurance continues to invest in digital capabilities, product innovation, and customer experience initiatives. A balanced portfolio and scalable platforms are helping the company maintain growth momentum while laying the groundwork for sustained profitability and a wider market presence.

Company Background and Reach

Established in 2009, SBI General Insurance has expanded steadily, growing from 17 branches in 2011 to 146 branches nationwide. In FY 2024–25, the company reported a Gross Written Premium of INR 14,140 crore, marking an annual growth of 11.1 percent. Backed by the State Bank of India, the insurer operates with a workforce of over 9,000 employees and a multi-channel distribution network spanning bancassurance, agency, broking, OEM partnerships, retail direct channels, and digital collaborations. With access to more than 22,000 SBI branches and a wide partner ecosystem, the company serves retail, corporate, SME, and rural customers across India.